Fourth-Floor Studio
For Sale
$169,000
24120 NORTHERN BLVD, Flushing, NY 11362
Bright fourth-floor studio at The Manor House with an efficient kitchen, full appliances, and generous closet space.
Property Size600 SF
Price / SF$281.67
Days on Market174
Property Features for 24120 NORTHERN BLVD
General Information
Standard status
Active
Size
600 SF
Property subtype
Apartment
Additional Details
Highway Access
Yes
Amenities
3
Elevator
Building Details
Year Built
1964
Listing Agency:
Laffey Real Estate NYC LLC
(212) 807-1369
Listed By:
Philip Laffey · License #10491206601
(516) 626-1500
Source:
Xome
Added: Feb 16
Changed: Aug 8
Last Checked: Aug 9 at 4:54AM
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 Laffey Real Estate NYC LLC
Investment Insights
Based on property information with market context.
Located at 24120 Northern Blvd Unit 241-20 in Flushing, NY, this fourth-floor studio is offered at The Manor House. The unit includes a spacious living area with room for both relaxing and dining, along with generous closet space for everyday organization. The efficient kitchen offers ample cabinetry and full appliances.
For commuting and everyday access, the property is about two blocks from the Long Island Rail Road’s Port Washington Line. An express bus provides an approximate 30-minute ride to Manhattan, and major highways are also described as providing quick regional travel.
This is a straightforward studio layout designed for comfortable, convenient living in a residential setting.
For commuting and everyday access, the property is about two blocks from the Long Island Rail Road’s Port Washington Line. An express bus provides an approximate 30-minute ride to Manhattan, and major highways are also described as providing quick regional travel.
This is a straightforward studio layout designed for comfortable, convenient living in a residential setting.
Key Highlights
- Bright fourth‑floor studio at The Manor House
- Efficient kitchen with full appliances
- Generous closet space
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
$14,667
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
8.68%
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%
$293,340
$293.3K
Cap Rate 7%
$209,529
$209.5K
Cap Rate 9%
$162,967
$163.0K
Market Conditions
NOI Build-Up for 600 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
$27.7K $46.20/SF
− Vacancy
−$1.1K −$1.76/SF
EGI
$26.7K $44.44/SF
− OpEx
−$12.0K −$20.00/SF
NOI
$14.7K $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%
$293,340
Cap Rate 7%
$209,529
Cap Rate 9%
$162,967
Alternative Uses
Best Use
Apartment 5plus
$209.5K
$183.3K – $244.5K
NOI $14,667 @ 7.0% cap · market cap 8.68%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$442.3K
$387.0K – $516.1K
NOI $30,963 @ 7.0% cap · market cap 18.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
9,232
Businesses Nearby
Explore this area
Business Placement
Demographics for 11362, NY
18,139
Population
7,634
Households
2.4
Avg Household Size
48
Median Age
52%
College-Educated
93%
High-School Grad
2.1 sq mi
ZIP Area
8,638
Density / Sq Mi
$118,989
Median Household Income
$62,132
Median Earnings
$2,548
Median Rent
$634,500
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Bright fourth-floor studio at The Manor House with an efficient kitchen, full appliances, and generous closet space.
Where is this residential income property located?
The property is located at 24120 NORTHERN BLVD Flushing, NY.
What is the asking price?
The asking price for this property is $169,000.
What are key features of this property?
This property features: Bright fourth‑floor studio at The Manor House; Efficient kitchen with full appliances; Generous closet space
