Move-In Ready Clearview Gardens
For Sale
$365,000
Pending
16-37 Utopia Pkwy 2-33, Queens, NY 11357
Two-bedroom unit with updated kitchen and bath in Clearview Gardens.
Property Size786 SF
Days on Market270
Property Features for 16-37 Utopia Pkwy 2-33
General Information
Standard status
Pending
Size
786 SF
Property subtype
Residential
Building Details
Building Size
786 SF
Year Built
1955
Listing Agency:
(718) 216-9990
Listed By:
David M. Legaz AHWD CBR GRI SRES C · License #10401229084
(718) 216-9990
Source:
Elliman
Added: Nov 27, 2025
Changed: Aug 16
Last Checked: Aug 24 at 6:52AM
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 David M. Legaz AHWD CBR GRI SRES C
Investment Insights
Based on property information with market context.
This is a move-in-ready two-bedroom lower unit located in the Clearview Gardens community. The property features a spacious living room and dining area with hi-hat lighting and refinished floors. The updated kitchen includes stainless steel appliances, granite countertops, a tile backsplash, and an in-unit washer and dryer. The bathroom has been updated with modern finishes. The layout is functional. The location is near schools PS 209 and JHS 194, express bus to Manhattan (QM2), local buses (Q16, Q76), shopping, restaurants, a golf course, and Little Bay Park. Maintenance includes all utilities and real estate taxes.
Key Highlights
- Prime location: Close to schools, express bus to Manhattan, local buses, shopping, restaurants, golf course, and Little Bay Park.
- Updated kitchen: Features stainless steel appliances, granite countertops, tile backsplash, and in‑unit washer and dryer.
- Maintenance includes all utilities and real estate taxes.
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
$19,213
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
5.26%
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%
$384,260
$384.3K
Cap Rate 7%
$274,471
$274.5K
Cap Rate 9%
$213,478
$213.5K
Market Conditions
NOI Build-Up for 786 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
$36.3K $46.20/SF
− Vacancy
−$1.4K −$1.76/SF
EGI
$34.9K $44.44/SF
− OpEx
−$15.7K −$20.00/SF
NOI
$19.2K $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%
$384,260
Cap Rate 7%
$274,471
Cap Rate 9%
$213,478
Alternative Uses
Best Use
Apartment 5plus
$274.5K
$240.2K – $320.2K
NOI $19,213 @ 7.0% cap · market cap 5.26%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$579.4K
$507.0K – $676.0K
NOI $40,561 @ 7.0% cap · market cap 11.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,607
Businesses Nearby
Explore this area
Business Placement
Demographics for 11357, NY
42,319
Population
16,586
Households
2.6
Avg Household Size
46
Median Age
38%
College-Educated
86%
High-School Grad
2.8 sq mi
ZIP Area
15,114
Density / Sq Mi
$97,754
Median Household Income
$58,814
Median Earnings
$2,228
Median Rent
$920,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Two-bedroom unit with updated kitchen and bath in Clearview Gardens.
Where is this apartment building located?
The property is located at 16-37 Utopia Pkwy 2-33 Queens, NY.
What is the asking price?
The asking price for this property is $365,000.
What are key features of this property?
This property features: Prime location: Close to schools, express bus to Manhattan, local buses, shopping, restaurants, golf course, and Little Bay Park.; Updated kitchen: Features stainless steel appliances, granite countertops, tile backsplash, and in‑unit washer and dryer.; Maintenance includes all utilities and real estate taxes.
