Modernized One Bedroom Apartment in
For Sale
$300,000
Pending
41-31 51 4A, Long Island City, NY 11377
Updated one bedroom near transportation and amenities in Queens, NY.
Property Size600 SF
Days on Market269
Property Features for 41-31 51 4A
General Information
Standard status
Pending
Size
600 SF
Property subtype
Residential
Building Details
Building Size
600 SF
Year Built
1962
Listing Agency:
(718) 475-2700
Listed By:
Eamon G. Carr
(718) 475-2700
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 8
Last Checked: Aug 24 at 8:22AM
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 Eamon G. Carr
Investment Insights
Based on property information with market context.
This modernized one-bedroom unit features an updated kitchen and bath. The open floor plan provides an entertaining area with an entry space suitable for a dining area or a work-from-home/multi-use space. The property is located near the Flushing local (7) at 52nd Street/Lincoln Avenue, facilitating travel to Manhattan and throughout Queens. Situated beside the historically designated Skillman Avenue, the location offers a tree-lined environment with shops, restaurants, cafes, outdoor dining options, and public communal gathering areas. Positioned north of Queens Boulevard and south of Northern Boulevard, the property benefits from proximity to multiple bus routes and a variety of commercial and business establishments. The building provides resident outdoor space and wait list garage parking on-site. The property is serviced by a super, staff, and management.
Key Highlights
- Updated kitchen and bath features.
- Proximity to the Flushing local (7) at 52nd Street/Lincoln Avenue for easy access to Manhattan and Queens.
- Open flow plan suitable for entertaining and multi‑use space (dining/work).
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
$14,667
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
4.89%
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%
$293,340
$293.3K
Cap Rate 7%
$209,529
$209.5K
Cap Rate 9%
$162,967
$163.0K
Market Conditions
NOI Build-Up for 600 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
$27.7K $46.20/SF
− Vacancy
−$1.1K −$1.76/SF
EGI
$26.7K $44.44/SF
− OpEx
−$12.0K −$20.00/SF
NOI
$14.7K $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%
$293,340
Cap Rate 7%
$209,529
Cap Rate 9%
$162,967
Alternative Uses
Best Use
Apartment 5plus
$209.5K
$183.3K – $244.5K
NOI $14,667 @ 7.0% cap · market cap 4.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$442.3K
$387.0K – $516.1K
NOI $30,963 @ 7.0% cap · market cap 10.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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
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 - Updated one bedroom near transportation and amenities in Queens, NY.
Where is this apartment building located?
The property is located at 41-31 51 4A Long Island City, NY.
What is the asking price?
The asking price for this property is $300,000.
What are key features of this property?
This property features: Updated kitchen and bath features.; Proximity to the Flushing local (7) at 52nd Street/Lincoln Avenue for easy access to Manhattan and Queens.; Open flow plan suitable for entertaining and multi‑use space (dining/work).
