Mixed-Use Property with
New
For Sale
$2,600,000
198-18 32nd Rd 3, Queens, NY 11358
Includes two three-bedroom apartments with upgraded finishes alongside an established childcare operation.
Property Size3,672 SF
Days on Market4
Property Features for 198-18 32nd Rd 3
General Information
Standard status
Active
Size
3,672 SF
Property subtype
Investment
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$16,985
Building Details
Building Size
3,672 SF
Year Built
2006
Units
3
Listing Agency:
eXp Realty
(718) 813-6464
Listed By:
Dingxing Chen · License #10401235765
(718) 813-6464
Source:
Elliman
Added: Aug 16
Changed: Aug 19
Last Checked: Aug 18 at 8:53AM
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 eXp Realty
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.
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 = 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
$89,760
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
3.45%
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%
$1,795,200
$1.8M
Cap Rate 7%
$1,282,286
$1.3M
Cap Rate 9%
$997,333
$997.3K
Market Conditions
NOI Build-Up for 3,672 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
$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 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%
$1,795,200
Cap Rate 7%
$1,282,286
Cap Rate 9%
$997,333
Alternative Uses
Best Use
Apartment 5plus
$1.28M
$1.12M – $1.50M
NOI $89,760 @ 7.0% cap · market cap 3.45%
Second Best
Mixed Use
$675.1K
$590.7K – $787.7K
NOI $47,259 @ 7.0% cap · market cap 1.82%
Theoretical Best
Office A
$2.71M
$2.37M – $3.16M
NOI $189,493 @ 7.0% cap · market cap 7.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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
Questions? Ask Rey
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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 3 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
