Pre-War Apartment Building Residence with Bonus
For Sale
$850,000
Pending
85-10 34th Avenue 622, Queens, NY 11372
Pre-war two-bedroom, one-and-a-half-bath residence with a versatile bonus room, chef’s kitchen, and building amenities at The Saybrook.
Property Size1,472 SF
Days on Market75
Property Features for 85-10 34th Avenue 622
General Information
Standard status
Pending
Size
1,472 SF
Property subtype
Apartment
Building Details
Building Size
1,472 SF
Year Built
1927
Listing Agency:
Compass
Listed By:
Rhoda E Dunn
(917) 376-8899
Source:
Bondnyre
Added: Jun 23
Changed: Aug 23
Last Checked: Sep 4 at 12:54PM
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 Compass
Investment Insights
Based on property information with market context.
Apartment 622 at The Saybrook is a design-forward two-bedroom, one-and-a-half-bath home with a versatile bonus room currently configured as a sunroom/breakfast room. Classic pre-war details include high ceilings, original moldings, and gleaming hardwood floors, complemented by abundant natural light throughout. The layout features a 44-foot span from the vestibule to the living room windows, with an expansive living and dining area designed for everyday comfort and entertaining.
The entry foyer includes three oversized closets for storage, and the kitchen is positioned off the living room with custom cabinetry, marble countertops, and stainless steel appliances. Eastern-facing windows frame open neighborhood views, while the primary bedroom offers northern and eastern light plus a bay window. A windowed hall bathroom has been fully renovated with a deep soaking tub and custom storage, and residents enjoy on-site amenities including a fitness center, children’s playroom, live-in super, and a beautifully landscaped private outdoor space.
From this tree-lined block, you can walk directly onto Paseo Park, and you’re near Travers Park and its playground, sports courts, and year-round greenmarket. Nearby 7, E, R and F/M trains and excellent bus service provide convenient city access. The building was built in 1927.
The entry foyer includes three oversized closets for storage, and the kitchen is positioned off the living room with custom cabinetry, marble countertops, and stainless steel appliances. Eastern-facing windows frame open neighborhood views, while the primary bedroom offers northern and eastern light plus a bay window. A windowed hall bathroom has been fully renovated with a deep soaking tub and custom storage, and residents enjoy on-site amenities including a fitness center, children’s playroom, live-in super, and a beautifully landscaped private outdoor space.
From this tree-lined block, you can walk directly onto Paseo Park, and you’re near Travers Park and its playground, sports courts, and year-round greenmarket. Nearby 7, E, R and F/M trains and excellent bus service provide convenient city access. The building was built in 1927.
Key Highlights
- Versatile bonus room (sunroom/breakfast room) adds flexible space to a two‑bedroom, one‑and‑a‑half‑bath layout
- 44‑foot span from the vestibule to the living room windows with abundant natural light
- Pre‑war character with high ceilings, original moldings, and gleaming hardwood floors
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
$35,982
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
4.23%
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%
$719,640
$719.6K
Cap Rate 7%
$514,029
$514.0K
Cap Rate 9%
$399,800
$399.8K
Market Conditions
NOI Build-Up for 1,472 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
$68.0K $46.20/SF
− Vacancy
−$2.6K −$1.76/SF
EGI
$65.4K $44.44/SF
− OpEx
−$29.4K −$20.00/SF
NOI
$36.0K $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%
$719,640
Cap Rate 7%
$514,029
Cap Rate 9%
$399,800
Alternative Uses
Best Use
Apartment 5plus
$514.0K
$449.8K – $599.7K
NOI $35,982 @ 7.0% cap · market cap 4.23%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.09M
$949.5K – $1.27M
NOI $75,962 @ 7.0% cap · market cap 8.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3,316
Businesses Nearby
Explore this area
Business Placement
Demographics for 11372, NY
68,000
Population
26,613
Households
2.6
Avg Household Size
41
Median Age
35%
College-Educated
81%
High-School Grad
0.7 sq mi
ZIP Area
97,143
Density / Sq Mi
$77,133
Median Household Income
$44,415
Median Earnings
$1,795
Median Rent
$454,400
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 - Pre-war two-bedroom, one-and-a-half-bath residence with a versatile bonus room, chef’s kitchen, and building amenities at The Saybrook.
Where is this apartment building located?
The property is located at 85-10 34th Avenue 622 Queens, NY.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Versatile bonus room (sunroom/breakfast room) adds flexible space to a two‑bedroom, one‑and‑a‑half‑bath layout; 44‑foot span from the vestibule to the living room windows with abundant natural light; Pre‑war character with high ceilings, original moldings, and gleaming hardwood floors
