Residential Income Apartment
For Sale
$3,990,000
158-15 Union Turnpike 1A, Fresh Meadows, NY 11366
For sale multifamily apartment building in Queens, offering residential income investment potential.
Property Size9,748 SF
Days on Market81
Property Features for 158-15 Union Turnpike 1A
General Information
Standard status
Active
Size
9,748 SF
Total Parking Spaces
10
Taxes and HOA fees
Annual Taxes
$25,440
Amenities
Electric
Garage, Private
Building Details
Building Size
9,748 SF
Year Built
2018
Listing Agency:
Keller Williams Realty Landmark
(917) 725-7588
Listed By:
Annie Hsu · License #10301207568
(917) 725-7588
Source:
Evrealestate
Added: May 22
Changed: Aug 8
Last Checked: Jun 3 at 2:37AM
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 Keller Williams Realty Landmark
Investment Insights
Based on property information with market context.
This offering presents a residential income apartment building for sale, positioned as a multifamily property within Queens County. The listing is identified as a “Other apartment buildings” category, supporting use as a rental-focused residential asset. Prospective investors and buyers should view it as a straightforward multifamily investment vehicle, with the primary appeal being the opportunity to acquire a residential income property.
The property is located at 158-15 Union Turnpike 1A in Fresh Meadows, New York, within Queens County. For directions, the listing directs users to Waze or Google Maps, indicating it is accessed via the local road network. Buyers will want to confirm current site and building details directly during due diligence, including the condition of the improvements and the existing residential configuration.
From an acquisition standpoint, this asset may appeal to investors seeking exposure to Queens-area rental housing through a multifamily structure. Because the available information does not specify unit mix, occupancy, or recent updates, the best next step is to review the property’s financials and operating statements, along with any available building documentation, to determine fit for an income-oriented strategy or a longer-term hold.
The property is located at 158-15 Union Turnpike 1A in Fresh Meadows, New York, within Queens County. For directions, the listing directs users to Waze or Google Maps, indicating it is accessed via the local road network. Buyers will want to confirm current site and building details directly during due diligence, including the condition of the improvements and the existing residential configuration.
From an acquisition standpoint, this asset may appeal to investors seeking exposure to Queens-area rental housing through a multifamily structure. Because the available information does not specify unit mix, occupancy, or recent updates, the best next step is to review the property’s financials and operating statements, along with any available building documentation, to determine fit for an income-oriented strategy or a longer-term hold.
Key Highlights
- Multifamily apartment building for sale in Queens
- Built in 2018
- Electric heating and electric cooling
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
$238,284
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
5.97%
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%
$4,765,680
$4.8M
Cap Rate 7%
$3,404,057
$3.4M
Cap Rate 9%
$2,647,600
$2.6M
Market Conditions
NOI Build-Up for 9,748 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
$450.4K $46.20/SF
− Vacancy
−$17.1K −$1.76/SF
EGI
$433.2K $44.44/SF
− OpEx
−$195.0K −$20.00/SF
NOI
$238.3K $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%
$4,765,680
Cap Rate 7%
$3,404,057
Cap Rate 9%
$2,647,600
Alternative Uses
Best Use
Apartment 5plus
$3.40M
$2.98M – $3.97M
NOI $238,284 @ 7.0% cap · market cap 5.97%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.19M
$6.29M – $8.38M
NOI $503,044 @ 7.0% cap · market cap 12.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,544
Businesses Nearby
Explore this area
Business Placement
Demographics for 11366, NY
14,430
Population
4,915
Households
2.9
Avg Household Size
41
Median Age
52%
College-Educated
85%
High-School Grad
1.5 sq mi
ZIP Area
9,620
Density / Sq Mi
$117,402
Median Household Income
$58,028
Median Earnings
$2,101
Median Rent
$950,200
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 - For sale multifamily apartment building in Queens, offering residential income investment potential.
Where is this apartment building located?
The property is located at 158-15 Union Turnpike 1A Fresh Meadows, NY.
What is the asking price?
The asking price for this property is $3,990,000.
What are key features of this property?
This property features: Multifamily apartment building for sale in Queens; Built in 2018; Electric heating and electric cooling
