Brick Specialty Multi-Family
For Sale
$1,089,000
172-23 83 Avenue, Jamaica Estates, NY 11432
Residential, Jamaica Estates, NY
Property Size2,964 SF
Lot Size0.07 Acres
Price / SF$367.41
Days on Market105
Property Features for 172-23 83 Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential
Bedrooms
5
Bathrooms
4
Full bathrooms
3
Half bathrooms
1
Rooms
Bedroom 4, Bedroom 5, Bathroom 4, Bathroom 1, Bathroom 2, Bedroom 3, Bathroom 3, Bedroom 1, Laundry Room, Bedroom 2
Parking features
Driveway
Security features
Security System
Interior features
Walk-In Closet(s), Entrance Foyer
Subdivision
Jamaica
High school district
29
Directions
North from Hillside Via- Homelawn Street - 2 Blocks- before the Grand Central Parkway.
Standard status
Active
Size
2,964 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
9315
Utilities
Heating system
Baseboard, Natural Gas
Water source
Public
Amenities
Jacuzzi
finished basement
gas heat
Building Details
Floors in Building
3
Flooring type
Hardwood
Building materials
Brick
Roof type
Asphalt
Architectural style
Other
Listing Agency:
HOMES OF NY REALTY INC
(718) 846-2400
Listed By:
David Kissoon
(917) 327-2829
Added: May 26
Changed: Sep 5
Last Checked: Sep 7 at 3:06PM
MLS# 11791238
Copyright © 2026 My State 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 brick specialty multi-family home is set on a 0.0689-acre lot and includes 2,964 square feet of interior space. The layout features five bedrooms and three baths, along with an entrance foyer and walk-in closet(s). A finished basement includes an additional bath, and there is a jacuzzi on the walk-up third level. The home also offers hardwood flooring, natural gas baseboard heating, a driveway for parking, and public water service. An asphalt roof completes the exterior improvements.
The property is in the Jamaica Estates area near Saint John’s University. Bus lines are described as about two blocks away, and subway lines are described as about four blocks away. Ps 131 is also mentioned as within blocks, with shopping near Union Turnpike. Synagogues and a mosque are noted as within the surrounding area.
Overall, the home’s mix of multiple bedrooms and multiple bathroom areas, finished basement, and interior features like hardwood floors and an entrance foyer support a variety of residential occupancy needs.
The property is in the Jamaica Estates area near Saint John’s University. Bus lines are described as about two blocks away, and subway lines are described as about four blocks away. Ps 131 is also mentioned as within blocks, with shopping near Union Turnpike. Synagogues and a mosque are noted as within the surrounding area.
Overall, the home’s mix of multiple bedrooms and multiple bathroom areas, finished basement, and interior features like hardwood floors and an entrance foyer support a variety of residential occupancy needs.
Key Highlights
- 0.0689‑acre lot with 2,964 SF of interior space
- Brick construction with asphalt roof and hardwood flooring
- Five bedrooms and three baths
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
$72,453
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
6.65%
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%
$1,449,060
$1.4M
Cap Rate 7%
$1,035,043
$1.0M
Cap Rate 9%
$805,033
$805.0K
Market Conditions
NOI Build-Up for 2,964 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
$136.9K $46.20/SF
− Vacancy
−$5.2K −$1.76/SF
EGI
$131.7K $44.44/SF
− OpEx
−$59.3K −$20.00/SF
NOI
$72.5K $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%
$1,449,060
Cap Rate 7%
$1,035,043
Cap Rate 9%
$805,033
Alternative Uses
Best Use
Apartment 5plus
$1.04M
$905.7K – $1.21M
NOI $72,453 @ 7.0% cap · market cap 6.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.19M
$1.91M – $2.55M
NOI $152,957 @ 7.0% cap · market cap 14.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,286
Businesses Nearby
Explore this area
Business Placement
Demographics for 11432, NY
65,743
Population
21,618
Households
3
Avg Household Size
39
Median Age
36%
College-Educated
80%
High-School Grad
2.0 sq mi
ZIP Area
32,872
Density / Sq Mi
$75,395
Median Household Income
$37,385
Median Earnings
$1,841
Median Rent
$826,100
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Single family property - Solid brick home with five bedrooms, three baths, finished basement with bath, jacuzzi walk-up, and natural gas heat.
Where is this single family property located?
The property is located at 172-23 83 Avenue Jamaica Estates, NY.
What is the asking price?
The asking price for this property is $1,089,000.
What are key features of this property?
This property features: 0.0689‑acre lot with 2,964 SF of interior space; Brick construction with asphalt roof and hardwood flooring; Five bedrooms and three baths
