Building Details

Building Size 1,004 SF

Year Built 1989

Listing Agency: Keller Williams Landmark II a***@adasells.com Show Phone

Listed By: Afshin Termechi · License #40TE0981811 Show Phone

Source: Kw

Added: Dec 2, 2025 Changed: Aug 8 Last Checked: Aug 20 at 7:16PM

Report an Issue

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 Keller Williams Landmark II

Investment Insights

Based on property information with market context.

This updated Belle Harbor condo offers 1,004 sq. ft. of living space, featuring 2 bedrooms and 2 full baths. The property includes a private garage and an additional parking space. The interior features a sunlit, open-concept layout with a terrace and a renovated kitchen equipped with an island and stainless steel appliances. The primary suite accommodates a king-size bed and includes a private terrace and en-suite bathroom. A second bedroom can serve as a flexible space or home office. Central A/C provides year-round comfort. Located on a prime beach block, the condo is close to restaurants, shops, and houses of worship. Transportation options include easy access to the Rockaway ferry shuttle, A train, and express bus. The property has low monthly maintenance fees of $305 and annual taxes of $5,111.54.

Key Highlights

• Prime beach block location in Belle Harbor, steps from the sand.
• Includes a private garage and an additional parking space.
• Newly renovated kitchen with an island and stainless steel appliances.

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

$24,542

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

3.82%

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%

$490,840 $490.8K

Cap Rate 7%

$350,600 $350.6K

Cap Rate 9%

$272,689 $272.7K

Market Conditions

NOI Build-Up for 1,004 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

$46.4K $46.20/SF

− Vacancy

−$1.8K −$1.76/SF

EGI

$44.6K $44.44/SF

− OpEx

−$20.1K −$20.00/SF

NOI

$24.5K $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%

$490,840

Cap Rate 7%

$350,600

Cap Rate 9%

$272,689

Alternative Uses

Best Use

Apartment 5plus

$350.6K

$306.8K – $409.0K (±1% cap)

NOI $24,542 @ 7.0% cap · market cap 3.82%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$740.2K

$647.6K – $863.5K (±1% cap)

NOI $51,811 @ 7.0% cap · market cap 8.06%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Apartment buildings

Suggested Use

Top Pick Parking Lot & Garage Law Firm Big Box & Wholesale Store (Bike/Boat/Book/etc) Store Hair Salon Barber Shop

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

800

Businesses Nearby

Explore this area Business Placement

Demographics for 11694, NY

19,780

Population

9,103

Households

2.2

Avg Household Size

46

Median Age

43%

College-Educated

90%

High-School Grad

1.7 sq mi

ZIP Area

11,635

Density / Sq Mi

$103,792

Median Household Income

$65,602

Median Earnings

$1,787

Median Rent

$839,000

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this apartment buildings located? What is the asking price? Find similar properties ... What are key features of this property?

Ask Rey about this property ...

Similar For Sale Nearby

Renovated Triplex With Backyard

204 Beach 102nd Street, Rockaway Park, NY 11694

$1,149,000

2,931 SF

View details

Retail Space for Sale

100-16 Rockaway Beach Blvd, Rockaway Park, NY 11694

Contact for pricing

3,500 SF

View details

Frequently Asked Questions

What type of property is this?

Apartment building - Updated 2-bedroom condo with garage near the beach.

Where is this apartment building located?

The property is located at 161 Beach 128th Street #1B Belle Rockaway Park, NY.

What is the asking price?

The asking price for this property is $642,500.

What are key features of this property?

This property features: Prime beach block location in Belle Harbor, steps from the sand.; Includes a private garage and an additional parking space.; Newly renovated kitchen with an island and stainless steel appliances.