Solid-Brick Multifamily
For Sale
$3,500,000
98-15 34th Ave, Queens, NY 11368
Two solid-brick apartment buildings totaling 32 units, including 30 rent-stabilized and 2 rent-controlled homes.
Lot Size0.18 Acres
Days on Market8
Property Features for 98-15 34th Ave
General Information
Standard status
Active
Lot size
0.18 Acres
Property subtype
Commercial
Building Details
Building Size
13,000 SF
Year Built
1927
Construction
solid-brick
Tenancy
Multi
Listing Agency:
Telemundo Realty Corp
(347) 351-5846
Listed By:
Gladys Ramirez · License #31RA0597323
(347) 351-5846
Source:
Elliman
Added: Jul 24
Changed: Jul 25
Last Checked: Jul 30 at 7:59AM
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 Telemundo Realty Corp
Investment Insights
Based on property information with market context.
This offering includes two well-maintained, solid-brick multifamily buildings with a total of 32 residential units, 16 per building. The unit mix is 21 one-bedroom apartments and 11 two-bedroom apartments. Of the 32 units, 30 are rent stabilized and 2 are rent controlled.
The buildings sit on an approximately 80 x 100 lot combined, with each building measuring approximately 40 x 90. The properties are described as being conveniently located near major roadways and everyday neighborhood amenities, with public transportation accessible by the 7 train at Roosevelt Avenue and Junction Boulevard, plus bus service along Northern Boulevard.
For buyers seeking a substantial Queens residential income package, this configuration provides two separate buildings under one offering with a majority of units maintained under rent stabilization.
The buildings sit on an approximately 80 x 100 lot combined, with each building measuring approximately 40 x 90. The properties are described as being conveniently located near major roadways and everyday neighborhood amenities, with public transportation accessible by the 7 train at Roosevelt Avenue and Junction Boulevard, plus bus service along Northern Boulevard.
For buyers seeking a substantial Queens residential income package, this configuration provides two separate buildings under one offering with a majority of units maintained under rent stabilization.
Key Highlights
- Two solid‑brick apartment buildings with 32 total residential units (16 units in each building)
- Unit mix: 21 one‑bedroom and 11 two‑bedroom apartments
- Income stabilization: 30 units rent stabilized and 2 units rent controlled
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $600.6k | $46.20 |
| − Vacancy | −$22.8k | −$1.76 |
| EGI | $577.8k | $44.44 |
| − OpEx | −$260.0k | −$20.00 |
| NOI | $317.8k | $24.44 |
13,000 SF · lease $46.20/SF/yr · vacancy 3.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$4.54M
$3.97M – $5.30M
NOI $317,777 @ 7.0% cap · market cap 9.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.58M
$8.39M – $11.18M
NOI $670,862 @ 7.0% cap · market cap 19.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
5,517
Businesses Nearby
Explore this area
Business Placement
Demographics for 11368, NY
117,110
Population
31,165
Households
3.8
Avg Household Size
34
Median Age
14%
College-Educated
65%
High-School Grad
2.6 sq mi
ZIP Area
45,042
Density / Sq Mi
$71,798
Median Household Income
$33,742
Median Earnings
$1,925
Median Rent
$751,700
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 - Two solid-brick apartment buildings totaling 32 units, including 30 rent-stabilized and 2 rent-controlled homes.
Where is this apartment building located?
The property is located at 98-15 34th Ave Queens, NY.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: Two solid‑brick apartment buildings with 32 total residential units (16 units in each building); Unit mix: 21 one‑bedroom and 11 two‑bedroom apartments; Income stabilization: 30 units rent stabilized and 2 units rent controlled
