Residential Income Property with Historic
For Sale
$620,000
4502 DITMARS Boulevard 124, Queens, NY 11105
Renovated residence in a full-service condominium with hardwood floors, updated kitchen and spa-inspired bathroom.
Property Size956 SF
Price / SF$648.54
Days on Market14
Property Features for 4502 DITMARS Boulevard 124
General Information
Standard status
Active
Size
956 SF
Property subtype
Apartment
Building Details
Building Size
956 SF
Year Built
1900
Listing Agency:
Douglas Elliman Real Estate
Listed By:
Kenneth King
(516) 946-4514
Source:
Lenasimpson
Added: Aug 26
Changed: Sep 6
Last Checked: Sep 7 at 6:04AM
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 Douglas Elliman Real Estate
Investment Insights
Based on property information with market context.
Residence 124 is a 956-square-foot condominium within Pistilli Grand Manor, a former Steinway piano factory converted to residential use. The home features soaring ceilings, large windows, hardwood flooring, an open living and dining arrangement, and a renovated kitchen with contemporary cabinetry, stainless steel appliances, and generous counter space. A modern bathroom completes the interior, while the layout provides a flexible residential setting.
Building amenities include a 24-hour attended lobby, fitness center, live-in superintendent, package room, on-site laundry, available parking, and maintained common areas. The property was built in 1900 and is located at 4502 Ditmars Boulevard in Queens, near Astoria Park, the East River waterfront, dining, shopping, and the N/W subway lines.
Building amenities include a 24-hour attended lobby, fitness center, live-in superintendent, package room, on-site laundry, available parking, and maintained common areas. The property was built in 1900 and is located at 4502 Ditmars Boulevard in Queens, near Astoria Park, the East River waterfront, dining, shopping, and the N/W subway lines.
Key Highlights
- 956‑square‑foot residence in Pistilli Grand Manor
- Former Steinway piano factory converted to a condominium residence
- Renovated kitchen with stainless steel appliances and contemporary cabinetry
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
$23,369
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
3.77%
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%
$467,380
$467.4K
Cap Rate 7%
$333,843
$333.8K
Cap Rate 9%
$259,656
$259.7K
Market Conditions
NOI Build-Up for 956 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
$44.2K $46.20/SF
− Vacancy
−$1.7K −$1.76/SF
EGI
$42.5K $44.44/SF
− OpEx
−$19.1K −$20.00/SF
NOI
$23.4K $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%
$467,380
Cap Rate 7%
$333,843
Cap Rate 9%
$259,656
Alternative Uses
Best Use
Apartment 5plus
$333.8K
$292.1K – $389.5K
NOI $23,369 @ 7.0% cap · market cap 3.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$704.8K
$616.7K – $822.2K
NOI $49,334 @ 7.0% cap · market cap 7.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,561
Businesses Nearby
Explore this area
Business Placement
Demographics for 11105, NY
38,001
Population
17,518
Households
2.2
Avg Household Size
37
Median Age
55%
College-Educated
91%
High-School Grad
1.6 sq mi
ZIP Area
23,751
Density / Sq Mi
$100,306
Median Household Income
$62,464
Median Earnings
$2,211
Median Rent
$1,089,000
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Renovated residence in a full-service condominium with hardwood floors, updated kitchen and spa-inspired bathroom.
Where is this residential income property located?
The property is located at 4502 DITMARS Boulevard 124 Queens, NY.
What is the asking price?
The asking price for this property is $620,000.
What are key features of this property?
This property features: 956‑square‑foot residence in Pistilli Grand Manor; Former Steinway piano factory converted to a condominium residence; Renovated kitchen with stainless steel appliances and contemporary cabinetry
