Renovated Two-Bedroom Apartment in
For Sale
$279,000
224-17 Manor Rd #1, Queens, NY 11427
Recently renovated 2-bedroom apartment near shops, transportation, and schools.
Property Size700 SF
Days on Market260
Property Features for 224-17 Manor Rd #1
General Information
Standard status
Active
Size
700 SF
Property subtype
Residential
Building Details
Building Size
700 SF
Year Built
1950
Listing Agency:
(347) 564-4223
Listed By:
Anne Akde-Donohue
(347) 564-4223
Source:
Elliman
Added: Nov 27, 2025
Changed: Aug 9
Last Checked: Aug 13 at 11:36AM
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 Anne Akde-Donohue
Investment Insights
Based on property information with market context.
This is a 5-room, 2-bedroom unit that has recently undergone renovations. The kitchen features stainless steel appliances. The unit has been freshly painted and includes an updated bathroom with a new vanity and sink. The property is situated in a treelined courtyard and is located close to shops, transportation options, and schools.
Key Highlights
- Brand new renovations throughout the unit
- This two‑bedroom unit features a brand new kitchen with stainless steel appliances
- Updated bathroom with new vanity and sink
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
$17,111
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
6.13%
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%
$342,220
$342.2K
Cap Rate 7%
$244,443
$244.4K
Cap Rate 9%
$190,122
$190.1K
Market Conditions
NOI Build-Up for 700 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
$32.3K $46.20/SF
− Vacancy
−$1.2K −$1.76/SF
EGI
$31.1K $44.44/SF
− OpEx
−$14.0K −$20.00/SF
NOI
$17.1K $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%
$342,220
Cap Rate 7%
$244,443
Cap Rate 9%
$190,122
Alternative Uses
Best Use
Apartment 5plus
$244.4K
$213.9K – $285.2K
NOI $17,111 @ 7.0% cap · market cap 6.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$516.0K
$451.5K – $602.1K
NOI $36,123 @ 7.0% cap · market cap 12.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
857
Businesses Nearby
Explore this area
Business Placement
Demographics for 11427, NY
24,555
Population
8,435
Households
2.9
Avg Household Size
44
Median Age
36%
College-Educated
84%
High-School Grad
1.6 sq mi
ZIP Area
15,347
Density / Sq Mi
$92,129
Median Household Income
$48,439
Median Earnings
$1,697
Median Rent
$690,200
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 - Recently renovated 2-bedroom apartment near shops, transportation, and schools.
Where is this apartment building located?
The property is located at 224-17 Manor Rd #1 Queens, NY.
What is the asking price?
The asking price for this property is $279,000.
What are key features of this property?
This property features: Brand new renovations throughout the unit; This two‑bedroom unit features a brand new kitchen with stainless steel appliances; Updated bathroom with new vanity and sink
