Renovated Apartment in Prime
For Sale
$250,000
229-15 87th Ave 454, Queens, NY 11427
Recently renovated two-bedroom apartment in the heart of Queens Village.
Property Size800 SF
Days on Market317
Property Features for 229-15 87th Ave 454
General Information
Standard status
Active
Size
800 SF
Property subtype
Residential
Building Details
Building Size
800 SF
Year Built
1951
Listed By:
Victor O. Lopez MRP
(347) 846-1110
Source:
Elliman
Added: Nov 27, 2025
Changed: Oct 10
Last Checked: Oct 9 at 11:59PM
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 Victor O. Lopez MRP
Investment Insights
Based on property information with market context.
This recently renovated two-bedroom apartment, in excellent condition, is located on the second floor and features eastern and western exposures, providing plenty of natural light. The eat-in kitchen has been updated. Wall-to-wall carpeting covers hardwood floors. Situated in the Bell Park Manor Terrace complex in the heart of Queens Village, the apartment is close to shopping areas, banks, coffee shops, dining options, and supermarkets. Parking options include a waitlist for a heated garage at $48 per month, an unheated garage at $42 per month, and outdoor parking at $18 per month. The location offers convenient access to public transportation, including local buses Q43, Q1, Q27, Q88, Q36, N22, N22X, N26, N1, and N24, as well as major highways such as the Grand Central Parkway, Cross Island Parkway, and Clearview Expressway.
Key Highlights
- Recently renovated and in excellent condition.
- Abundant natural light with eastern and western exposures.
- Updated eat‑in kitchen.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$19,556
Cap Rate
7.82%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$391,120
$391.1K
Cap Rate 7%
$279,371
$279.4K
Cap Rate 9%
$217,289
$217.3K
Market Conditions
NOI Build-Up for 800 SF
Gross rent
$37.0K $46.20/SF
− Vacancy
−$1.4K −$1.76/SF
EGI
$35.6K $44.44/SF
− OpEx
−$16.0K −$20.00/SF
NOI
$19.6K $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 Rate 5%
$391,120
Cap Rate 7%
$279,371
Cap Rate 9%
$217,289
Alternative Uses
Best Use
Apartment 5plus
$279.4K
$244.5K – $325.9K
NOI $19,556 @ 7.0% cap · market cap 7.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$589.8K
$516.1K – $688.1K
NOI $41,284 @ 7.0% cap · market cap 16.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
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
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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 - Recently renovated two-bedroom apartment in the heart of Queens Village.
Where is this apartment building located?
The property is located at 229-15 87th Ave 454 Queens, NY.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: Recently renovated and in excellent condition.; Abundant natural light with eastern and western exposures.; Updated eat‑in kitchen.
