8-Unit Apartment
For Sale
$3,180,000
36-05 Vernon Boulevard, Long Island City, NY 11106
Fully leased four-story brick building with three-bedroom, two-bath units in Long Island City.
Property Size10,500 SF
Lot Size0.08 Acres
Days on Market81
Property Features for 36-05 Vernon Boulevard
General Information
Standard status
Active
Size
10,500 SF
Lot size
0.08 Acres
Property subtype
Commercial
Occupancy
100%
Net Operating Income
$205,306
Units
Unit Mix
8 x 3BR/2BA
Multifamily Units
8
Additional Details
Gross Income
$251,534
Taxes and HOA fees
Annual Taxes
$16,228
Building Details
Building Size
10,500 SF
Year Built
1931
Buildings
1
Stories
4
Units
8
Construction
brick
Listing Agency:
Sany Realty Group LLC
(646) 620-2250
Listed By:
Yan Wang
(646) 620-2250
Source:
Mydreamhomerealty
Added: Jun 10
Changed: Aug 28
Last Checked: Aug 25 at 9:26AM
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 Sany Realty Group LLC
Investment Insights
Based on property information with market context.
This four-story brick apartment building, constructed in 1931, contains eight residential units. Each apartment has three bedrooms and two bathrooms, with six units designated free market and two identified as RS units. The property is in excellent condition, and all units are currently leased.
The building occupies a 35 ft X 100.08 ft lot and measures 35 ft X 75 ft. It is located at 36-05 Vernon Boulevard in Long Island City, NY 11106, close to the area's surrounding amenities and transportation connections.
The building occupies a 35 ft X 100.08 ft lot and measures 35 ft X 75 ft. It is located at 36-05 Vernon Boulevard in Long Island City, NY 11106, close to the area's surrounding amenities and transportation connections.
Key Highlights
- 8‑family apartment building with all units fully leased
- Each unit includes 3 bedrooms and 2 baths
- Six free‑market units and two RS units
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
$256,666
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
8.07%
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%
$5,133,320
$5.1M
Cap Rate 7%
$3,666,657
$3.7M
Cap Rate 9%
$2,851,844
$2.9M
Market Conditions
NOI Build-Up for 10,500 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
$485.1K $46.20/SF
− Vacancy
−$18.4K −$1.76/SF
EGI
$466.7K $44.44/SF
− OpEx
−$210.0K −$20.00/SF
NOI
$256.7K $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%
$5,133,320
Cap Rate 7%
$3,666,657
Cap Rate 9%
$2,851,844
Alternative Uses
Best Use
Apartment 5plus
$3.67M
$3.21M – $4.28M
NOI $256,666 @ 7.0% cap · market cap 8.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.74M
$6.77M – $9.03M
NOI $541,850 @ 7.0% cap · market cap 17.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
3,429
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully leased four-story brick building with three-bedroom, two-bath units in Long Island City.
Where is this apartment building located?
The property is located at 36-05 Vernon Boulevard Long Island City, NY.
What is the asking price?
The asking price for this property is $3,180,000.
What are key features of this property?
This property features: 8‑family apartment building with all units fully leased; Each unit includes 3 bedrooms and 2 baths; Six free‑market units and two RS units
