Renovated Residential Income
For Sale
$309,000
21-28 35th Street 2-G, Queens, NY 11105
Gut-renovated condop residence with exposed brick, stainless appliances, laundry access, and flexible subletting and pet policies.
Property Size750 SF
Price / SF$412
Days on Market88
Property Features for 21-28 35th Street 2-G
General Information
Standard status
Active
Size
750 SF
Property subtype
Apartment
Additional Details
Public Transit
Yes
Amenities
laundry
garden
Building Details
Building Size
750 SF
Year Built
1923
Listing Agency:
Beekman Street Realty LLC
(646) 434-9508
Listed By:
Jennylee Marcelin
(646) 434-9508
Source:
Carlinwright
Added: May 26
Changed: Aug 20
Last Checked: Aug 21 at 10:16AM
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 Beekman Street Realty LLC
Investment Insights
Based on property information with market context.
This gut-renovated residential income property features exposed brick, Caesarstone countertops, stainless steel appliances, a dishwasher, and a breakfast bar. The sun-filled living room has gleaming hardwood floors, clean finishes, and windows on every wall that provide double exposure. Generous closet space adds practical storage throughout.
The condop permits unlimited subletting and pets. Laundry and a garden are available in the building. The property is located at 21-28 35th Street, 2-G, in Queens, NY 11105, one block from the NQ subway line in Astoria. The unit is a sponsor unit with no board application required and is offered for cash buyers only.
The condop permits unlimited subletting and pets. Laundry and a garden are available in the building. The property is located at 21-28 35th Street, 2-G, in Queens, NY 11105, one block from the NQ subway line in Astoria. The unit is a sponsor unit with no board application required and is offered for cash buyers only.
Key Highlights
- Gut‑renovated sponsor unit with no board application required
- Exposed brick, Caesarstone countertops, stainless steel appliances, dishwasher, and breakfast bar
- Sun‑filled living room with windows on every wall and double exposure
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
$18,333
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
5.93%
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%
$366,660
$366.7K
Cap Rate 7%
$261,900
$261.9K
Cap Rate 9%
$203,700
$203.7K
Market Conditions
NOI Build-Up for 750 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
$34.7K $46.20/SF
− Vacancy
−$1.3K −$1.76/SF
EGI
$33.3K $44.44/SF
− OpEx
−$15.0K −$20.00/SF
NOI
$18.3K $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%
$366,660
Cap Rate 7%
$261,900
Cap Rate 9%
$203,700
Alternative Uses
Best Use
Apartment 5plus
$261.9K
$229.2K – $305.6K
NOI $18,333 @ 7.0% cap · market cap 5.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$552.9K
$483.8K – $645.1K
NOI $38,704 @ 7.0% cap · market cap 12.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
6,176
Businesses Nearby
Explore this area
Business Placement
Demographics for 11105, NY
38,001
Population
17,518
Households
2.2
Avg Household Size
37
Median Age
55%
College-Educated
91%
High-School Grad
1.6 sq mi
ZIP Area
23,751
Density / Sq Mi
$100,306
Median Household Income
$62,464
Median Earnings
$2,211
Median Rent
$1,089,000
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - Gut-renovated condop residence with exposed brick, stainless appliances, laundry access, and flexible subletting and pet policies.
Where is this residential income property located?
The property is located at 21-28 35th Street 2-G Queens, NY.
What is the asking price?
The asking price for this property is $309,000.
What are key features of this property?
This property features: Gut‑renovated sponsor unit with no board application required; Exposed brick, Caesarstone countertops, stainless steel appliances, dishwasher, and breakfast bar; Sun‑filled living room with windows on every wall and double exposure
