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 Market68
Property Features for 4502 DITMARS Boulevard 124
General Information
Standard status
Active
Size
956 SF
Property subtype
Apartment
Taxes and HOA fees
Annual Taxes
$6,216
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: Oct 31
Last Checked: Oct 30 at 8:19PM
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
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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 / Yr
$23,369
Cap Rate
3.77%
Suggested Prices Based on Cap Rates
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
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 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.
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Location Intelligence
Trade Area within ½ mile
3,561
Businesses Nearby
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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
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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
