Retail and Multifamily Two-Building
For Sale
$7,800,000
101-19/17 37th Ave, Queens, NY 11368
Package includes two buildings with two storefronts and seven apartments.
Property Size12,005 SF
Days on Market37
Property Features for 101-19/17 37th Ave
General Information
Standard status
Active
Size
12,005 SF
Property subtype
Commercial
Units
Multifamily Units
7
Office Units
2
Additional Details
Cap Rate
5.2%
Taxes and HOA fees
Annual Taxes
$41,875
Building Details
Building Size
12,005 SF
Year Built
2006
Units
7
Listing Agency:
APPLE REALTY GROUP CORP
(718) 888-2965
Listed By:
Kai Wong · License #998297
(718) 888-2965
Source:
Elliman
Added: Jul 16
Changed: Aug 15
Last Checked: Aug 21 at 9:23AM
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 APPLE REALTY GROUP CORP
Investment Insights
Based on property information with market context.
Two-building for-sale package featuring retail storefront space paired with residential income. The property includes one storefront and four apartments at 101-19/17 37th Ave, and one storefront and three apartments at 101-17/17 37th Ave. The listing is presented as an investment offering with a stated cap rate of 5.2%.
The seller describes the location as highly walkable and well-served for mobility, with Walk Score of 89, Bike Score of 70, and Transit Score of 85. The buildings are located in Queens at 101-19/17 37th Ave, NY 11368.
The seller describes the location as highly walkable and well-served for mobility, with Walk Score of 89, Bike Score of 70, and Transit Score of 85. The buildings are located in Queens at 101-19/17 37th Ave, NY 11368.
Key Highlights
- Package of two buildings (101‑19/17 37th Ave) built in 2006
- Total 2 storefronts and 7 apartments across both buildings
- 101‑19 37th Ave: 1 storefront and 4 apartments
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
$293,455
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
3.76%
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%
$5,869,100
$5.9M
Cap Rate 7%
$4,192,214
$4.2M
Cap Rate 9%
$3,260,611
$3.3M
Market Conditions
NOI Build-Up for 12,005 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
$554.6K $46.20/SF
− Vacancy
−$21.1K −$1.76/SF
EGI
$533.6K $44.44/SF
− OpEx
−$240.1K −$20.00/SF
NOI
$293.5K $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%
$5,869,100
Cap Rate 7%
$4,192,214
Cap Rate 9%
$3,260,611
Alternative Uses
Best Use
Apartment 5plus
$4.19M
$3.67M – $4.89M
NOI $293,455 @ 7.0% cap · market cap 3.76%
Second Best
Retail
$3.06M
$2.68M – $3.57M
NOI $214,289 @ 7.0% cap · market cap 2.75%
Theoretical Best
Office A
$8.85M
$7.74M – $10.33M
NOI $619,516 @ 7.0% cap · market cap 7.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Office units
7
Residential units
Location Intelligence
Trade Area within ½ mile
7,621
Businesses Nearby
Explore this area
Business Placement
Demographics for 11368, NY
117,110
Population
31,165
Households
3.8
Avg Household Size
34
Median Age
14%
College-Educated
65%
High-School Grad
2.6 sq mi
ZIP Area
45,042
Density / Sq Mi
$71,798
Median Household Income
$33,742
Median Earnings
$1,925
Median Rent
$751,700
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?
Apartment building - Package includes two buildings with two storefronts and seven apartments.
Where is this apartment building located?
The property is located at 101-19/17 37th Ave Queens, NY.
What is the asking price?
The asking price for this property is $7,800,000.
What are key features of this property?
This property features: Package of two buildings (101‑19/17 37th Ave) built in 2006; Total 2 storefronts and 7 apartments across both buildings; 101‑19 37th Ave: 1 storefront and 4 apartments
