Top-Floor Income
For Sale
$388,888
31-14 Crescent Street 2D, Queens, NY 11106
Fourth-floor walk-up with preserved pre-war character, generous room proportions, and a landscaped courtyard setting.
Property Size600 SF
Price / SF$648.15
Days on Market98
Property Features for 31-14 Crescent Street 2D
General Information
Standard status
Active
Size
600 SF
Property subtype
Apartment
Additional Details
Public Transit
Yes
Multifamily Units
1
Amenities
courtyard
Building Details
Year Built
1926
Listing Agency:
Daniel Gale of Brooklyn LLC
(646) 425-0505
Listed By:
Michael Kawochka
(646) 425-0505
Source:
Howardhannanyc
Added: May 16
Changed: Aug 17
Last Checked: Aug 20 at 11:13AM
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 Daniel Gale of Brooklyn LLC
Investment Insights
Based on property information with market context.
Apartment 2D is a fourth-floor walk-up residence in a 1926 pre-war building. The approximately 600-square-foot layout includes one bedroom, a double-windowed living room, an eat-in kitchen, and a connecting hallway. Original hardwood floors and picture-frame moldings remain, adding period detail to the interior. A landscaped European-style courtyard provides a shared outdoor setting within the building.
The property is located across from the Noguchi Museum and Socrates Sculpture Park, with shopping, restaurants, and a Saturday farmers’ market nearby. The NW subway station is 0.24 miles away, providing access toward Midtown. The apartment’s configuration and preserved architectural details support its classification as a residential income property.
The property is located across from the Noguchi Museum and Socrates Sculpture Park, with shopping, restaurants, and a Saturday farmers’ market nearby. The NW subway station is 0.24 miles away, providing access toward Midtown. The apartment’s configuration and preserved architectural details support its classification as a residential income property.
Key Highlights
- Approximately 600 square feet with one bedroom
- Fourth‑floor walk‑up in a 1926 pre‑war building
- Original hardwood floors and picture‑frame moldings
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
3.77%
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 3.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$442.3K
$387.0K – $516.1K
NOI $30,963 @ 7.0% cap · market cap 7.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,987
Businesses Nearby
Explore this area
Business Placement
Demographics for 11106, NY
41,722
Population
21,681
Households
1.9
Avg Household Size
37
Median Age
52%
College-Educated
89%
High-School Grad
0.9 sq mi
ZIP Area
46,358
Density / Sq Mi
$85,573
Median Household Income
$62,254
Median Earnings
$2,032
Median Rent
$639,200
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Fourth-floor walk-up with preserved pre-war character, generous room proportions, and a landscaped courtyard setting.
Where is this residential income property located?
The property is located at 31-14 Crescent Street 2D Queens, NY.
What is the asking price?
The asking price for this property is $388,888.
What are key features of this property?
This property features: Approximately 600 square feet with one bedroom; Fourth‑floor walk‑up in a 1926 pre‑war building; Original hardwood floors and picture‑frame moldings
