Multifamily Apartment Building with Private
For Sale
$1,600,000
50-35 38th Street, Long Island City, NY 11101
Six independent units plus a private driveway, private backyard, and full basement provide a complete multifamily setup.
Days on Market59
Property Features for 50-35 38th Street
General Information
Standard status
Active
Property subtype
Commercial
Building Details
Building Size
5,265 SF
Year Built
1931
Listing Agency:
Coldwell Banker American Homes
(516) 312-0617
Listed By:
Lili Khachatourian
(516) 312-0617
Source:
Cohenandcohenrealty
Added: Jun 3
Changed: Jul 26
Last Checked: Jul 30 at 1:12PM
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 Coldwell Banker American Homes
Investment Insights
Based on property information with market context.
This multifamily apartment building features six independent units, each set up as a separate, fully configured rental income stream. The property also includes a full basement and outdoor space with a private driveway and private backyard.
The building is positioned close to major public transportation hubs and expressways, with access to local shopping districts, dining, and schools just minutes away.
The building is positioned close to major public transportation hubs and expressways, with access to local shopping districts, dining, and schools just minutes away.
Key Highlights
- 6 independent units configured as separate income‑producing streams
- Year built: 1931
- Private driveway and private backyard
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $243.2k | $46.20 |
| − Vacancy | −$9.2k | −$1.76 |
| EGI | $234.0k | $44.44 |
| − OpEx | −$105.3k | −$20.00 |
| NOI | $128.7k | $24.44 |
5,265 SF · lease $46.20/SF/yr · vacancy 3.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.84M
$1.61M – $2.15M
NOI $128,700 @ 7.0% cap · market cap 8.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.88M
$3.40M – $4.53M
NOI $271,699 @ 7.0% cap · market cap 16.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,539
Businesses Nearby
Explore this area
Business Placement
Demographics for 11101, NY
48,867
Population
27,093
Households
1.8
Avg Household Size
33
Median Age
65%
College-Educated
90%
High-School Grad
2.6 sq mi
ZIP Area
18,795
Density / Sq Mi
$116,807
Median Household Income
$83,892
Median Earnings
$2,740
Median Rent
$995,500
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 - Six independent units plus a private driveway, private backyard, and full basement provide a complete multifamily setup.
Where is this apartment building located?
The property is located at 50-35 38th Street Long Island City, NY.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: 6 independent units configured as separate income‑producing streams; Year built: 1931; Private driveway and private backyard
