Bright Apartment with Flexible Second
For Sale
$515,000
46-01 39th Avenue 503, Queens, NY 11104
Bright residence at Sunnyside Towers with a spacious living area and a versatile adjacent room near the 7 train.
Property Size814 SF
Price / SF$632.68
Days on Market68
Property Features for 46-01 39th Avenue 503
General Information
Standard status
Active
Size
814 SF
Property subtype
Apartment
Building Details
Building Size
814 SF
Year Built
1971
Listing Agency:
William Raveis New York City LLC
(929) 394-7030
Listed By:
Joel Urbaneja Castillo
(929) 394-7030
Source:
Cbwarburg
Added: Jun 15
Changed: Aug 11
Last Checked: Aug 20 at 11:15AM
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 William Raveis New York City LLC
Investment Insights
Based on property information with market context.
Apartment 503 at Sunnyside Towers is a bright and versatile apartment with an expansive living room sized for comfortable living and formal dining. The primary bedroom offers a quiet retreat, and the additional room provides flexibility as a second bedroom, home office, nursery, guest room, or dedicated dining room adjacent to the kitchen. The layout supports a variety of day-to-day needs, including working from home and entertaining.
Sunnyside Towers residents enjoy beautifully maintained grounds and an amenity package that includes a seasonal outdoor swimming pool, landscaped courtyards, and barbecue and seating areas. The building also offers laundry facilities, bike storage, on-site management, and a live-in superintendent.
Built in 1971, Apartment 503 is 814 SF and is located moments from the 7 train, with easy access to local cafes, restaurants, bakeries, shops, and the neighborhood’s weekly farmers market.
Sunnyside Towers residents enjoy beautifully maintained grounds and an amenity package that includes a seasonal outdoor swimming pool, landscaped courtyards, and barbecue and seating areas. The building also offers laundry facilities, bike storage, on-site management, and a live-in superintendent.
Built in 1971, Apartment 503 is 814 SF and is located moments from the 7 train, with easy access to local cafes, restaurants, bakeries, shops, and the neighborhood’s weekly farmers market.
Key Highlights
- Apartment 503 at Sunnyside Towers with 814 SF interior space
- Spacious living room fits both comfortable living and formal dining
- Additional room near the kitchen offers flexibility as a second bedroom or office
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
$19,898
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
3.86%
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%
$397,960
$398.0K
Cap Rate 7%
$284,257
$284.3K
Cap Rate 9%
$221,089
$221.1K
Market Conditions
NOI Build-Up for 814 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
$37.6K $46.20/SF
− Vacancy
−$1.4K −$1.76/SF
EGI
$36.2K $44.44/SF
− OpEx
−$16.3K −$20.00/SF
NOI
$19.9K $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%
$397,960
Cap Rate 7%
$284,257
Cap Rate 9%
$221,089
Alternative Uses
Best Use
Apartment 5plus
$284.3K
$248.7K – $331.6K
NOI $19,898 @ 7.0% cap · market cap 3.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$600.1K
$525.1K – $700.1K
NOI $42,006 @ 7.0% cap · market cap 8.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
5,878
Businesses Nearby
Explore this area
Business Placement
Demographics for 11104, NY
27,407
Population
13,224
Households
2.1
Avg Household Size
39
Median Age
51%
College-Educated
93%
High-School Grad
0.4 sq mi
ZIP Area
68,518
Density / Sq Mi
$84,716
Median Household Income
$60,346
Median Earnings
$1,924
Median Rent
$665,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Bright residence at Sunnyside Towers with a spacious living area and a versatile adjacent room near the 7 train.
Where is this residential income property located?
The property is located at 46-01 39th Avenue 503 Queens, NY.
What is the asking price?
The asking price for this property is $515,000.
What are key features of this property?
This property features: Apartment 503 at Sunnyside Towers with 814 SF interior space; Spacious living room fits both comfortable living and formal dining; Additional room near the kitchen offers flexibility as a second bedroom or office
