Ambassador Model Corner
New
For Sale
$1,868,000
15-42 216th St SE 216th Street, Bayside, NY 11360
Corner-positioned triplex in Bay Terrace with a residential setting and an established 1975 construction date.
Property Size3,876 SF
Days on Market7
Property Features for 15-42 216th St SE 216th Street
General Information
Standard status
Active
Size
3,876 SF
Property subtype
Triplex
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$16,561
Building Details
Building Size
3,876 SF
Year Built
1975
Listing Agency:
Charles Rutenberg Realty Inc
Listed By:
Rosy Chalif CBR
Source:
Cottiemaxwellrealestate
Added: Aug 18
Changed: Aug 24
Last Checked: Aug 23 at 9:28AM
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 Charles Rutenberg Realty Inc
Investment Insights
Based on property information with market context.
This Ambassador model triplex is positioned as a corner unit within Bay Terrace. The property combines a multi-level residential configuration with the added separation associated with its corner placement. Built in 1975, it offers an established housing asset in a defined Bayside setting.
The property is located on 216th Street in Bayside, New York, within the 11360 ZIP code. Its layout and corner positioning distinguish it from more typical attached residential configurations, while the Ambassador model provides a specific identity for the asset.
The property is located on 216th Street in Bayside, New York, within the 11360 ZIP code. Its layout and corner positioning distinguish it from more typical attached residential configurations, while the Ambassador model provides a specific identity for the asset.
Key Highlights
- Ambassador model triplex
- Corner unit configuration
- Built in 1975
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
$94,747
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
5.07%
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%
$1,894,940
$1.9M
Cap Rate 7%
$1,353,529
$1.4M
Cap Rate 9%
$1,052,744
$1.1M
Market Conditions
NOI Build-Up for 3,876 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
$179.1K $46.20/SF
− Vacancy
−$6.8K −$1.76/SF
EGI
$172.3K $44.44/SF
− OpEx
−$77.5K −$20.00/SF
NOI
$94.7K $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%
$1,894,940
Cap Rate 7%
$1,353,529
Cap Rate 9%
$1,052,744
Alternative Uses
Best Use
Apartment 5plus
$1.35M
$1.18M – $1.58M
NOI $94,747 @ 7.0% cap · market cap 5.07%
Second Best
Multifamily LT 5
$916.5K
$801.9K – $1.07M
NOI $64,154 @ 7.0% cap · market cap 3.43%
Theoretical Best
Office A
$2.86M
$2.50M – $3.33M
NOI $200,020 @ 7.0% cap · market cap 10.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
680
Businesses Nearby
Explore this area
Business Placement
Demographics for 11360, NY
20,039
Population
9,874
Households
2
Avg Household Size
52
Median Age
49%
College-Educated
87%
High-School Grad
1.4 sq mi
ZIP Area
14,314
Density / Sq Mi
$100,250
Median Household Income
$67,810
Median Earnings
$2,329
Median Rent
$692,600
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?
Triplex - Corner-positioned triplex in Bay Terrace with a residential setting and an established 1975 construction date.
Where is this triplex located?
The property is located at 15-42 216th St SE 216th Street Bayside, NY.
What is the asking price?
The asking price for this property is $1,868,000.
What are key features of this property?
This property features: Ambassador model triplex; Corner unit configuration; Built in 1975
