16-Unit Brick Apartment
For Sale
$3,718,000
144-45 37th Avenue, Flushing, NY 11354
Commercial Sale, Flushing, NY
Property Size11,970 SF
Lot Size0.06 Acres
Price / SF$310.61
Days on Market17
Property Features for 144-45 37th Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
R6
Rooms
Basement
Parking
10
Parking features
Off Street
Basement
Finished
Elementary school
Ps 32 State Street
Middle school
Jhs 189 Daniel Carter Beard
High school
Flushing High School
Elementary school district
Queens 25
Middle school district
Queens 25
High school district
Queens 25
Directions
Please refer to Google Maps
Standard status
Active
APN
05014-0076
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
54687
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Hot Water(Heating)
Cooling system
Wall/Window Unit(s), Multi Units, Window Unit(s)
Water source
Public
Building Details
Year built
2001
Number of units
16
Building materials
Brick
Architectural style
Other
Listing Agency:
Skylux Realty Inc
(718) 500-2231
Listed By:
Fei Guo · License #10401366341
(516) 587-9113
Added: Aug 6
Changed: Aug 20
Last Checked: Aug 22 at 6:06PM
MLS# 1035393
Copyright © 2026 OneKey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This multifamily offering combines two adjacent brick buildings at 144-45 and 144-47 37th Avenue in Flushing. The portfolio contains 16 apartments, including 8 one-bedroom/one-bath units and 8 two-bedroom/one-bath units, within approximately 11,970 SF of combined building area. Tenants pay their own utilities, while each building has separate boilers along with dedicated electric and gas meters. The property includes 10 off-street parking spaces and was built in 2001.
The buildings sit on an approximately 50' x 112' lot and are zoned R6. Public water and public sewer serve the property. Murray Hill LIRR Station and the Flushing-Main Street 7 subway station are minutes away, with shopping, restaurants, supermarkets, banks, and other everyday amenities in Downtown Flushing. Heating is provided by natural gas and hot water systems, with wall/window cooling units.
The buildings sit on an approximately 50' x 112' lot and are zoned R6. Public water and public sewer serve the property. Murray Hill LIRR Station and the Flushing-Main Street 7 subway station are minutes away, with shopping, restaurants, supermarkets, banks, and other everyday amenities in Downtown Flushing. Heating is provided by natural gas and hot water systems, with wall/window cooling units.
Key Highlights
- 16‑unit multifamily portfolio with 8 one‑bedroom/one‑bath and 8 two‑bedroom/one‑bath apartments
- Approximately 11,970 SF of combined building area on an approximately 50' x 112' lot
- 10 on‑site off‑street parking spaces
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
4,436
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 provide a multifamily configuration with separate utility systems and off-street 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‑unit multifamily portfolio with 8 one‑bedroom/one‑bath and 8 two‑bedroom/one‑bath apartments; Approximately 11,970 SF of combined building area on an approximately 50' x 112' lot; 10 on‑site off‑street parking spaces
