Brick Mixed-Use
For Sale
$1,650,000
4004 98th Street, New York, NY 11368
First-floor offices complement two two-bedroom apartments in a three-level brick building.
Property Size3,159 SF
Price / SF$522.32
Days on Market10
Property Features for 4004 98th Street
General Information
Standard status
Active
Size
3,159 SF
Property subtype
Mixed Use
Units
Unit Mix
2BR, 2BR
Multifamily Units
2
Additional Details
Floor
1
Taxes and HOA fees
Annual Taxes
$8,030
Amenities
Window/Wall Unit
3
Driveway.
Building Details
Year Built
1967
Buildings
1
Stories
3
Construction
brick
Listing Agency:
Amquest Realty Corp
(718) 476-2300
Listed By:
Manuel Taveras
Source:
Xome
Added: Aug 2
Changed: Aug 10
Last Checked: Aug 11 at 5:51AM
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 Amquest Realty Corp
Investment Insights
Based on property information with market context.
This 3,159-square-foot brick mixed-use property combines commercial and residential space across three levels. Offices occupy the first floor, while the second and third floors each contain a two-bedroom apartment. The property was built in 1967 and includes a driveway.
Each unit has its own boiler, providing dedicated heating equipment within the building’s mixed-use configuration. Roosevelt Avenue is a few feet away, and a public school is located across the street. The property is addressed at 4004 98th Street in New York, NY 11368.
Each unit has its own boiler, providing dedicated heating equipment within the building’s mixed-use configuration. Roosevelt Avenue is a few feet away, and a public school is located across the street. The property is addressed at 4004 98th Street in New York, NY 11368.
Key Highlights
- 3,159‑square‑foot brick mixed‑use property
- Offices occupy the first floor
- Two 2BR apartments on the second and third floors
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
$100,693
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
6.10%
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%
$2,013,860
$2.0M
Cap Rate 7%
$1,438,471
$1.4M
Cap Rate 9%
$1,118,811
$1.1M
Market Conditions
NOI Build-Up for 3,159 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
$189.5K $60.00/SF
− Vacancy
−$28.4K −$9.00/SF
EGI
$161.1K $51.00/SF
− OpEx
−$60.4K −$19.13/SF
NOI
$100.7K $31.88/SF
Area
New York, NY
Vacancy
15.00%
Lease Rate
$60.00 /SF/Yr
Expense Ratio
37.50%
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%
$2,013,860
Cap Rate 7%
$1,438,471
Cap Rate 9%
$1,118,811
Alternative Uses
Best Use
Mixed Use
$1.44M
$1.26M – $1.68M
NOI $100,693 @ 7.0% cap · market cap 6.10%
Second Best
Office B
$1.41M
$1.24M – $1.65M
NOI $98,917 @ 7.0% cap · market cap 5.99%
Theoretical Best
Specialty Retail
$7.86M
$6.88M – $9.17M
NOI $550,424 @ 7.0% cap · market cap 33.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
5,517
Businesses Nearby
Explore this area
Business Placement
Demographics for 11368, NY
117,110
Population
31,165
Households
3.8
Avg Household Size
34
Median Age
14%
College-Educated
65%
High-School Grad
2.6 sq mi
ZIP Area
45,042
Density / Sq Mi
$71,798
Median Household Income
$33,742
Median Earnings
$1,925
Median Rent
$751,700
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - First-floor offices complement two two-bedroom apartments in a three-level brick building.
Where is this mixed-use property located?
The property is located at 4004 98th Street New York, NY.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: 3,159‑square‑foot brick mixed‑use property; Offices occupy the first floor; Two 2BR apartments on the second and third floors
