6-Unit Apartment
New
For Sale
$1,580,000
50-35 38th St, Queens, NY 11101
The property includes a full basement, private driveway, and backyard.
Property Size5,265 SF
Days on Market5
Property Features for 50-35 38th St
General Information
Standard status
Active
Size
5,265 SF
Property subtype
Investment
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$17,164
Amenities
private driveway
private backyard
Building Details
Building Size
5,265 SF
Year Built
1931
Units
6
Listing Agency:
Coldwell Banker American Homes
Listed By:
Lili Khachatourian
(516) 312-0617
Source:
Elliman
Added: Oct 20
Changed: Oct 21
Last Checked: Oct 23 at 9:55AM
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
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This six-unit apartment property was built in 1931 and includes a full basement. A private driveway and backyard are also part of the property, providing outdoor space alongside the residential units.
The property is at 50-35 38th St in Queens. Its reported walk score is 94, bike score is 82, and transit score is 100. Public transportation, expressways, shopping, dining, and schools are described as minutes away.
The property is at 50-35 38th St in Queens. Its reported walk score is 94, bike score is 82, and transit score is 100. Public transportation, expressways, shopping, dining, and schools are described as minutes away.
Key Highlights
- Six independent apartment units
- Built in 1931
- Full basement
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$128,700
Cap Rate
8.15%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,574,000
$2.6M
Cap Rate 7%
$1,838,571
$1.8M
Cap Rate 9%
$1,430,000
$1.4M
Market Conditions
NOI Build-Up for 5,265 SF
Gross rent
$243.2K $46.20/SF
− Vacancy
−$9.2K −$1.76/SF
EGI
$234.0K $44.44/SF
− OpEx
−$105.3K −$20.00/SF
NOI
$128.7K $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%
$2,574,000
Cap Rate 7%
$1,838,571
Cap Rate 9%
$1,430,000
Alternative Uses
Best Use
Apartment 5plus
$1.84M
$1.61M – $2.15M
NOI $128,700 @ 7.0% cap · market cap 8.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.88M
$3.40M – $4.53M
NOI $271,699 @ 7.0% cap · market cap 17.20%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
6
Residential units
Yes
Highway access
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - The property includes a full basement, private driveway, and backyard.
Where is this apartment building located?
The property is located at 50-35 38th St Queens, NY.
What is the asking price?
The asking price for this property is $1,580,000.
What are key features of this property?
This property features: Six independent apartment units; Built in 1931; Full basement
