Well-Maintained Four-Family with Side
For Sale
$1,100,000
329 Beach 29th St, Queens, NY 11691
Four-unit residential property with hardwood interiors, updated kitchens and baths, and separate entrances for each unit.
Property Size2,187 SF
Days on Market62
Property Features for 329 Beach 29th St
General Information
Standard status
Active
Size
2,187 SF
Property subtype
Investment
Occupancy
25%
Additional Details
Business Included
Yes
Taxes and HOA fees
Annual Taxes
$11,678
Building Details
Building Size
2,187 SF
Year Built
1931
Units
4
Tenancy
Multi
Listing Agency:
(347) 444-8520
Listed By:
Hanan Sheleg
(347) 444-8520
Source:
Elliman
Added: Jun 21
Changed: Aug 11
Last Checked: Aug 20 at 8:03AM
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 Hanan Sheleg
Investment Insights
Based on property information with market context.
This well-maintained four-family property includes one currently occupied unit generating $3,600 per month, along with three vacant units available for immediate lease-up or owner occupancy. The building’s apartments are described as spacious and feature hardwood floors, updated kitchens and baths, and abundant natural light. Each unit has a separate entrance, and the property also includes private driveway access plus a large side yard.
The asset is positioned in the heart of Far Rockaway and is described as convenient to transportation, shopping, schools, parks, and the beach. WalkScore is listed at 71 (Very Walkable) and transitScore at 73 (Excellent Transit), with bikeScore at 50 (Bikeable).
For investors, the current occupancy plus three vacant units can support a higher attainable gross rent profile, with vacant units estimated at approximately $2,700 per month each and total potential gross income up to approximately $11,700 per month when fully occupied. For owner-occupants, the property’s separate entrances and mix of occupied and vacant units offer flexibility to live in one unit while renting others to help offset expenses. The combination of updates, separate access, and outdoor space is intended to support day-to-day ease for residents and operators.
The asset is positioned in the heart of Far Rockaway and is described as convenient to transportation, shopping, schools, parks, and the beach. WalkScore is listed at 71 (Very Walkable) and transitScore at 73 (Excellent Transit), with bikeScore at 50 (Bikeable).
For investors, the current occupancy plus three vacant units can support a higher attainable gross rent profile, with vacant units estimated at approximately $2,700 per month each and total potential gross income up to approximately $11,700 per month when fully occupied. For owner-occupants, the property’s separate entrances and mix of occupied and vacant units offer flexibility to live in one unit while renting others to help offset expenses. The combination of updates, separate access, and outdoor space is intended to support day-to-day ease for residents and operators.
Key Highlights
- 1931‑built 4‑family property in Far Rockaway with hardwood floors and updated kitchens and baths
- Income currently includes one occupied unit at $3,600/month
- Three vacant units are ready for immediate lease‑up or owner occupancy (estimated $2,700/month each)
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
$53,460
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
4.86%
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%
$1,069,200
$1.1M
Cap Rate 7%
$763,714
$763.7K
Cap Rate 9%
$594,000
$594.0K
Market Conditions
NOI Build-Up for 2,187 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
$101.0K $46.20/SF
− Vacancy
−$3.8K −$1.76/SF
EGI
$97.2K $44.44/SF
− OpEx
−$43.7K −$20.00/SF
NOI
$53.5K $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%
$1,069,200
Cap Rate 7%
$763,714
Cap Rate 9%
$594,000
Alternative Uses
Best Use
Apartment 5plus
$763.7K
$668.3K – $891.0K
NOI $53,460 @ 7.0% cap · market cap 4.86%
Second Best
Multifamily LT 5
$517.1K
$452.5K – $603.3K
NOI $36,198 @ 7.0% cap · market cap 3.29%
Theoretical Best
Office A
$1.61M
$1.41M – $1.88M
NOI $112,860 @ 7.0% cap · market cap 10.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
25%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,859
Businesses Nearby
Explore this area
Business Placement
Demographics for 11691, NY
64,673
Population
23,400
Households
2.8
Avg Household Size
34
Median Age
23%
College-Educated
78%
High-School Grad
2.7 sq mi
ZIP Area
23,953
Density / Sq Mi
$57,027
Median Household Income
$40,366
Median Earnings
$1,444
Median Rent
$649,400
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?
Quadplex - Four-unit residential property with hardwood interiors, updated kitchens and baths, and separate entrances for each unit.
Where is this quadplex located?
The property is located at 329 Beach 29th St Queens, NY.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 1931‑built 4‑family property in Far Rockaway with hardwood floors and updated kitchens and baths; Income currently includes one occupied unit at $3,600/month; Three vacant units are ready for immediate lease‑up or owner occupancy (estimated $2,700/month each)
