Legal Triplex with
For Sale
$1,298,000
Pending
104-16 32nd Avenue, East Elmhurst, NY 11369
Residential Income, East Elmhurst, NY
Property Size1,928 SF
Lot Size0.07 Acres
Days on Market178
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 5, Bedroom 6, Bedroom 2, Bedroom 4, Bathroom 1, Basement, Bathroom 2, Bathroom 3, Bedroom 1, Bedroom 3
Parking features
Driveway
Interior features
First Floor Bedroom, First Floor Full Bath
Basement
Finished, Full
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
Hot Water(Heating), Natural Gas, Baseboard
Cooling system
Window Unit(s), Multi Units, Wall/Window Unit(s)
Water source
Public
Amenities
garage
large backyard
high basement
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 20
Last Checked: Aug 22 at 6:06AM
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.
This legal three-family property at 104-16 32nd Avenue in East Elmhurst offers approximately 1,928 square feet of living space on a 29-by-100-foot lot. The building footprint is approximately 20 by 50/46 feet, with brick construction dating to 1920. Hardwood and ceramic tile flooring, hot-water baseboard heat, natural gas service, and window or wall-mounted cooling are included.
The first floor contains a four-bedroom, one-bath residence. Upstairs are a two-bedroom, one-bath front apartment and a rear studio with one bath. A high basement with its own entrance provides additional storage or recreation space. All three units are identified as fully legal and rentable, and the property can be delivered vacant.
A driveway, garage, and large backyard add functional outdoor space. Public water and sewer serve the property. Northern Blvd is nearby, with direct bus service to Flushing; the 7 subway line, shopping, restaurants, and everyday conveniences are also in the surrounding area.
The first floor contains a four-bedroom, one-bath residence. Upstairs are a two-bedroom, one-bath front apartment and a rear studio with one bath. A high basement with its own entrance provides additional storage or recreation space. All three units are identified as fully legal and rentable, and the property can be delivered vacant.
A driveway, garage, and large backyard add functional outdoor space. Public water and sewer serve the property. Northern Blvd is nearby, with direct bus service to Flushing; the 7 subway line, shopping, restaurants, and everyday conveniences are also in the surrounding area.
Key Highlights
- Legal three‑family property with three fully legal, rentable units
- Unit mix includes 4‑bedroom, 1‑bath; 2‑bedroom, 1‑bath; and rear studio residences
- Approximately 1,928 sq ft on a 29x100 ft lot
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
3
Residential units
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three legal residences include a driveway, garage, backyard, and separate-entry basement.
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 property with three fully legal, rentable units; Unit mix includes 4‑bedroom, 1‑bath; 2‑bedroom, 1‑bath; and rear studio residences; Approximately 1,928 sq ft on a 29x100 ft lot
