Spacious Elmhurst Co-op
For Sale
$579,000
94-10 59th Ave 2J, Queens, NY 11373
Renovated 3-bedroom, 2-bathroom co-op near Queens Center Mall.
Property Size1,250 SF
Days on Market268
Property Features for 94-10 59th Ave 2J
General Information
Standard status
Active
Size
1,250 SF
Property subtype
Residential
Building Details
Building Size
1,250 SF
Year Built
1960
Listing Agency:
(347) 596-9878
Listed By:
Seema V. Kothari
(347) 596-9878
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 22
Last Checked: Aug 23 at 8:50AM
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 Seema V. Kothari
Investment Insights
Based on property information with market context.
This renovated co-op apartment is located in Elmhurst. The unit features 3 bedrooms and 2 bathrooms, offering a functional layout. The apartment includes hardwood floors and a kitchen with an island. Generous room sizes are present throughout the unit. The building has an elevator and on-site laundry facilities. Subletting is allowed. The property is located close to Queens Center Mall, Costco, local restaurants, supermarkets, and major transportation.
Key Highlights
- Prime Elmhurst location: Close to Queens Center Mall, Costco, restaurants, supermarkets, and transportation.
- Renovated 3 Bedroom, 2 Bathroom unit: Offers modern living with a functional layout.
- Spacious with generous room sizes throughout.
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
$30,556
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
5.28%
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%
$611,120
$611.1K
Cap Rate 7%
$436,514
$436.5K
Cap Rate 9%
$339,511
$339.5K
Market Conditions
NOI Build-Up for 1,250 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
$57.8K $46.20/SF
− Vacancy
−$2.2K −$1.76/SF
EGI
$55.6K $44.44/SF
− OpEx
−$25.0K −$20.00/SF
NOI
$30.6K $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 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%
$611,120
Cap Rate 7%
$436,514
Cap Rate 9%
$339,511
Alternative Uses
Best Use
Apartment 5plus
$436.5K
$382.0K – $509.3K
NOI $30,556 @ 7.0% cap · market cap 5.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$921.5K
$806.3K – $1.08M
NOI $64,506 @ 7.0% cap · market cap 11.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,060
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Renovated 3-bedroom, 2-bathroom co-op near Queens Center Mall.
Where is this apartment building located?
The property is located at 94-10 59th Ave 2J Queens, NY.
What is the asking price?
The asking price for this property is $579,000.
What are key features of this property?
This property features: Prime Elmhurst location: Close to Queens Center Mall, Costco, restaurants, supermarkets, and transportation.; Renovated 3 Bedroom, 2 Bathroom unit: Offers modern living with a functional layout.; Spacious with generous room sizes throughout.
