R6 Zoned Income
For Sale
$1,975,000
9519 Roosevelt Avenue, Jackson Heights, NY 11372
Vacant second-floor, two 2-bedroom apartments in an R6 zone, with room to develop at the rear.
Property Size2,624 SF
Days on Market210
Property Features for 9519 Roosevelt Avenue
General Information
Standard status
Active
Size
2,624 SF
Property subtype
Mixed Use
Zoning
R6
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$11,378
Building Details
Building Size
2,624 SF
Year Built
1930
Tenancy
Multi
Listing Agency:
RE/MAX Frontier
Listed By:
James An · License #31AN0857835
(917) 838-2680
Source:
Serhant
Added: Feb 10
Changed: Aug 31
Last Checked: Sep 8 at 10:46AM
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 RE/MAX Frontier
Investment Insights
Based on property information with market context.
This R6 zoned residential income property includes a vacant second-floor configuration with two separate 2-bedroom apartments. The site also offers room to develop at the rear, providing flexibility beyond the current income setup.
The property is located at 9519 Roosevelt Ave in Jackson Heights, New York, and is offered for sale. The existing apartment availability can support immediate occupancy planning, while the rear development potential may appeal to buyers looking to expand the property over time.
The property is located at 9519 Roosevelt Ave in Jackson Heights, New York, and is offered for sale. The existing apartment availability can support immediate occupancy planning, while the rear development potential may appeal to buyers looking to expand the property over time.
Key Highlights
- Vacant second‑floor unit with two 2‑bedroom apartments
- Located in an R6 zone
- Room to develop at the rear
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
$64,142
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
3.25%
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%
$1,282,840
$1.3M
Cap Rate 7%
$916,314
$916.3K
Cap Rate 9%
$712,689
$712.7K
Market Conditions
NOI Build-Up for 2,624 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
$121.2K $46.20/SF
− Vacancy
−$4.6K −$1.76/SF
EGI
$116.6K $44.44/SF
− OpEx
−$52.5K −$20.00/SF
NOI
$64.1K $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%
$1,282,840
Cap Rate 7%
$916,314
Cap Rate 9%
$712,689
Alternative Uses
Best Use
Apartment 5plus
$916.3K
$801.8K – $1.07M
NOI $64,142 @ 7.0% cap · market cap 3.25%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.93M
$1.69M – $2.26M
NOI $135,411 @ 7.0% cap · market cap 6.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
6,554
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - Vacant second-floor, two 2-bedroom apartments in an R6 zone, with room to develop at the rear.
Where is this residential income property located?
The property is located at 9519 Roosevelt Avenue Jackson Heights, NY.
What is the asking price?
The asking price for this property is $1,975,000.
What are key features of this property?
This property features: Vacant second‑floor unit with two 2‑bedroom apartments; Located in an R6 zone; Room to develop at the rear
