Spacious Co-op in
For Sale
$315,000
Pending
47-27 215 Pl 1A, Queens, NY 11361
Well-kept 2-bedroom co-op with hardwood floors and updated bathroom.
Property Size825 SF
Days on Market269
Property Features for 47-27 215 Pl 1A
General Information
Standard status
Pending
Size
825 SF
Property subtype
Residential
Building Details
Building Size
825 SF
Year Built
1950
Listing Agency:
(646) 963-1198
Listed By:
Matthew Burns
(646) 963-1198
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 16
Last Checked: Aug 24 at 7:01AM
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 Matthew Burns
Investment Insights
Based on property information with market context.
Located in Bayside, this co-op is situated near the LIRR, highways, schools, shops, restaurants, and Oakland Lake Park. This first-floor, 2-bedroom unit features hardwood floors throughout and an updated bathroom. The property offers generous bedroom sizes and closet space. Laundry facilities are available on the premises.
Key Highlights
- Convenient Bayside location: close to LIRR, highways, schools, shops, restaurants, and Oakland Lake Park.
- Spacious 2‑bedroom, first‑floor unit.
- Hardwood floors throughout and updated bathroom.
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
$20,167
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
6.40%
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%
$403,340
$403.3K
Cap Rate 7%
$288,100
$288.1K
Cap Rate 9%
$224,078
$224.1K
Market Conditions
NOI Build-Up for 825 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
$38.1K $46.20/SF
− Vacancy
−$1.4K −$1.76/SF
EGI
$36.7K $44.44/SF
− OpEx
−$16.5K −$20.00/SF
NOI
$20.2K $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%
$403,340
Cap Rate 7%
$288,100
Cap Rate 9%
$224,078
Alternative Uses
Best Use
Apartment 5plus
$288.1K
$252.1K – $336.1K
NOI $20,167 @ 7.0% cap · market cap 6.40%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$608.2K
$532.2K – $709.6K
NOI $42,574 @ 7.0% cap · market cap 13.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,676
Businesses Nearby
Explore this area
Business Placement
Demographics for 11361, NY
29,116
Population
11,934
Households
2.4
Avg Household Size
43
Median Age
48%
College-Educated
88%
High-School Grad
1.7 sq mi
ZIP Area
17,127
Density / Sq Mi
$108,391
Median Household Income
$58,410
Median Earnings
$2,315
Median Rent
$900,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Well-kept 2-bedroom co-op with hardwood floors and updated bathroom.
Where is this apartment building located?
The property is located at 47-27 215 Pl 1A Queens, NY.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: Convenient Bayside location: close to LIRR, highways, schools, shops, restaurants, and Oakland Lake Park.; Spacious 2‑bedroom, first‑floor unit.; Hardwood floors throughout and updated bathroom.
