Newly Developed Rego Park
For Sale
Contact for pricing
64-16 Wetherole St, Queens, NY 11374
New 421-a building with retail and residential units.
Property Size17,845 SF
Price / SF$672.40
Days on Market165
Property Features for 64-16 Wetherole St
General Information
Standard status
Active
Size
17,845 SF
Property subtype
Multifamily, Mixed Use
Zoning
R7-1
Occupancy
100%
Net Operating Income
$651,246
Building Details
Units
17
Listing Agency:
KSR Kassin Sabbagh Realty
Listed By:
Samia Farah · License #NY 4OM01167813
(917) 523-1274
Source:
Crexi
Added: Mar 26
Changed: Aug 25
Last Checked: Sep 1 at 9:41PM
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 KSR Kassin Sabbagh Realty
Investment Insights
Based on property information with market context.
A newly developed building located in Rego Park, Queens, is available for sale. The property is a 421-a building comprising a mix of 30% affordable housing units and 70% market-rate units. The building includes one retail space currently rented to a Daycare Center which includes the basement. Located in Rego Park, the property offers access to public transportation, shopping, dining, and parks. The property size is 17,845 square feet.
Key Highlights
- Newly developed 421‑a building in Rego Park, Queens.
- Includes a retail space rented to a Daycare Center with basement.
- Offers a mix of 70% market‑rate and 30% affordable housing units.
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
$436,211
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
3.64%
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%
$8,724,220
$8.7M
Cap Rate 7%
$6,231,586
$6.2M
Cap Rate 9%
$4,846,789
$4.8M
Market Conditions
NOI Build-Up for 17,845 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
$824.4K $46.20/SF
− Vacancy
−$31.3K −$1.76/SF
EGI
$793.1K $44.44/SF
− OpEx
−$356.9K −$20.00/SF
NOI
$436.2K $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%
$8,724,220
Cap Rate 7%
$6,231,586
Cap Rate 9%
$4,846,789
Alternative Uses
Best Use
Apartment 5plus
$6.23M
$5.45M – $7.27M
NOI $436,211 @ 7.0% cap · market cap 3.64%
Second Best
Mixed Use
$3.28M
$2.87M – $3.83M
NOI $229,665 @ 7.0% cap · market cap 1.91%
Theoretical Best
Office A
$13.16M
$11.51M – $15.35M
NOI $920,888 @ 7.0% cap · market cap 7.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,009
Businesses Nearby
Explore this area
Business Placement
Demographics for 11374, NY
47,129
Population
21,197
Households
2.2
Avg Household Size
43
Median Age
51%
College-Educated
90%
High-School Grad
0.9 sq mi
ZIP Area
52,366
Density / Sq Mi
$86,333
Median Household Income
$58,309
Median Earnings
$1,957
Median Rent
$484,500
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?
Mixed-use property - New 421-a building with retail and residential units.
Where is this mixed-use property located?
The property is located at 64-16 Wetherole St Queens, NY.
What is the asking price?
The asking price for this property is $11,999,000.
What are key features of this property?
This property features: Newly developed 421‑a building in Rego Park, Queens.; Includes a retail space rented to a Daycare Center with basement.; Offers a mix of 70% market‑rate and 30% affordable housing units.
