Mixed-Use Property with
New
For Sale
$2,600,000
198-18 32nd Road Unit 3, Flushing, NY 11358
Two residential units feature stainless steel appliances, granite countertops, and hardwood flooring alongside an established daycare business.
Property Size3,672 SF
Days on Market6
Property Features for 198-18 32nd Road Unit 3
General Information
Standard status
Active
Size
3,672 SF
Property subtype
Triplex
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$16,985
Building Details
Building Size
3,672 SF
Year Built
2006
Listing Agency:
EXP Realty
(718) 813-6464
Listed By:
Dingxing Chen · License #10401235765
Source:
Cottiemaxwellrealestate
Added: Aug 15
Changed: Aug 20
Last Checked: Aug 20 at 7:05AM
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.
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.
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 = 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
Multifamily LT 5
$868.3K
$759.7K – $1.01M
NOI $60,778 @ 7.0% cap · market cap 2.34%
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
Property Profile
Current Use
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
Questions? Ask Rey
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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 Unit 3 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
