Six-Unit Brick Apartment
8644 123rd Street, Richmond Hill, NY 11418
For Sale
$1,590,000
The building contains two-bedroom, one-bathroom apartments and carries R5 zoning.
Property Size4,320 SF
Price / SF$368.06
Days on Market145
Property Features for 8644 123rd Street
General Information
Standard status
Size
Property subtype
Zoning
Units
Unit Mix
Multifamily Units
Additional Details
Public Transit
Taxes and HOA fees
Annual Taxes
Building Details
Building Size
Year Built
Units
Construction
Listing Agency:
Valley National Homes Inc
(646) 772-8290
Listed By:
Bibi M. Nesa
(917) 681-9945
Source:
Adamstreetrealty
Added: Jun 17
Changed: Nov 7
Last Checked: Nov 7 at 7:32PM
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 Valley National Homes Inc
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Investment Insights
Based on property information with market context.
This brick apartment property contains six units, each with two bedrooms and one bathroom. The building measures 4,320 square feet, was constructed in 1931, and is zoned R5.
Jamaica Avenue is less than half a block away, with J train service and MTA bus routes connecting to Brooklyn and Jamaica Center. The surrounding area includes schools, shops, houses of worship, Jamaica Hospital, and a park. The remarks also identify a route from Jamaica Center to the F train and Lefferts Boulevard to JFK Airport and a casino.
Jamaica Avenue is less than half a block away, with J train service and MTA bus routes connecting to Brooklyn and Jamaica Center. The surrounding area includes schools, shops, houses of worship, Jamaica Hospital, and a park. The remarks also identify a route from Jamaica Center to the F train and Lefferts Boulevard to JFK Airport and a casino.
Key Highlights
- Six apartments, each with two bedrooms and one bathroom
- 4,320‑square‑foot brick building constructed in 1931
- R5 zoning
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$105,600
Cap Rate
6.64%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,112,000
$2.1M
Cap Rate 7%
$1,508,571
$1.5M
Cap Rate 9%
$1,173,333
$1.2M
Market Conditions
NOI Build-Up for 4,320 SF
Gross rent
$199.6K $46.20/SF
− Vacancy
−$7.6K −$1.76/SF
EGI
$192.0K $44.44/SF
− OpEx
−$86.4K −$20.00/SF
NOI
$105.6K $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 Rate 5%
$2,112,000
Cap Rate 7%
$1,508,571
Cap Rate 9%
$1,173,333
Alternative Uses
Best Use
Apartment 5plus
$1.51M
$1.32M – $1.76M
NOI $105,600 @ 7.0% cap · market cap 6.64%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.18M
$2.79M – $3.72M
NOI $222,933 @ 7.0% cap · market cap 14.02%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
3,718
Businesses Nearby
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Business Placement
Demographics for 11418, NY
37,596
Population
12,072
Households
3.1
Avg Household Size
37
Median Age
32%
College-Educated
81%
High-School Grad
1.7 sq mi
ZIP Area
22,115
Density / Sq Mi
$84,927
Median Household Income
$44,818
Median Earnings
$1,788
Median Rent
$772,800
Median Home Value
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Market
Average Price Trend$/SF for Apartment buildings in Queens County, NY
Properties on Market for Apartment buildings in Queens County
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - The building contains two-bedroom, one-bathroom apartments and carries R5 zoning.
Where is this apartment building located?
The property is located at 8644 123rd Street Richmond Hill, NY.
What is the asking price?
The asking price for this property is $1,590,000.
What are key features of this property?
This property features: Six apartments, each with two bedrooms and one bathroom; 4,320‑square‑foot brick building constructed in 1931; R5 zoning
