Building Details

Building Size 3,672 SF

Year Built 2006

Units 3

Listing Agency: eXp Realty

Listed By: Dingxing Chen · License #10401235765 Show Phone

Source: Elliman

Added: Aug 16 Changed: Oct 14 Last Checked: Oct 19 at 8:05AM

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Investment Insights

Based on property information with market context.

This mixed-use property combines two residential apartments with an on-site daycare business. Each apartment offers three bedrooms and two bathrooms, with stainless steel appliances, granite countertops, and hardwood flooring. The layouts are described as spacious and well maintained, providing a residential component alongside the commercial use.

The property is located in Bayside near Francis Lewis Boulevard, with shops, restaurants, entertainment, and essential amenities in the surrounding area. WalkScore is 76, TransitScore is 61, and BikeScore is 55. Constructed in 2006, the property brings together residential units and an existing childcare use within one asset.

Key Highlights

• Two 3‑bedroom, 2‑bathroom apartments
• Daycare business included on the property
• Apartments feature stainless steel appliances and granite countertops

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$89,760

Cap Rate

3.45%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,795,200 $1.8M

Cap Rate 7%

$1,282,286 $1.3M

Cap Rate 9%

$997,333 $997.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,672 SF

Gross rent

$169.6K $46.20/SF

− Vacancy

−$6.4K −$1.76/SF

EGI

$163.2K $44.44/SF

− OpEx

−$73.4K −$20.00/SF

NOI

$89.8K $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 Rate 5%

$1,795,200

Cap Rate 7%

$1,282,286

Cap Rate 9%

$997,333

Alternative Uses

Best Use

Apartment 5plus

$1.28M

$1.12M – $1.50M (±1% cap)

NOI $89,760 @ 7.0% cap · market cap 3.45%

Second Best

Mixed Use

$675.1K

$590.7K – $787.7K (±1% cap)

NOI $47,259 @ 7.0% cap · market cap 1.82%

Theoretical Best

Office A

$2.71M

$2.37M – $3.16M (±1% cap)

NOI $189,493 @ 7.0% cap · market cap 7.29%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Little Blue Treehouse ... High School

Suggested Use

Top Pick Parking Lot & Garage Nursing Home HVAC Service Tech Support Center Hotel & Motel Computer & Electronic Repair

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

Location Intelligence

Trade Area within ½ mile

2,621

Businesses Nearby

Explore this area Business Placement

Demographics for 11358, NY

40,435

Population

13,806

Households

2.9

Avg Household Size

43

Median Age

37%

College-Educated

84%

High-School Grad

2.0 sq mi

ZIP Area

20,218

Density / Sq Mi

$88,729

Median Household Income

$46,875

Median Earnings

$2,086

Median Rent

$967,200

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Includes two three-bedroom apartments with upgraded finishes alongside an established childcare operation.

Where is this mixed-use property located?

The property is located at 198-18 32nd Rd Queens, NY.

What is the asking price?

The asking price for this property is $2,600,000.

What are key features of this property?

This property features: Two 3‑bedroom, 2‑bathroom apartments; Daycare business included on the property; Apartments feature stainless steel appliances and granite countertops