Apartment
For Sale
$9,000,000
21201 42nd Avenue, Bayside, NY 11361
R4C1-2-zoned apartment property with a shared driveway serving the neighboring post office.
Property Size28,328 SF
Days on Market398
Property Features for 21201 42nd Avenue
General Information
Standard status
Active
Size
28,328 SF
Total Parking Spaces
15
Property subtype
Commercial
Zoning
R4C1-2
Taxes and HOA fees
Annual Taxes
$119,156
Building Details
Building Size
28,328 SF
Year Built
1960
Buildings
1
Stories
4
Units
32
Listing Agency:
Voro LLC
(917) 903-8182
Listed By:
NoelleClaire LeCann
(917) 903-8182
Source:
Mydreamhomerealty
Added: Jul 29, 2025
Changed: Aug 28
Last Checked: Aug 28 at 11:32AM
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 Voro LLC
Investment Insights
Based on property information with market context.
This apartment building was constructed in 1960 and carries R4C1-2 zoning. The property uses a shared driveway with the neighboring Bayside post office.
Located at 21201 42nd Avenue in Bayside, NY 11361, the property offers a defined Queens address and established access arrangement.
Located at 21201 42nd Avenue in Bayside, NY 11361, the property offers a defined Queens address and established access arrangement.
Key Highlights
- R4C1‑2 zoning
- Constructed in 1960
- Shared driveway with the neighboring Bayside post office
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
$692,462
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
7.69%
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%
$13,849,240
$13.8M
Cap Rate 7%
$9,892,314
$9.9M
Cap Rate 9%
$7,694,022
$7.7M
Market Conditions
NOI Build-Up for 28,328 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
$1.31M $46.20/SF
− Vacancy
−$49.7K −$1.76/SF
EGI
$1.26M $44.44/SF
− OpEx
−$566.6K −$20.00/SF
NOI
$692.5K $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%
$13,849,240
Cap Rate 7%
$9,892,314
Cap Rate 9%
$7,694,022
Alternative Uses
Best Use
Apartment 5plus
$9.89M
$8.66M – $11.54M
NOI $692,462 @ 7.0% cap · market cap 7.69%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$20.88M
$18.27M – $24.36M
NOI $1,461,861 @ 7.0% cap · market cap 16.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,844
Businesses Nearby
Explore this area
Business Placement
Demographics for 11361, NY
29,116
Population
11,934
Households
2.4
Avg Household Size
43
Median Age
48%
College-Educated
88%
High-School Grad
1.7 sq mi
ZIP Area
17,127
Density / Sq Mi
$108,391
Median Household Income
$58,410
Median Earnings
$2,315
Median Rent
$900,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - R4C1-2-zoned apartment property with a shared driveway serving the neighboring post office.
Where is this apartment building located?
The property is located at 21201 42nd Avenue Bayside, NY.
What is the asking price?
The asking price for this property is $9,000,000.
What are key features of this property?
This property features: R4C1‑2 zoning; Constructed in 1960; Shared driveway with the neighboring Bayside post office
