One-Bedroom Apartment with Great
For Sale
$239,000
Pending
84-20 51st Ave 5C, Queens, NY 11373
One-bedroom apartment near shops, transportation, restaurants, and cafes.
Property Size650 SF
Days on Market270
Property Features for 84-20 51st Ave 5C
General Information
Standard status
Pending
Size
650 SF
Property subtype
Residential
Building Details
Building Size
650 SF
Year Built
1962
Listing Agency:
Prime Realty
(646) 243-2821
Listed By:
Aislyn M. Zhu · License #10401305922
(646) 243-2821
Source:
Elliman
Added: Nov 27, 2025
Changed: Aug 8
Last Checked: Aug 23 at 9:08AM
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 Prime Realty
Investment Insights
Based on property information with market context.
This one-bedroom apartment offers a foyer leading to the living room, a kitchen, and a bathroom located next to the bedroom. The west-facing unit receives ample natural light. The location provides convenient access to shops, public transportation, restaurants, and cafes, making it suitable for commuters. Subletting is allowed after two years with board approval. The maintenance fee covers all utilities except electricity. The building features an on-site laundry room and a live-in superintendent.
Key Highlights
- Prime location: close to shops, public transportation, restaurants, and cafes
- Low maintenance fee includes all utilities except electricity
- Subletting allowed after two years with board approval
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
$15,889
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
6.65%
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%
$317,780
$317.8K
Cap Rate 7%
$226,986
$227.0K
Cap Rate 9%
$176,544
$176.5K
Market Conditions
NOI Build-Up for 650 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
$30.0K $46.20/SF
− Vacancy
−$1.1K −$1.76/SF
EGI
$28.9K $44.44/SF
− OpEx
−$13.0K −$20.00/SF
NOI
$15.9K $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%
$317,780
Cap Rate 7%
$226,986
Cap Rate 9%
$176,544
Alternative Uses
Best Use
Apartment 5plus
$227.0K
$198.6K – $264.8K
NOI $15,889 @ 7.0% cap · market cap 6.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$479.2K
$419.3K – $559.1K
NOI $33,543 @ 7.0% cap · market cap 14.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,928
Businesses Nearby
Explore this area
Business Placement
Demographics for 11373, NY
105,712
Population
34,797
Households
3
Avg Household Size
38
Median Age
30%
College-Educated
75%
High-School Grad
1.5 sq mi
ZIP Area
70,475
Density / Sq Mi
$71,470
Median Household Income
$36,043
Median Earnings
$1,913
Median Rent
$683,200
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 - One-bedroom apartment near shops, transportation, restaurants, and cafes.
Where is this apartment building located?
The property is located at 84-20 51st Ave 5C Queens, NY.
What is the asking price?
The asking price for this property is $239,000.
What are key features of this property?
This property features: Prime location: close to shops, public transportation, restaurants, and cafes; Low maintenance fee includes all utilities except electricity; Subletting allowed after two years with board approval
