Two-Bedroom Residential Income
For Sale
$475,000
Pending
39-65 51st Street 4B, Queens, NY 11377
Bright cooperative residence with flexible foyer space, windowed kitchen, generous storage, and separate bedrooms.
Property Size900 SF
Days on Market31
Property Features for 39-65 51st Street 4B
General Information
Standard status
Pending
Size
900 SF
Property subtype
Apartment
Additional Details
Public Transit
Yes
Amenities
gym
party room
on-site management
Building Details
Building Size
900 SF
Year Built
1951
Listing Agency:
Compass
(646) 207-6734
Listed By:
WILLIAM D KOKORIS
(646) 207-6734
Source:
Bondnyre
Added: Jul 24
Changed: Aug 23
Last Checked: Aug 23 at 9:11AM
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 900-square-foot cooperative residence in Sunnyhill Gardens offers a functional two-bedroom layout with a gracious entry foyer, expansive living room, adjoining dining area, and separate bedroom spaces. The windowed galley kitchen includes generous cabinetry, a pantry cabinet, gas cooking, and additional storage. Eastern exposures bring morning light to the kitchen, living room, and one bedroom, while the corner second bedroom receives north and west exposures. The windowed bathroom is well cared for and remains in its original condition. Subject to board approval, the wall between the kitchen and living area may be removed to create a more open entertaining space.
Built in 1951, the building offers a gym, party room, and on-site management. Parking and storage are available through a waitlist. After two years, residents may sublet for up to 4 years. The property is located a block from the Sunnyside Landmark District, with cafes, parks, shopping, and restaurants nearby. The subway is a five-minute walk from the building.
Built in 1951, the building offers a gym, party room, and on-site management. Parking and storage are available through a waitlist. After two years, residents may sublet for up to 4 years. The property is located a block from the Sunnyside Landmark District, with cafes, parks, shopping, and restaurants nearby. The subway is a five-minute walk from the building.
Key Highlights
- 900‑square‑foot two‑bedroom cooperative residence
- Windowed galley kitchen with gas cooking, pantry cabinet, and generous cabinetry
- Entry foyer, expansive living room, adjoining dining area, and extensive closet storage
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
$22,000
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
4.63%
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%
$440,000
$440.0K
Cap Rate 7%
$314,286
$314.3K
Cap Rate 9%
$244,444
$244.4K
Market Conditions
NOI Build-Up for 900 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
$41.6K $46.20/SF
− Vacancy
−$1.6K −$1.76/SF
EGI
$40.0K $44.44/SF
− OpEx
−$18.0K −$20.00/SF
NOI
$22.0K $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%
$440,000
Cap Rate 7%
$314,286
Cap Rate 9%
$244,444
Alternative Uses
Best Use
Apartment 5plus
$314.3K
$275.0K – $366.7K
NOI $22,000 @ 7.0% cap · market cap 4.63%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$663.5K
$580.6K – $774.1K
NOI $46,444 @ 7.0% cap · market cap 9.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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 flexible foyer space, windowed kitchen, generous storage, and separate bedrooms.
Where is this residential income property located?
The property is located at 39-65 51st Street 4B Queens, NY.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: 900‑square‑foot two‑bedroom cooperative residence; Windowed galley kitchen with gas cooking, pantry cabinet, and generous cabinetry; Entry foyer, expansive living room, adjoining dining area, and extensive closet storage
