Six-Unit Apartment
For Sale
$1,680,000
22-08 120th Street, Queens, NY 11356
Residential, Ranch, Queens, NY
Property Size4,300 SF
Lot Size0.11 Acres
Price / SF$390.70
Days on Market255
Property Features for 22-08 120th Street
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Zoning
R4A
Bedrooms
12
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 12, Bathroom 1, Bedroom 4, Bedroom 2, Bedroom 7, Bedroom 10, Bathroom 2, Bathroom 5, Bathroom 3, Bedroom 3, Bedroom 11, Bathroom 4, Bathroom 6, Bedroom 1, Bedroom 6, Bedroom 9, Bedroom 5, Bedroom 8
Interior features
A/C Unit, Fireplace, Microwave, Refrigerator, Stove
Fireplace
1
Basement
Finished
Subdivision
College Point
Standard status
Active
Size
4,300 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Annual Amount
154730
Building Details
Year built
1931
Floors in Building
3
Number of units
6
Flooring type
Hardwood, Tile
Building materials
Brick
Roof type
Rubber
Architectural style
Ranch
Listing Agency:
RE/MAX Edge · RE/MAX International
Listed By:
Sumei Lan · License #SL4755
(718) 612-3088
Added: Jan 15
Changed: Sep 16
Last Checked: Sep 27 at 2:06AM
MLS# 498394
Copyright © 2026 Brooklyn New York Multiple Listing Service. 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 detached brick apartment building contains six units within approximately 4,300 square feet on a 0.1148-acre lot. Each apartment is arranged in a railroad-style plan with two bedrooms and one bathroom. Five units have been recently renovated, while common interior features include hardwood flooring, tiled kitchens, tiled bathrooms, and abundant window light. The property also includes a new electrical system, rubber roof, fireplaces, and in-unit appliances. Built in 1931, the building is located in College Point, Queens, and is zoned R4A.
A fenced private driveway provides approximately 10 on-site parking spaces. The property is near Flushing Point Marina and Skyline Sports Club, with access to the Q65 MTA bus line. The offering carries an approximate 6% capitalization rate and may provide 2–3 vacant units upon closing.
A fenced private driveway provides approximately 10 on-site parking spaces. The property is near Flushing Point Marina and Skyline Sports Club, with access to the Q65 MTA bus line. The offering carries an approximate 6% capitalization rate and may provide 2–3 vacant units upon closing.
Key Highlights
- Six‑unit apartment building with two bedrooms and one bathroom per unit
- Approximately 4,300 square feet on a 0.1148‑acre lot
- Five units recently renovated; all units feature hardwood floors and tiled kitchens and bathrooms
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
$105,111
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
6.26%
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%
$2,102,220
$2.1M
Cap Rate 7%
$1,501,586
$1.5M
Cap Rate 9%
$1,167,900
$1.2M
Market Conditions
NOI Build-Up for 4,300 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
$198.7K $46.20/SF
− Vacancy
−$7.5K −$1.76/SF
EGI
$191.1K $44.44/SF
− OpEx
−$86.0K −$20.00/SF
NOI
$105.1K $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%
$2,102,220
Cap Rate 7%
$1,501,586
Cap Rate 9%
$1,167,900
Alternative Uses
Best Use
Apartment 5plus
$1.50M
$1.31M – $1.75M
NOI $105,111 @ 7.0% cap · market cap 6.26%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.17M
$2.77M – $3.70M
NOI $221,901 @ 7.0% cap · market cap 13.21%
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
1,756
Businesses Nearby
Explore this area
Business Placement
Demographics for 11356, NY
28,310
Population
9,003
Households
3.1
Avg Household Size
37
Median Age
25%
College-Educated
78%
High-School Grad
1.6 sq mi
ZIP Area
17,694
Density / Sq Mi
$91,445
Median Household Income
$40,928
Median Earnings
$2,160
Median Rent
$893,100
Median Home Value
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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 - Detached brick multifamily property with renovated units, updated electrical service, and a fenced private driveway.
Where is this apartment building located?
The property is located at 22-08 120th Street Queens, NY.
What is the asking price?
The asking price for this property is $1,680,000.
What are key features of this property?
This property features: Six‑unit apartment building with two bedrooms and one bathroom per unit; Approximately 4,300 square feet on a 0.1148‑acre lot; Five units recently renovated; all units feature hardwood floors and tiled kitchens and bathrooms
