16-Unit Apartment Building
New
For Sale
Contact for pricing
144-45 37th Avenue, Flushing, NY 11354
Two adjacent brick buildings with varied unit layouts, separate building systems, and on-site parking.
Property Size11,970 SF
Lot Size0.13 Acres
Price / SF$310.61
Days on Market7
Property Features for 144-45 37th Avenue
General Information
Standard status
Active
Size
11,970 SF
Total Parking Spaces
10
Lot size
0.13 Acres
Property subtype
Multifamily
Zoning
R6
Net Operating Income
$185,000
Units
Unit Mix
8 x 1BR/1BA, 8 x 2BR/1BA
Multifamily Units
16
Additional Details
Gross Income
$350,000
Public Transit
Yes
Building Details
Year Built
2001
Buildings
2
Units
16
Construction
brick
Listing Agency:
SKYLUX REALTY INC
(516) 587-9113
Listed By:
Fei (Fay) Guo · License #10401366341
Source:
Crexi
Added: Aug 6
Changed: Aug 12
Last Checked: Aug 12 at 12:43PM
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 multifamily offering comprises two adjacent brick apartment buildings at 144-45 37th Avenue and 144-47 37th Avenue in Flushing. Built in 2001, the buildings contain approximately 11,970 SF on an approximately 50' x 112' lot, with 8 one-bedroom/one-bath apartments and 8 two-bedroom/one-bath apartments. Ten on-site parking spaces serve the property, while separate boilers and individual electric and gas meters support building-level operations. Tenants pay their own utilities.
The property is located in Murray Hill, Flushing, near the Murray Hill LIRR Station and the Flushing–Main Street 7 subway station. Downtown Flushing provides access to shopping, restaurants, supermarkets, banks, and other everyday amenities. The property is zoned R6 and is offered as a combined 16-unit multifamily asset.
The property is located in Murray Hill, Flushing, near the Murray Hill LIRR Station and the Flushing–Main Street 7 subway station. Downtown Flushing provides access to shopping, restaurants, supermarkets, banks, and other everyday amenities. The property is zoned R6 and is offered as a combined 16-unit multifamily asset.
Key Highlights
- 16 total apartments: 8 one‑bedroom/one‑bath units and 8 two‑bedroom/one‑bath units
- Two adjacent brick buildings at 144‑45 and 144‑47 37th Avenue
- Approximately 11,970 SF on an approximately 50' x 112' lot
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
$292,600
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
7.87%
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%
$5,852,000
$5.9M
Cap Rate 7%
$4,180,000
$4.2M
Cap Rate 9%
$3,251,111
$3.3M
Market Conditions
NOI Build-Up for 11,970 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
$553.0K $46.20/SF
− Vacancy
−$21.0K −$1.76/SF
EGI
$532.0K $44.44/SF
− OpEx
−$239.4K −$20.00/SF
NOI
$292.6K $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%
$5,852,000
Cap Rate 7%
$4,180,000
Cap Rate 9%
$3,251,111
Alternative Uses
Best Use
Apartment 5plus
$4.18M
$3.66M – $4.88M
NOI $292,600 @ 7.0% cap · market cap 7.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.82M
$7.72M – $10.30M
NOI $617,709 @ 7.0% cap · market cap 16.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16
Residential units
Location Intelligence
Trade Area within ½ mile
8,060
Businesses Nearby
Explore this area
Business Placement
Demographics for 11354, NY
61,276
Population
22,979
Households
2.7
Avg Household Size
45
Median Age
33%
College-Educated
79%
High-School Grad
2.2 sq mi
ZIP Area
27,853
Density / Sq Mi
$62,833
Median Household Income
$40,404
Median Earnings
$1,766
Median Rent
$521,000
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 - Two adjacent brick buildings with varied unit layouts, separate building systems, and on-site parking.
Where is this apartment building located?
The property is located at 144-45 37th Avenue Flushing, NY.
What is the asking price?
The asking price for this property is $3,718,000.
What are key features of this property?
This property features: 16 total apartments: 8 one‑bedroom/one‑bath units and 8 two‑bedroom/one‑bath units; Two adjacent brick buildings at 144‑45 and 144‑47 37th Avenue; Approximately 11,970 SF on an approximately 50' x 112' lot
