8-Unit Free-Market Apartment
New
For Sale
$1,948,000
132-18 57th Rd, Queens, NY 11355
Eight apartments feature separate boilers and gas meters, with tenants responsible for their own utilities.
Property Size5,280 SF
Lot Size0.09 Acres
Price / SF$368.94
Days on Market3
Property Features for 132-18 57th Rd
General Information
Standard status
Active
Size
5,280 SF
Lot size
0.09 Acres
Property subtype
Commercial
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
7 x 1BR/1BA, 1 x studio
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$40,302
Building Details
Building Size
5,280 SF
Year Built
1986
Buildings
1
Units
8
Listing Agency:
Skylux Realty Inc
(516) 587-9113
Listed By:
Fei Guo · License #10401366341
(516) 587-9113
Source:
Elliman
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 10 at 5:35AM
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 Skylux Realty Inc
Investment Insights
Based on property information with market context.
This 8-unit free-market apartment building was constructed in 1986 on a 40-by-100-foot lot, with a 24-by-55-foot building totaling 5,280 square feet. The unit mix includes seven one-bedroom, one-bath apartments and one studio, along with a high basement. Separate boilers and gas meters serve the apartments, and tenants pay their own utilities.
The property is located at 132-18 57th Rd in Queens, near Downtown Flushing, shopping, restaurants, banks, SkyFoods Supermarket, Queens Botanical Garden, and Kissena Park. Transit options include the 7 train, Murray Hill LIRR Station, Q25, Q34, Q44 SBS, and Q65 bus lines, with access to the Long Island Expressway (I-495). WalkScore is 88, TransitScore is 75, and BikeScore is 73.
The property is located at 132-18 57th Rd in Queens, near Downtown Flushing, shopping, restaurants, banks, SkyFoods Supermarket, Queens Botanical Garden, and Kissena Park. Transit options include the 7 train, Murray Hill LIRR Station, Q25, Q34, Q44 SBS, and Q65 bus lines, with access to the Long Island Expressway (I-495). WalkScore is 88, TransitScore is 75, and BikeScore is 73.
Key Highlights
- 8‑unit free‑market building with seven 1‑bedroom/1‑bath apartments and one studio
- 5,280 sqft building on a 40x100 lot; building dimensions are 24x55
- Built in 1986 with a high basement
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
$129,067
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
6.63%
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%
$2,581,340
$2.6M
Cap Rate 7%
$1,843,814
$1.8M
Cap Rate 9%
$1,434,078
$1.4M
Market Conditions
NOI Build-Up for 5,280 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
$243.9K $46.20/SF
− Vacancy
−$9.3K −$1.76/SF
EGI
$234.7K $44.44/SF
− OpEx
−$105.6K −$20.00/SF
NOI
$129.1K $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%
$2,581,340
Cap Rate 7%
$1,843,814
Cap Rate 9%
$1,434,078
Alternative Uses
Best Use
Apartment 5plus
$1.84M
$1.61M – $2.15M
NOI $129,067 @ 7.0% cap · market cap 6.63%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.89M
$3.41M – $4.54M
NOI $272,473 @ 7.0% cap · market cap 13.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
8
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,910
Businesses Nearby
Explore this area
Business Placement
Demographics for 11355, NY
89,465
Population
32,049
Households
2.8
Avg Household Size
44
Median Age
24%
College-Educated
70%
High-School Grad
1.7 sq mi
ZIP Area
52,626
Density / Sq Mi
$53,700
Median Household Income
$31,166
Median Earnings
$1,664
Median Rent
$711,500
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 - Eight apartments feature separate boilers and gas meters, with tenants responsible for their own utilities.
Where is this apartment building located?
The property is located at 132-18 57th Rd Queens, NY.
What is the asking price?
The asking price for this property is $1,948,000.
What are key features of this property?
This property features: 8‑unit free‑market building with seven 1‑bedroom/1‑bath apartments and one studio; 5,280 sqft building on a 40x100 lot; building dimensions are 24x55; Built in 1986 with a high basement
