6-Unit Apartment
For Sale
$2,095,000
17-17 Madison Street, Queens, NY 11385
Commercial Sale, Queens, NY
Property Size5,600 SF
Price / SF$374.11
Days on Market275
Property Features for 17-17 Madison Street
General Information
Property type
Commercial Sale
Property subtype
Other
Bedrooms
12
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 4, Bathroom 6, Bedroom 10, Bedroom 4, Bedroom 1, Bedroom 7, Bedroom 9, Bedroom 11, Bathroom 3, Bathroom 5, Bedroom 3, Bedroom 2, Bedroom 6, Bedroom 5, Bathroom 2, Bathroom 1, Bedroom 12, Bedroom 8
Subdivision
Ridgewood
High school district
000000
Standard status
Active
Size
5,600 SF
Building Details
Architectural style
Other
Listing Agency:
Compass
(646) 982-0353
Listed By:
Cassandra Frank · License #10301221071
(212) 375-9999
Added: Dec 17, 2025
Changed: Sep 18
Last Checked: Sep 18 at 11:06AM
MLS# 11620055
Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 5,600-square-foot mid-rise apartment building at 17-17 Madison Street contains six floor-through apartments, including four free-market units and two rent-stabilized units. The walk-up configuration provides separate residential layouts, while gas heating and optional window air conditioning serve the apartments. A full basement adds storage or functional space for the property.
The building is located in Queens, NY 11385, within the Ridgewood area. The property includes six bathrooms and a 12-bedroom room configuration as listed. Its mix of regulated and free-market apartments provides a defined residential composition for review by multifamily buyers.
The building is located in Queens, NY 11385, within the Ridgewood area. The property includes six bathrooms and a 12-bedroom room configuration as listed. Its mix of regulated and free-market apartments provides a defined residential composition for review by multifamily buyers.
Key Highlights
- 5,600‑square‑foot mid‑rise apartment building
- Six floor‑through apartments: 4 free‑market and 2 rent‑stabilized
- Full basement for storage or additional functional space
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
$136,889
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
6.53%
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%
$2,737,780
$2.7M
Cap Rate 7%
$1,955,557
$2.0M
Cap Rate 9%
$1,520,989
$1.5M
Market Conditions
NOI Build-Up for 5,600 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
$258.7K $46.20/SF
− Vacancy
−$9.8K −$1.76/SF
EGI
$248.9K $44.44/SF
− OpEx
−$112.0K −$20.00/SF
NOI
$136.9K $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%
$2,737,780
Cap Rate 7%
$1,955,557
Cap Rate 9%
$1,520,989
Alternative Uses
Best Use
Apartment 5plus
$1.96M
$1.71M – $2.28M
NOI $136,889 @ 7.0% cap · market cap 6.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.13M
$3.61M – $4.82M
NOI $288,987 @ 7.0% cap · market cap 13.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
5,387
Businesses Nearby
Explore this area
Business Placement
Demographics for 11385, NY
100,883
Population
40,175
Households
2.5
Avg Household Size
36
Median Age
34%
College-Educated
84%
High-School Grad
3.6 sq mi
ZIP Area
28,023
Density / Sq Mi
$87,365
Median Household Income
$47,335
Median Earnings
$1,959
Median Rent
$842,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - Walk-up property with a full basement, gas heating, and a mix of free-market and rent-stabilized apartments.
Where is this apartment building located?
The property is located at 17-17 Madison Street Queens, NY.
What is the asking price?
The asking price for this property is $2,095,000.
What are key features of this property?
This property features: 5,600‑square‑foot mid‑rise apartment building; Six floor‑through apartments: 4 free‑market and 2 rent‑stabilized; Full basement for storage or additional functional space
