16-Unit Brick Apartment
New
For Sale
$3,718,000
144-45 37th Ave, Queens, NY 11354
Two adjoining brick buildings provide separately metered multifamily operations with on-site parking.
Property Size5,985 SF
Days on Market3
Property Features for 144-45 37th Ave
General Information
Standard status
Active
Size
5,985 SF
Elevators
No
Property subtype
Commercial
Site & Location
Highway Access
No
Road Access
No
Public Transit
Yes
Utilities to Site
No
Additional Details
Furnished
No
Opportunity Zone
No
Sprinkler System
No
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$54,687
Building Details
Building Size
5,985 SF
Year Built
2001
Buildings
2
Units
16
Construction
Brick
Abandoned
No
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 apartment property comprises two adjoining brick buildings with a combined approximately 11,970 SF of building area on an approximately 50' x 112' lot. The 16-unit configuration includes 8 one-bedroom/one-bath apartments and 8 two-bedroom/one-bath apartments, along with 10 on-site parking spaces. Each building has its own boiler and separate electric and gas meters, while tenants pay their individual utilities. Both structures were built in 2001.
The property is located at 144-45 and 144-47 37th Avenue in the Murray Hill section of Flushing, near the Murray Hill LIRR Station and the Flushing–Main Street 7 subway station. Downtown Flushing shopping, restaurants, supermarkets, banks, and daily services are also nearby. Walk Score is 96, Transit Score is 100, and Bike Score is 64.
The property is located at 144-45 and 144-47 37th Avenue in the Murray Hill section of Flushing, near the Murray Hill LIRR Station and the Flushing–Main Street 7 subway station. Downtown Flushing shopping, restaurants, supermarkets, banks, and daily services are also nearby. Walk Score is 96, Transit Score is 100, and Bike Score is 64.
Key Highlights
- 16‑unit portfolio across two adjoining brick apartment buildings
- Unit mix includes 8 one‑bedroom/one‑bath and 8 two‑bedroom/one‑bath apartments
- 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
$146,300
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
3.93%
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%
$2,926,000
$2.9M
Cap Rate 7%
$2,090,000
$2.1M
Cap Rate 9%
$1,625,556
$1.6M
Market Conditions
NOI Build-Up for 5,985 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
$276.5K $46.20/SF
− Vacancy
−$10.5K −$1.76/SF
EGI
$266.0K $44.44/SF
− OpEx
−$119.7K −$20.00/SF
NOI
$146.3K $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%
$2,926,000
Cap Rate 7%
$2,090,000
Cap Rate 9%
$1,625,556
Alternative Uses
Best Use
Apartment 5plus
$2.09M
$1.83M – $2.44M
NOI $146,300 @ 7.0% cap · market cap 3.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.41M
$3.86M – $5.15M
NOI $308,855 @ 7.0% cap · market cap 8.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
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 adjoining brick buildings provide separately metered multifamily operations with on-site parking.
Where is this apartment building located?
The property is located at 144-45 37th Ave Queens, 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 portfolio across two adjoining brick apartment buildings; Unit mix includes 8 one‑bedroom/one‑bath and 8 two‑bedroom/one‑bath apartments; Approximately 11,970 SF on an approximately 50' x 112' lot
