Brick Residential Income
For Sale
$788,000
15328 119th Avenue, Jamaica, NY 11434
A finished, full basement with walk-out access adds usable interior space.
Property Size1,408 SF
Days on Market44
Property Features for 15328 119th Avenue
General Information
Standard status
Active
Size
1,408 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$4,536
Amenities
Wall/Window Unit(s)
Oil
Finished, Full, Walk-Out Access
Ceiling Fan(s), Entrance Foyer
Neighborhood
Fenced, Back Yard, Brick, Chain Link, Front Yard
Alley Access, On Street
Awning(s)
Row Dwelling
Building Details
Building Size
1,408 SF
Year Built
1940
Listing Agency:
Bill Gallo Realty Inc
Listed By:
Michael Turschmann
(646) 522-9249
Source:
Evrealestate
Added: Aug 18
Changed: Sep 26
Last Checked: Sep 30 at 12:16PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Bill Gallo Realty Inc
Investment Insights
Based on property information with market context.
This 1940 row dwelling is a brick residential income property with a finished full basement and walk-out access. Interior features include a foyer, ceiling fans, and wall or window units; the property also has oil heating.
Exterior features include fenced front and back yards, an awning, and access from an alley or the street. The property is in Queens, at 15328 119th Avenue in Jamaica.
Exterior features include fenced front and back yards, an awning, and access from an alley or the street. The property is in Queens, at 15328 119th Avenue in Jamaica.
Key Highlights
- Brick row dwelling built in 1940
- Finished full basement with walk‑out access
- Fenced front and back yards
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$34,418
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.37%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$688,360
$688.4K
Cap Rate 7%
$491,686
$491.7K
Cap Rate 9%
$382,422
$382.4K
Market Conditions
NOI Build-Up for 1,408 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$65.0K $46.20/SF
− Vacancy
−$2.5K −$1.76/SF
EGI
$62.6K $44.44/SF
− OpEx
−$28.2K −$20.00/SF
NOI
$34.4K $24.44/SF
Area
Queens County, NY
Vacancy
3.80%
Lease Rate
$46.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$688,360
Cap Rate 7%
$491,686
Cap Rate 9%
$382,422
Alternative Uses
Best Use
Apartment 5plus
$491.7K
$430.2K – $573.6K
NOI $34,418 @ 7.0% cap · market cap 4.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.04M
$908.3K – $1.21M
NOI $72,660 @ 7.0% cap · market cap 9.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,345
Businesses Nearby
Explore this area
Business Placement
Demographics for 11434, NY
66,964
Population
23,787
Households
2.8
Avg Household Size
40
Median Age
22%
College-Educated
87%
High-School Grad
3.2 sq mi
ZIP Area
20,926
Density / Sq Mi
$76,668
Median Household Income
$46,742
Median Earnings
$1,409
Median Rent
$585,600
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - A finished, full basement with walk-out access adds usable interior space.
Where is this residential income property located?
The property is located at 15328 119th Avenue Jamaica, NY.
What is the asking price?
The asking price for this property is $788,000.
What are key features of this property?
This property features: Brick row dwelling built in 1940; Finished full basement with walk‑out access; Fenced front and back yards
