Residential Income Property with
New
For Sale
$1,025,000
248 Beach 131st Street, Belle Harbor, NY 11694
Detached residential income property with storage, an eat-in kitchen, and high ceilings.
Property Size2,220 SF
Days on Market6
Property Features for 248 Beach 131st Street
General Information
Standard status
Active
Size
2,220 SF
Total Parking Spaces
3
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$11,042
Amenities
Hot Water
Partially Finished
Ceiling Fan(s), Eat-in Kitchen, High Ceilings
Detached, Garage, Garage Door Opener, Other, Shared Driveway, Storage
Building Details
Building Size
2,220 SF
Year Built
1930
Listing Agency:
(954) 873-0427
Listed By:
Patrick Tubridy SRES
(954) 873-0427
Source:
Evrealestate
Added: Aug 11
Changed: Aug 14
Last Checked: Aug 15 at 4:52AM
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 Patrick Tubridy SRES
Investment Insights
Based on property information with market context.
Built in 1930, this detached residential income property includes a garage, garage door opener, storage, and shared driveway access. Interior features include an eat-in kitchen, high ceilings, ceiling fans, hot water, and partially finished space.
The property is located in Belle Harbor, Queens, at 248 Beach 131st Street. Access is available from Rockaway Beach Boulevard via Beach 131st Street.
The property is located in Belle Harbor, Queens, at 248 Beach 131st Street. Access is available from Rockaway Beach Boulevard via Beach 131st Street.
Key Highlights
- Detached property with garage and garage door opener
- Storage space and shared driveway access
- Eat‑in kitchen with high ceilings
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
$54,267
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
5.29%
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%
$1,085,340
$1.1M
Cap Rate 7%
$775,243
$775.2K
Cap Rate 9%
$602,967
$603.0K
Market Conditions
NOI Build-Up for 2,220 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
$102.6K $46.20/SF
− Vacancy
−$3.9K −$1.76/SF
EGI
$98.7K $44.44/SF
− OpEx
−$44.4K −$20.00/SF
NOI
$54.3K $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%
$1,085,340
Cap Rate 7%
$775,243
Cap Rate 9%
$602,967
Alternative Uses
Best Use
Apartment 5plus
$775.2K
$678.3K – $904.5K
NOI $54,267 @ 7.0% cap · market cap 5.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.64M
$1.43M – $1.91M
NOI $114,563 @ 7.0% cap · market cap 11.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
390
Businesses Nearby
Explore this area
Business Placement
Demographics for 11694, NY
19,780
Population
9,103
Households
2.2
Avg Household Size
46
Median Age
43%
College-Educated
90%
High-School Grad
1.7 sq mi
ZIP Area
11,635
Density / Sq Mi
$103,792
Median Household Income
$65,602
Median Earnings
$1,787
Median Rent
$839,000
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Detached residential income property with storage, an eat-in kitchen, and high ceilings.
Where is this residential income property located?
The property is located at 248 Beach 131st Street Belle Harbor, NY.
What is the asking price?
The asking price for this property is $1,025,000.
What are key features of this property?
This property features: Detached property with garage and garage door opener; Storage space and shared driveway access; Eat‑in kitchen with high ceilings
