Four-Family Corner Tudor
New
For Sale
$1,350,000
70-02 69th Street, Glendale, NY 11385
Semi-attached multifamily building with a finished basement, gated yard access, and updated building systems.
Property Size3,060 SF
Lot Size0.05 Acres
Price / SF$441.18
Days on Market1
Property Features for 70-02 69th Street
General Information
Standard status
Active
Size
3,060 SF
Lot size
0.05 Acres
Property subtype
Quadruplex
Site & Location
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
3 x 1BR, 1 x 2BR
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$20,866
Amenities
finished basement
gated yard access
Building Details
Building Size
3,060 SF
Year Built
1931
Buildings
1
Construction
Tudor
Listing Agency:
Douglas Elliman Real Estate
Listed By:
James Y. Chung · License #10301214776
(917) 576-9550
Source:
Cbwarburg
Added: Sep 6
Last Checked: Sep 6 at 2:35PM
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 Douglas Elliman Real Estate
Investment Insights
Based on property information with market context.
This semi-attached Tudor-style multifamily property contains four apartments within approximately 3,060 square feet of building area on an approximately 23' x 100' lot. The first floor includes two one-bedroom apartments, while the second floor offers one one-bedroom apartment and one two-bedroom apartment. Kitchens and bathrooms are described as being in good condition, and the finished basement adds usable space with rear-yard access.
Property updates include all-new windows, a new front entrance and secondary entry, new hallway lanterns, a 75-gallon water heater installed approximately 2 years ago, a gas steam boiler installed approximately 5 years ago, and a flat roof approximately 10 years old. The corner setting provides gated yard access from 70th Avenue. The property was built in 1931 and is near shopping, public transportation, schools, and major roadways.
Property updates include all-new windows, a new front entrance and secondary entry, new hallway lanterns, a 75-gallon water heater installed approximately 2 years ago, a gas steam boiler installed approximately 5 years ago, and a flat roof approximately 10 years old. The corner setting provides gated yard access from 70th Avenue. The property was built in 1931 and is near shopping, public transportation, schools, and major roadways.
Key Highlights
- Four apartments: three one‑bedroom units and one two‑bedroom unit
- Approximately 3,060 square feet on an approximately 23' x 100' lot
- Finished basement with rear‑yard access
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
$74,800
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
5.54%
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%
$1,496,000
$1.5M
Cap Rate 7%
$1,068,571
$1.1M
Cap Rate 9%
$831,111
$831.1K
Market Conditions
NOI Build-Up for 3,060 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
$141.4K $46.20/SF
− Vacancy
−$5.4K −$1.76/SF
EGI
$136.0K $44.44/SF
− OpEx
−$61.2K −$20.00/SF
NOI
$74.8K $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%
$1,496,000
Cap Rate 7%
$1,068,571
Cap Rate 9%
$831,111
Alternative Uses
Best Use
Apartment 5plus
$1.07M
$935.0K – $1.25M
NOI $74,800 @ 7.0% cap · market cap 5.54%
Second Best
Multifamily LT 5
$723.5K
$633.1K – $844.1K
NOI $50,648 @ 7.0% cap · market cap 3.75%
Theoretical Best
Office A
$2.26M
$1.97M – $2.63M
NOI $157,911 @ 7.0% cap · market cap 11.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,672
Businesses Nearby
Explore this area
Business Placement
Demographics for 11385, NY
100,883
Population
40,175
Households
2.5
Avg Household Size
36
Median Age
34%
College-Educated
84%
High-School Grad
3.6 sq mi
ZIP Area
28,023
Density / Sq Mi
$87,365
Median Household Income
$47,335
Median Earnings
$1,959
Median Rent
$842,800
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?
Quadplex - Semi-attached multifamily building with a finished basement, gated yard access, and updated building systems.
Where is this quadplex located?
The property is located at 70-02 69th Street Glendale, NY.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: Four apartments: three one‑bedroom units and one two‑bedroom unit; Approximately 3,060 square feet on an approximately 23' x 100' lot; Finished basement with rear‑yard access
