Three-Story Triplex with Rear
For Sale
$3,550,000
21-44 45th Rd, Queens, NY 11101
Vacant three-family residence with a south-facing garden and as-is delivery.
Property Size4,500 SF
Days on Market10
Property Features for 21-44 45th Rd
General Information
Standard status
Active
Size
4,500 SF
Property subtype
Multi Family
Additional Details
Public Transit
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$11,496
Building Details
Building Size
4,500 SF
Year Built
1891
Buildings
1
Stories
3
Units
3
Listed By:
AnneMarie Nasello
(917) 292-0010
Source:
Elliman
Added: Sep 18
Last Checked: Sep 26 at 9:10AM
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 AnneMarie Nasello
Investment Insights
Based on property information with market context.
Built in 1891, this three-story triplex contains 9 bedrooms and 7 full bathrooms across a three-family configuration. The property is currently vacant and will be delivered in as-is condition, with a south-facing rear garden adding private outdoor space.
The residence is located at 21-44 45th Rd in Long Island City, one block from Murray Park and the E, M, G, and 7 trains. Trader Joe’s, MoMA PS1, restaurants, fitness studios, and daily conveniences are located along Jackson Avenue. Walk Score is 93, Transit Score is 100, and Bike Score is 82.
The residence is located at 21-44 45th Rd in Long Island City, one block from Murray Park and the E, M, G, and 7 trains. Trader Joe’s, MoMA PS1, restaurants, fitness studios, and daily conveniences are located along Jackson Avenue. Walk Score is 93, Transit Score is 100, and Bike Score is 82.
Key Highlights
- Three‑family property with 9 bedrooms and 7 full bathrooms
- Three‑story residence built in 1891
- South‑facing rear garden
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
$110,000
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
3.10%
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%
$2,200,000
$2.2M
Cap Rate 7%
$1,571,429
$1.6M
Cap Rate 9%
$1,222,222
$1.2M
Market Conditions
NOI Build-Up for 4,500 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
$207.9K $46.20/SF
− Vacancy
−$7.9K −$1.76/SF
EGI
$200.0K $44.44/SF
− OpEx
−$90.0K −$20.00/SF
NOI
$110.0K $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%
$2,200,000
Cap Rate 7%
$1,571,429
Cap Rate 9%
$1,222,222
Alternative Uses
Best Use
Apartment 5plus
$1.57M
$1.38M – $1.83M
NOI $110,000 @ 7.0% cap · market cap 3.10%
Second Best
Multifamily LT 5
$1.06M
$931.0K – $1.24M
NOI $74,482 @ 7.0% cap · market cap 2.10%
Theoretical Best
Office A
$3.32M
$2.90M – $3.87M
NOI $232,222 @ 7.0% cap · market cap 6.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
5,013
Businesses Nearby
Explore this area
Business Placement
Demographics for 11101, NY
48,867
Population
27,093
Households
1.8
Avg Household Size
33
Median Age
65%
College-Educated
90%
High-School Grad
2.6 sq mi
ZIP Area
18,795
Density / Sq Mi
$116,807
Median Household Income
$83,892
Median Earnings
$2,740
Median Rent
$995,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Vacant three-family residence with a south-facing garden and as-is delivery.
Where is this triplex located?
The property is located at 21-44 45th Rd Queens, NY.
What is the asking price?
The asking price for this property is $3,550,000.
What are key features of this property?
This property features: Three‑family property with 9 bedrooms and 7 full bathrooms; Three‑story residence built in 1891; South‑facing rear garden
