Building Details

Building Size 1,004 SF

Year Built 1989

Listing Agency: Keller Williams Landmark II

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

Source: Kw

Added: Dec 2, 2025 Changed: Sep 25 Last Checked: Oct 5 at 4:44PM

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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 / Yr

$24,542

Cap Rate

3.82%

Suggested Prices Based on Cap Rates

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

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 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

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Open Analytics

Current Use

Apartment buildings

Suggested Use

Top Pick Law Firm Big Box & Wholesale Store Parking Lot & Garage (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

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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?

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.