Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Elmhurst Mixed-Use Investment Property Title is generated by Realmo AI

    84-38 Grand Avenue, Elmhurst, NY 11373

    View on Map
    Claim this Listing
    For Sale
    $2,800,000

    MULTI_FAMILY - Elmhurst, NY

    Lot size:
    0.05 Acres
    Added:
    Jun 18, 2024
    Days on Market:
    698
    Last Refresh:
    May 16 at 3:06 pm

    Property Features for 84-38 Grand Avenue

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bathrooms
    3
    Rooms
    Bathroom 2, Bathroom 3, Bathroom 1
    Basement
    Finished
    Standard status
    Active
    APN
    02891-0016
    Lot size
    0.05 Acres

    Taxes and HOA fees

    Tax Annual Amount
    15756

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Hot Water(Heating), Natural Gas
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    2006
    Number of units
    3
    Building materials
    Brick

    We can help!

    Listing Contact
    Yat Cheung Lam

    Listing agent Yat Cheung Lam

    Listing office Graceful Realty LLC 89-82 220th Street, Flushing, NY

    Listing date Jun 18, 2024

    MLS# L3559874 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

    • Fully rented 4‑unit brick building providing good income.
    • Excellent location close to transportation (Bus Q58, N/R Trains), supermarket, and schools.
    • Built in 2006, indicating relatively modern construction.
    • Legal mix‑use property with 1 storefront and 3 residential apartments.
    • Central air conditioning.
    • Hot water/natural gas heating.

    Overview

    This is a legal mixed-use, four-unit brick building for sale in Elmhurst, New York. Constructed in 2006, the property features one storefront and three residential apartments above. The property is fully rented and generates good income. Its location is near transportation options, including the Q58 bus and N/R trains, as well as supermarkets and schools. The lot size is 0.0477 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Storefront properties

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Gym & Fitness Center Grocery & Convenience Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Elmhurst
    County
    Queens
    State
    New York
    Longitude
    -73.882614
    Latitude
    40.734241

    Nearby Similar for Sale

    • $899,900
      3,257 SF

      Elmhurst Multifamily Building For Sale

      Well-maintained, five-unit multifamily building in Elmhurst, Queens.
      9520 42nd Avenue, Elmhurst, NY 11373
      View Details
    • $199,800
      328 SF

      Elmhurst Commercial Unit with Balcony

      Move-in ready 328 SF commercial unit with private balcony.
      87-14 57th Road, Elmhurst, NY 11373
      View Details
    • $2,795,000
      1,104 SF

      Elmhurst Mixed-Use Investment Opportunity

      Mixed-use property with storefront and two vacant residential units.
      5607 Junction Blvd, Elmhurst, NY 11373
      View Details
    • $1,728,000
      960 SF

      Elmhurst Two-Family Home with Garage

      Legal two-family home in prime Elmhurst location, ideal for investment.
      51-21 Goldsmith Street, Elmhurst, NY 11373
      View Details
    • $1,799,000
      2,400 SF

      Elmhurst Three-Family Brick Home

      Semi-attached 3-family home in prime Elmhurst location.
      81-20 Dongan Avenue, Elmhurst, NY 11373
      View Details
    • $1,250,000

      Elmhurst Legal Two-Family Home

      Legal 2-family in Elmhurst, excellent investment opportunity.
      95-11 42nd Avenue, Elmhurst, NY 11373
      View Details
    • $1,990,000
      1,275 SF

      Elmhurst Three-Family Home with Parking

      Large three-family home in Elmhurst with parking and basement.
      87-33 Elmhurst Avenue, Elmhurst, NY 11373
      View Details
    • $1,650,000
      3,528 SF

      Elmhurst Legal Four-Family Property

      Well-maintained income property near Queens Center Mall and transportation.
      54-47 83RD Street, Elmhurst, NY 11373
      View Details
    • $1,599,000
      1,254 SF

      Elmhurst Two-Family Home with Driveway

      Oversized two-family home in Elmhurst with development potential.
      8715 58th Avenue, Elmhurst, NY 11373
      View Details
    • $939,900
      840 SF

      Elmhurst Three-Story Walk-Up Building

      Well-maintained three-story building in Elmhurst, Queens with stable income.
      9204 43rd Avenue, Elmhurst, NY 11373
      View Details
    • $1,880,000

      Elmhurst Income-Producing Mixed-Use Building

      Modern, move-in-ready investment property near transportation and amenities.
      8543 Britton Avenue, Elmhurst, NY 11373
      View Details
    • $1,338,000
      2,024 SF

      Elmhurst Two-Dwelling Renovated Residence

      Renovated two-dwelling residence in Elmhurst, close to transportation and amenities.
      40-24 Aske Street, Elmhurst, NY 11373
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Four-unit brick building with storefront and apartments in Elmhurst.
    Where is this mixed-use property located?
    The property is located at 84-38 Grand Avenue Elmhurst, NY.
    What is the asking price?
    The asking price for this property is $2,800,000.
    What are key features of this property?
    This property features: Fully rented 4‑unit brick building providing good income.; Excellent location close to transportation (Bus Q58, N/R Trains), supermarket, and schools.; Built in 2006, indicating relatively modern construction.
    (718) 755-8709
    We can help!
    Listing Contact
    Yat Cheung Lam
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    84-38 Grand Avenue, Elmhurst, NY 11373
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!