Far Rockaway Multifamily Investment
For Sale
Contact for pricing
2-23 Beach 101st Street, Far Rockaway, NY 11694
32-unit apartment building in Far Rockaway, Queens. Fully occupied.
Property Size25,000 SF
Price / SF$310
Days on Market140
Property Features for 2-23 Beach 101st Street
General Information
Standard status
Active
Size
25,000 SF
Class
C
Total Parking Spaces
15
Property subtype
Multifamily
Zoning
R5 / C2-2
Occupancy
100%
Investment Type
Value Add
Net Operating Income
$686,400
Building Details
Year Built
2012
Units
32
Tenancy
Multi
Listing Agency:
Tri State Commercial
(718) 437-6100
Listed By:
Shlomi Bagdadi · License #NY 10311204539
Source:
Crexi
Added: Mar 27
Changed: Aug 8
Last Checked: Aug 11 at 8:16PM
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 Tri State Commercial
Investment Insights
Based on property information with market context.
Located in the Far Rockaway neighborhood of Queens, near the Beach 98th St subway station, this multifamily property at 2-23 Beach 101st Street presents a compelling investment opportunity. The 32-unit brick building was constructed in 2012 and offers modern construction. The property is fully occupied. Residents benefit from on-site parking. The building’s contemporary layout and solid condition minimize near-term capital expenditures. The property is near public transportation, local retail, and the Rockaway waterfront. The neighborhood offers a mix of residential developments, neighborhood retail, and public amenities, supported by transit access via subway and bus lines. The property benefits from proximity to major transportation options, including the A train at Beach 98th Street and multiple bus lines, providing convenient access throughout Queens, Brooklyn, and Manhattan. Nearby amenities include local supermarkets, pharmacies, restaurants, and public facilities. The property is located near Walgreens Photo, Rockaway Beach Golf Club, Burn Fitness, Beachside Pharmacy, Brisas Del Mar, Deli Grill, The Madelaine Chocolate Company, Rockaway Beach Pickleball, Bay Towers Apartments, The Scholars Academy, Dayton Towers West, The Rockaway Hotel, and Corp Construction Corporation. The property is approximately 25,000 square feet.
Key Highlights
- Turnkey multifamily property with over 8% CAP, providing immediate and stable cash flow
- Modern construction (built in 2012) minimizing near‑term capital expenditures
- Fully occupied 32‑unit brick building
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
$611,111
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
7.89%
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%
$12,222,220
$12.2M
Cap Rate 7%
$8,730,157
$8.7M
Cap Rate 9%
$6,790,122
$6.8M
Market Conditions
NOI Build-Up for 25,000 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
$1.16M $46.20/SF
− Vacancy
−$43.9K −$1.76/SF
EGI
$1.11M $44.44/SF
− OpEx
−$500.0K −$20.00/SF
NOI
$611.1K $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%
$12,222,220
Cap Rate 7%
$8,730,157
Cap Rate 9%
$6,790,122
Alternative Uses
Best Use
Apartment 5plus
$8.73M
$7.64M – $10.19M
NOI $611,111 @ 7.0% cap · market cap 7.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$18.43M
$16.13M – $21.50M
NOI $1,290,120 @ 7.0% cap · market cap 16.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
798
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - 32-unit apartment building in Far Rockaway, Queens. Fully occupied.
Where is this apartment building located?
The property is located at 2-23 Beach 101st Street Far Rockaway, NY.
What is the asking price?
The asking price for this property is $7,750,000.
What are key features of this property?
This property features: Turnkey multifamily property with over 8% CAP, providing immediate and stable cash flow; Modern construction (built in 2012) minimizing near‑term capital expenditures; Fully occupied 32‑unit brick building
