Residential Income Property with Renovated
For Sale
$389,000
39-25 51st Street 1F, Queens, NY 11377
Bright cooperative residence with an open living area, windowed kitchen, generous storage, and updated bathroom finishes.
Property Size625 SF
Price / SF$622.40
Days on Market8
Property Features for 39-25 51st Street 1F
General Information
Standard status
Active
Size
625 SF
Property subtype
Apartment
Additional Details
Public Transit
Yes
Multifamily Units
1
Amenities
gym
party room
Building Details
Building Size
625 SF
Year Built
1951
Listing Agency:
Compass
Listed By:
WILLIAM D KOKORIS
(646) 207-6734
Source:
Nobleblackandpartners
Added: Sep 1
Changed: Sep 5
Last Checked: Sep 8 at 11:04AM
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 Compass
Investment Insights
Based on property information with market context.
This 625-square-foot cooperative residence, built in 1951, combines a flexible entry foyer with an open living and dining area. The windowed galley kitchen includes a gas stove, microwave, refrigerator, dishwasher, pantry, recessed lighting, white countertops, and a breakfast bar. The bedroom has two windows, a ceiling fan, newly carpeted flooring, and a large closet. Additional hallway closets provide substantial storage, while the renovated bathroom features a glass-enclosed shower, bench, rain showerhead, tiled walls, vessel sink, medicine cabinet, and built-in storage.
Sunnyhill Gardens offers on-site management, a gym, and a party room. Parking and storage may be obtained through a waitlist. Subletting is permitted for up to four years following an initial two-year ownership period. The cooperative is located one block from the Sunnyside Landmark District and within a five-minute walk of the subway, with cafes, parks, shopping, and restaurants nearby. Residents may also join Sunnyside Gardens Park for a yearly fee.
Sunnyhill Gardens offers on-site management, a gym, and a party room. Parking and storage may be obtained through a waitlist. Subletting is permitted for up to four years following an initial two-year ownership period. The cooperative is located one block from the Sunnyside Landmark District and within a five-minute walk of the subway, with cafes, parks, shopping, and restaurants nearby. Residents may also join Sunnyside Gardens Park for a yearly fee.
Key Highlights
- 625‑square‑foot cooperative residence in a 1951 building
- Windowed galley kitchen with gas stove, dishwasher, pantry, and breakfast bar
- Fully renovated bathroom with glass shower enclosure, bench, and rain showerhead
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
$15,278
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
3.93%
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%
$305,560
$305.6K
Cap Rate 7%
$218,257
$218.3K
Cap Rate 9%
$169,756
$169.8K
Market Conditions
NOI Build-Up for 625 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
$28.9K $46.20/SF
− Vacancy
−$1.1K −$1.76/SF
EGI
$27.8K $44.44/SF
− OpEx
−$12.5K −$20.00/SF
NOI
$15.3K $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%
$305,560
Cap Rate 7%
$218,257
Cap Rate 9%
$169,756
Alternative Uses
Best Use
Apartment 5plus
$218.3K
$191.0K – $254.6K
NOI $15,278 @ 7.0% cap · market cap 3.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$460.8K
$403.2K – $537.6K
NOI $32,253 @ 7.0% cap · market cap 8.29%
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
4,928
Businesses Nearby
Explore this area
Business Placement
Demographics for 11377, NY
91,512
Population
34,928
Households
2.6
Avg Household Size
39
Median Age
33%
College-Educated
82%
High-School Grad
2.5 sq mi
ZIP Area
36,605
Density / Sq Mi
$73,292
Median Household Income
$45,978
Median Earnings
$1,802
Median Rent
$670,300
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Bright cooperative residence with an open living area, windowed kitchen, generous storage, and updated bathroom finishes.
Where is this residential income property located?
The property is located at 39-25 51st Street 1F Queens, NY.
What is the asking price?
The asking price for this property is $389,000.
What are key features of this property?
This property features: 625‑square‑foot cooperative residence in a 1951 building; Windowed galley kitchen with gas stove, dishwasher, pantry, and breakfast bar; Fully renovated bathroom with glass shower enclosure, bench, and rain showerhead
