Legal Three-Family
For Sale
$1,298,000
Pending
104-16 32nd Avenue, East Elmhurst, NY 11369
MULTI_FAMILY - East Elmhurst, NY
Property Size1,928 SF
Lot Size0.07 Acres
Days on Market169
Property Features for 104-16 32nd Avenue
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 6, Bathroom 1, Bedroom 2, Bedroom 5, Bathroom 2, Basement, Bedroom 4, Bedroom 3, Bedroom 1, Bathroom 3
Parking features
Driveway
Interior features
First Floor Bedroom, First Floor Full Bath
Basement
Full, Finished
Elementary school
HELEN M MARSHALL SCHOOL (grades KG-5)
Middle school
Corona Arts And Sciences Academy
High school
Flushing High School
Elementary school district
Queens 24
Middle school district
Queens24
High school district
Queens 25
Directions
Please refer to Google Maps
Standard status
Pending
APN
01699-0007
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5232
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Hot Water(Heating), Natural Gas
Cooling system
Window Unit(s), Multi Units, Wall/Window Unit(s)
Water source
Public
Amenities
high basement with separate entrance
large backyard
Building Details
Year built
1920
Number of units
3
Flooring type
Hardwood, Tile - Ceramic
Building materials
Brick
Listing Agency:
Skylux Realty Inc
(718) 500-2231
Listed By:
Fei Guo · License #10401366341
(516) 587-9113
Added: Feb 25
Changed: Aug 3
Last Checked: Aug 13 at 7:06AM
MLS# 965042
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.
Investment Insights
Based on property information with market context.
Legal three-family residence on a 29x100 ft lot with a building footprint of approximately 20x50/46 ft. The property totals about 1,928 sq ft of interior living space and was built in 1920 with brick construction.
The layout includes a 4-bedroom, 1-bath unit on the first floor; a 2-bedroom, 1-bath front unit on the second floor; and a rear studio with 1 bath. A high basement with a separate entrance can support storage or recreation use. Heating includes natural gas with hot water and baseboard systems, and cooling is provided through window and wall/window units. Water and sewer services are public.
Outside, the property offers a parking driveway, a garage, and a large backyard. The home is located on a quiet residential block just one street from Northern Blvd with bus service to Flushing, and it is minutes to Corona and near the 7 subway line, with nearby shopping, restaurants, and everyday conveniences.
The layout includes a 4-bedroom, 1-bath unit on the first floor; a 2-bedroom, 1-bath front unit on the second floor; and a rear studio with 1 bath. A high basement with a separate entrance can support storage or recreation use. Heating includes natural gas with hot water and baseboard systems, and cooling is provided through window and wall/window units. Water and sewer services are public.
Outside, the property offers a parking driveway, a garage, and a large backyard. The home is located on a quiet residential block just one street from Northern Blvd with bus service to Flushing, and it is minutes to Corona and near the 7 subway line, with nearby shopping, restaurants, and everyday conveniences.
Key Highlights
- Legal three‑family building on a 29x100 ft lot
- Approximately 20x50/46 ft building footprint
- About 1,928 sq ft interior living space
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
$47,129
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
3.63%
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%
$942,580
$942.6K
Cap Rate 7%
$673,271
$673.3K
Cap Rate 9%
$523,656
$523.7K
Market Conditions
NOI Build-Up for 1,928 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
$89.1K $46.20/SF
− Vacancy
−$3.4K −$1.76/SF
EGI
$85.7K $44.44/SF
− OpEx
−$38.6K −$20.00/SF
NOI
$47.1K $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%
$942,580
Cap Rate 7%
$673,271
Cap Rate 9%
$523,656
Alternative Uses
Best Use
Apartment 5plus
$673.3K
$589.1K – $785.5K
NOI $47,129 @ 7.0% cap · market cap 3.63%
Second Best
Multifamily LT 5
$455.9K
$398.9K – $531.9K
NOI $31,912 @ 7.0% cap · market cap 2.46%
Theoretical Best
Office A
$1.42M
$1.24M – $1.66M
NOI $99,494 @ 7.0% cap · market cap 7.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,065
Businesses Nearby
Explore this area
Business Placement
Demographics for 11369, NY
40,805
Population
13,893
Households
2.9
Avg Household Size
37
Median Age
24%
College-Educated
79%
High-School Grad
1.1 sq mi
ZIP Area
37,095
Density / Sq Mi
$80,577
Median Household Income
$40,089
Median Earnings
$1,983
Median Rent
$734,900
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?
Triplex - Legal three-unit brick building on a driveway with a backyard and direct bus access to Flushing.
Where is this triplex located?
The property is located at 104-16 32nd Avenue East Elmhurst, NY.
What is the asking price?
The asking price for this property is $1,298,000.
What are key features of this property?
This property features: Legal three‑family building on a 29x100 ft lot; Approximately 20x50/46 ft building footprint; About 1,928 sq ft interior living space
