First Floor Two Bedroom
For Sale
$360,000
Pending
57-54 244th St Lower Unit, Queens, NY 11362
Two-bedroom co-op with formal dining room and included utilities.
Property Size950 SF
Days on Market267
Property Features for 57-54 244th St Lower Unit
General Information
Standard status
Pending
Size
950 SF
Property subtype
Residential
Building Details
Building Size
950 SF
Year Built
1953
Listing Agency:
(516) 633-7105
Listed By:
Albert Giarretto
(516) 633-7105
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 17
Last Checked: Aug 22 at 11:50AM
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 Albert Giarretto
Investment Insights
Based on property information with market context.
This is a first-floor, two-bedroom, one-bath co-op unit with a formal dining room or den. It is located in a cul-de-sac and features abundant natural light. The kitchen includes a newer refrigerator and range. The maintenance covers all utilities, real estate taxes, snow removal, landscaping, private security, and private sanitation. The property is centrally located near transportation, the Long Island Rail Road (LIRR), major highways, shopping, and restaurants.
Key Highlights
- Maintenance includes all utilities, real estate taxes, snow removal, landscaping, private security, and private sanitation.
- Centrally located near transportation, LIRR, major highways, shopping, and restaurants.**
- First floor unit.
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
$23,222
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
6.45%
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%
$464,440
$464.4K
Cap Rate 7%
$331,743
$331.7K
Cap Rate 9%
$258,022
$258.0K
Market Conditions
NOI Build-Up for 950 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
$43.9K $46.20/SF
− Vacancy
−$1.7K −$1.76/SF
EGI
$42.2K $44.44/SF
− OpEx
−$19.0K −$20.00/SF
NOI
$23.2K $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%
$464,440
Cap Rate 7%
$331,743
Cap Rate 9%
$258,022
Alternative Uses
Best Use
Apartment 5plus
$331.7K
$290.3K – $387.0K
NOI $23,222 @ 7.0% cap · market cap 6.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$700.4K
$612.8K – $817.1K
NOI $49,025 @ 7.0% cap · market cap 13.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
891
Businesses Nearby
Explore this area
Business Placement
Demographics for 11362, NY
18,139
Population
7,634
Households
2.4
Avg Household Size
48
Median Age
52%
College-Educated
93%
High-School Grad
2.1 sq mi
ZIP Area
8,638
Density / Sq Mi
$118,989
Median Household Income
$62,132
Median Earnings
$2,548
Median Rent
$634,500
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 - Two-bedroom co-op with formal dining room and included utilities.
Where is this apartment building located?
The property is located at 57-54 244th St Lower Unit Queens, NY.
What is the asking price?
The asking price for this property is $360,000.
What are key features of this property?
This property features: Maintenance includes all utilities, real estate taxes, snow removal, landscaping, private security, and private sanitation.; Centrally located near transportation, LIRR, major highways, shopping, and restaurants.**; First floor unit.
