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    Income-Producing Multifamily Property in Flushing Title is generated by Realmo AI

    36-11 Utopia Parkway, Flushing, NY 11358

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    Claim this Listing
    For Sale
    $1,499,000

    MULTI_FAMILY - Flushing, NY

    Property size:
    4,662 SF
    Lot size:
    0.09 Acres
    Price / SF:
    $321/SF
    Added:
    May 15, 2026
    Days on Market:
    25
    Last Refresh:
    Jun 8 at 5:06 am

    Property Features for 36-11 Utopia Parkway

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    8
    Bathrooms
    6
    Rooms
    Bedroom 6, Bathroom 3, Bedroom 5, Bathroom 5, Bathroom 4, Bathroom 2, Bathroom 1, Bedroom 1, Bedroom 2, Bedroom 3, Basement, Bedroom 8, Bathroom 6, Bedroom 4, Bedroom 7
    Parking features
    On Street, Driveway
    Basement
    Finished, Full
    Standard status
    Active
    APN
    05307-0020
    Size
    4,662 SF
    Lot size
    0.09 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    27485

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Natural Gas, Hot Water(Heating)
    Cooling system
    Window Unit(s), Wall/Window Unit(s)
    Water source
    Public

    Building Details

    Year built
    1975
    Number of units
    4
    Building materials
    Brick

    We can help!

    Listing Contact
    James Y. Chung
    James Y. Chung

    Listing agent James Y. Chung License #10301214776

    Listing office Douglas Elliman Real Estate 1700 Lakeville Rd, Huntington Station, NY

    Listing date May 15, 2026

    MLS# 1000582 Listing URL

    Copyright © 2026 OneKey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Detached brick 2‑family home currently taxed and used as a 4‑family property, built in 1975
    • Approximately 4,662 sq. ft. building space on an approximately 5,153 sq. ft. irregular lot (about 85 x 44 IRR)
    • Fully rented property with all tenants month‑to‑month (no leases provided)
    • Unit layout includes: second and third floors with 3 bedrooms and 2 full bathrooms plus living, dining, kitchen, and a private balcony
    • First‑floor unit features 1 bedroom and 1 full bathroom with living room, dining room, and kitchen
    • Lower‑level unit includes 1 bedroom, 1 bathroom, living room, and kitchen/dinette area; includes 1‑car attached garage and two long private driveways

    Overview

    Located in Flushing, NY, 36-11 Utopia Parkway is a detached brick building, legally a 2-family home, but currently used and taxed as a 4-family property. Constructed in 1975, this income-producing property provides approximately 4,662 sq. ft. of building space on a 5,153 sq. ft. irregular lot, measuring approximately 85 x 44 IRR. The building itself measures approximately 74 x 21. The second and third floor apartments each feature 3 bedrooms, 2 full bathrooms, a living room, dining room, kitchen, and a private balcony. The first floor apartment includes 1 bedroom, 1 full bathroom, a living room, dining room, and kitchen. The lower level apartment offers 1 bedroom, 1 bathroom, a living room, and a kitchen/dinette area. Additional features include a 1-car attached garage and two long private driveways. The property is fully rented with no leases, and all tenants are currently month-to-month. The property is located a short distance to Auburndale LIRR Station, Northern Boulevard, and Francis Lewis Boulevard, providing easy access to shopping, dining, transportation, and neighborhood amenities. This solid brick property offers strong potential.

    Local 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 $215.4k $46.20
    − Vacancy −$8.2k −$1.76
    EGI $207.2k $44.44
    − OpEx −$93.2k −$20.00
    NOI $114.0k $24.44
    4,662 SF · lease $46.20/SF/yr · vacancy 3.80% · expense 45.00%

    Alternative Uses

    Best Use
    Apartment 5plus
    $1.63M
    $1.42M – $1.90M (±1% cap)
    NOI $113,960 @ 7.0% cap · market cap 7.60%
    Second Best
    Multifamily LT 5
    $1.10M
    $964.6K – $1.29M (±1% cap)
    NOI $77,164 @ 7.0% cap · market cap 5.15%
    Theoretical Best
    Office A
    $3.44M
    $3.01M – $4.01M (±1% cap)
    NOI $240,582 @ 7.0% cap · market cap 16.05%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Quadplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Flushing
    County
    Queens
    State
    New York
    Longitude
    -73.793012
    Latitude
    40.762788

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    FAQs

    What type of property is this?
    Quadplex - Detached, well-kept 4-family property near transportation and amenities.
    Where is this quadplex located?
    The property is located at 36-11 Utopia Parkway Flushing, NY.
    What is the asking price?
    The asking price for this property is $1,499,000.
    What are key features of this property?
    This property features: Detached brick 2‑family home currently taxed and used as a 4‑family property, built in 1975; Approximately 4,662 sq. ft. building space on an approximately 5,153 sq. ft. irregular lot (about 85 x 44 IRR); Fully rented property with all tenants month‑to‑month (no leases provided)
    (917) 727-5652
    We can help!
    Listing Contact
    James Y. Chung
    James Y. Chung
    Real Estate License ID: 10301214776
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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