Building Details

Building Size 3,672 SF

Year Built 2006

Listing Agency: EXP Realty

Listed By: Dingxing Chen · License #10401235765 Show Phone

Source: Cottiemaxwellrealestate

Added: Aug 15 Changed: Oct 3 Last Checked: Oct 15 at 5:43AM

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Investment Insights

Based on property information with market context.

Built in 2006, this mixed-use property combines two three-bedroom, two-bathroom apartments with a daycare business. The apartments offer practical residential layouts enhanced by stainless steel appliances, granite countertops, and hardwood floors throughout.

The property is in Flushing, NY, with access to Francis Lewis Boulevard and its surrounding shops, restaurants, and entertainment options. Its configuration brings residential and commercial components together within one property, providing two apartment units and an established daycare operation.

Key Highlights

• Two 3‑bedroom, 2‑bathroom apartments
• Established daycare business included
• 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

Multifamily LT 5

$868.3K

$759.7K – $1.01M (±1% cap)

NOI $60,778 @ 7.0% cap · market cap 2.34%

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

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Current Use

Triplexes

Suggested Use

Top Pick Parking Lot & Garage Computer & Electronic Repair Tech Support Center Hotel & Motel Storage Facility Daycare Center

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

1,683

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 - Two residential units feature stainless steel appliances, granite countertops, and hardwood flooring alongside an established daycare business.

Where is this mixed-use property located?

The property is located at 198-18 32nd Road Flushing, 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; Established daycare business included; Stainless steel appliances and granite countertops