Brick Triplex with Finished
New
For Sale
$1,499,999
111-21 44th Ave, Queens, NY 11368
Legal three-family brick property with a finished basement, backyard access, and proximity to shopping, schools, parks, and transit.
Property Size2,650 SF
Days on Market5
Property Features for 111-21 44th Ave
General Information
Standard status
Active
Size
2,650 SF
Property subtype
Investment
Units
Unit Mix
1 x 1BR/1BA, 2 x 3BR/2BA
Multifamily Units
3
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$13,047
Building Details
Building Size
2,650 SF
Year Built
2005
Stories
3
Units
3
Construction
brick
Listed By:
WenXiu Lu
(917) 302-8073
Source:
Elliman
Added: Sep 9
Last Checked: Sep 12 at 6:54AM
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 WenXiu Lu
Investment Insights
Based on property information with market context.
Built in 2005, this legal three-family brick property offers a three-story layout with a high-ceiling basement. The finished basement includes a half bath, utility-room access, and an open recreation or entertainment area. The first floor contains one bedroom and one bathroom with direct access to the backyard. Each of the second- and third-floor apartments includes three bedrooms, two bathrooms, and a rear balcony.
The property is located on a quiet residential block in Corona near shopping, schools, parks, and public transportation. The 7 train station is a 5-minute walk away. WalkScore is 92, TransitScore is 100, and BikeScore is 78.
The property is located on a quiet residential block in Corona near shopping, schools, parks, and public transportation. The 7 train station is a 5-minute walk away. WalkScore is 92, TransitScore is 100, and BikeScore is 78.
Key Highlights
- Legal 3‑family brick property built in 2005
- Three‑story layout with a high‑ceiling finished basement
- Basement includes a half bath, utility access, and open recreation 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
$64,778
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
4.32%
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%
$1,295,560
$1.3M
Cap Rate 7%
$925,400
$925.4K
Cap Rate 9%
$719,756
$719.8K
Market Conditions
NOI Build-Up for 2,650 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
$122.4K $46.20/SF
− Vacancy
−$4.7K −$1.76/SF
EGI
$117.8K $44.44/SF
− OpEx
−$53.0K −$20.00/SF
NOI
$64.8K $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%
$1,295,560
Cap Rate 7%
$925,400
Cap Rate 9%
$719,756
Alternative Uses
Best Use
Apartment 5plus
$925.4K
$809.7K – $1.08M
NOI $64,778 @ 7.0% cap · market cap 4.32%
Second Best
Multifamily LT 5
$626.6K
$548.3K – $731.0K
NOI $43,862 @ 7.0% cap · market cap 2.92%
Theoretical Best
Office A
$1.95M
$1.71M – $2.28M
NOI $136,753 @ 7.0% cap · market cap 9.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
5,010
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Legal three-family brick property with a finished basement, backyard access, and proximity to shopping, schools, parks, and transit.
Where is this triplex located?
The property is located at 111-21 44th Ave Queens, NY.
What is the asking price?
The asking price for this property is $1,499,999.
What are key features of this property?
This property features: Legal 3‑family brick property built in 2005; Three‑story layout with a high‑ceiling finished basement; Basement includes a half bath, utility access, and open recreation space
