Elmhurst Multifamily Investment
For Sale
$939,900
Pending
9206 43rd Ave, Queens, NY 11373
Well-maintained, three-story walk-up in a high-demand rental market.
Property Size2,470 SF
Lot Size0.06 Acres
Days on Market134
Property Features for 9206 43rd Ave
General Information
Standard status
Pending
Size
2,470 SF
Lot size
0.06 Acres
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$14,272
Building Details
Building Size
2,470 SF
Year Built
1931
Units
3
Listing Agency:
Douglas Elliman Real Estate
Listed By:
Christopher Espinal · License #40ES1144459
(917) 945-5418
Source:
Elliman
Added: Apr 24
Changed: Aug 21
Last Checked: Sep 2 at 9:14PM
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 Douglas Elliman Real Estate
Investment Insights
Based on property information with market context.
Located in Elmhurst, Queens, this meticulously maintained C1-class three-story walk-up offers an investment opportunity in a high-demand rental market. The semi-attached building measures 20’ x 42’ on a 25’ x 100’ lot. The property features a relatively new roof, new boiler, and new hot water heater. The unfinished basement is clean and dry. All apartments are well-kept, easily accessible, and occupied by long-term, reliable tenants. The property has been exceptionally well maintained throughout. Situated moments from Roosevelt Avenue with access to the 7 train, it is surrounded by multiple local bus lines along Broadway and Corona Avenue. It is close to shopping, dining, schools, and all neighborhood conveniences. The location has a walk score of 98, a bike score of 77, and a transit score of 100.
Key Highlights
- Prime Elmhurst location with exceptional transit access and a Walk Score of 98 and Transit Score of 100.
- Opportunity to acquire a side‑by‑side portfolio with an adjacent, identical building.
- Stable income property with long‑term, reliable tenants.
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
$60,378
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
6.42%
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%
$1,207,560
$1.2M
Cap Rate 7%
$862,543
$862.5K
Cap Rate 9%
$670,867
$670.9K
Market Conditions
NOI Build-Up for 2,470 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
$114.1K $46.20/SF
− Vacancy
−$4.3K −$1.76/SF
EGI
$109.8K $44.44/SF
− OpEx
−$49.4K −$20.00/SF
NOI
$60.4K $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%
$1,207,560
Cap Rate 7%
$862,543
Cap Rate 9%
$670,867
Alternative Uses
Best Use
Apartment 5plus
$862.5K
$754.7K – $1.01M
NOI $60,378 @ 7.0% cap · market cap 6.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.82M
$1.59M – $2.12M
NOI $127,464 @ 7.0% cap · market cap 13.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,847
Businesses Nearby
Explore this area
Business Placement
Demographics for 11373, NY
105,712
Population
34,797
Households
3
Avg Household Size
38
Median Age
30%
College-Educated
75%
High-School Grad
1.5 sq mi
ZIP Area
70,475
Density / Sq Mi
$71,470
Median Household Income
$36,043
Median Earnings
$1,913
Median Rent
$683,200
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?
Apartment building - Well-maintained, three-story walk-up in a high-demand rental market.
Where is this apartment building located?
The property is located at 9206 43rd Ave Queens, NY.
What is the asking price?
The asking price for this property is $939,900.
What are key features of this property?
This property features: Prime Elmhurst location with exceptional transit access and a Walk Score of 98 and Transit Score of 100.; Opportunity to acquire a side‑by‑side portfolio with an adjacent, identical building.; Stable income property with long‑term, reliable tenants.
