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    Elmhurst Multifamily Property Rebuilt 2018 Title is generated by Realmo AI

    8630 Grand Ave Unit 10, Elmhurst, NY 11373

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    For Sale
    $5,800,000

    Ten-unit multifamily property in a prime residential area.

    Property size:
    9,359 SF
    Price / SF:
    $619/SF
    Added:
    Nov 2, 2024
    Days on Market:
    567
    Last Refresh:
    Apr 1 at 8:42 pm

    Property Features for 8630 Grand Ave Unit 10

    General Information

    Standard status
    Active
    Size
    9,359 SF
    Property subtype
    Other

    Building Details

    Year Built
    1945

    We can help!

    Listing Contact
    Jimmy Liu
    Jimmy Liu

    Listing agent Jimmy Liu License #31LI0944061

    Listing office Century 21 Sunshine Realty

    Listing date Nov 2, 2024

    Source Xome

    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 Century 21 Sunshine Realty

    HighLights

    • Completely rebuilt in 2018 in a safe neighborhood
    • Ten units: Two 1BR, Seven 2BR, and One Studio, all rented at market price with tenants paying utilities
    • Prime location near stores, transportation (subway and bus), and Queens Shopping Center
    • Low annual property tax
    • Six units feature 2 bathrooms
    • Four parking spaces and landscaped front yard

    Overview

    This ten-unit building, completely rebuilt in 2018, is located in a safe neighborhood. The property features two one-bedroom apartments, seven two-bedroom apartments, and one studio. Six units include two bathrooms. The units are currently rented to tenants at market price, with tenants responsible for their own utilities. The building features large windows providing ample natural light and open city views. Tiled floors and stainless steel appliances are present in the units. The property includes four parking spaces in the back and an extra-long lot with a landscaped front yard. The building size is 42x55. The property is situated in a prime residential area with convenient access to stores and transportation. It is close to subway and bus stations, with Queens Shopping Center nearby, as well as schools. The property is suitable for both living and investment purposes and may be an excellent opportunity for a 1031 Tax Exchange.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Hair Salon Dental Office 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
    -73.8787
    Latitude
    40.7372

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    FAQs

    What type of property is this?
    Apartment building - Ten-unit multifamily property in a prime residential area.
    Where is this apartment building located?
    The property is located at 8630 Grand Ave Unit 10 Elmhurst, NY.
    What is the asking price?
    The asking price for this property is $5,800,000.
    What are key features of this property?
    This property features: Completely rebuilt in 2018 in a safe neighborhood; Ten units: Two 1BR, Seven 2BR, and One Studio, all rented at market price with tenants paying utilities; Prime location near stores, transportation (subway and bus), and Queens Shopping Center
    (718) 639-2100
    We can help!
    Listing Contact
    Jimmy Liu
    Jimmy Liu
    Real Estate License ID: 31LI0944061
    Learn More
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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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