Newly Built Elevator Apartment
For Sale
$5,180,000
25-56 97th Street, East Elmhurst, NY 11369
Eight apartments with varied bedroom configurations and a 35-year tax abatement in East Elmhurst.
Property Size8,881 SF
Days on Market355
Property Features for 25-56 97th Street
General Information
Standard status
Active
Size
8,881 SF
Elevators
Yes
Property subtype
Multi Family
Units
Unit Mix
6 x 2BR, 1 x 4BR, 1 x 5BR
Multifamily Units
8
Additional Details
Gross Income
$370,800
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$3,396
Building Details
Building Size
8,881 SF
Year Built
2023
Listing Agency:
Tony & William R E Brotherhood
Listed By:
Chun H. Xie
(718) 775-2219
Source:
Thesunshinegroup
Added: Sep 14, 2025
Changed: Sep 1
Last Checked: Sep 2 at 1:08PM
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 Tony & William R E Brotherhood
Investment Insights
Based on property information with market context.
This 2023 apartment building contains eight residential units arranged as six 2-bedroom apartments, one 4-bedroom apartment, and one 5-bedroom apartment. An elevator serves the building, and the varied unit mix accommodates different household sizes. The property also carries a 35-year tax abatement.
Located at 25-56 97th Street in East Elmhurst, the building is near LaGuardia Airport, shops, restaurants, supermarkets, schools, and public transportation. Its Queens setting combines access to neighborhood services with proximity to regional air travel.
Located at 25-56 97th Street in East Elmhurst, the building is near LaGuardia Airport, shops, restaurants, supermarkets, schools, and public transportation. Its Queens setting combines access to neighborhood services with proximity to regional air travel.
Key Highlights
- 2023‑built apartment building with elevator
- Six 2‑bedroom units, one 4‑bedroom unit, and one 5‑bedroom unit
- 35‑year tax abatement
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
$217,091
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
4.19%
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%
$4,341,820
$4.3M
Cap Rate 7%
$3,101,300
$3.1M
Cap Rate 9%
$2,412,122
$2.4M
Market Conditions
NOI Build-Up for 8,881 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
$410.3K $46.20/SF
− Vacancy
−$15.6K −$1.76/SF
EGI
$394.7K $44.44/SF
− OpEx
−$177.6K −$20.00/SF
NOI
$217.1K $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%
$4,341,820
Cap Rate 7%
$3,101,300
Cap Rate 9%
$2,412,122
Alternative Uses
Best Use
Apartment 5plus
$3.10M
$2.71M – $3.62M
NOI $217,091 @ 7.0% cap · market cap 4.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.55M
$5.73M – $7.64M
NOI $458,302 @ 7.0% cap · market cap 8.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
1,056
Businesses Nearby
Explore this area
Business Placement
Demographics for 11369, NY
40,805
Population
13,893
Households
2.9
Avg Household Size
37
Median Age
24%
College-Educated
79%
High-School Grad
1.1 sq mi
ZIP Area
37,095
Density / Sq Mi
$80,577
Median Household Income
$40,089
Median Earnings
$1,983
Median Rent
$734,900
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?
Apartment building - Eight apartments with varied bedroom configurations and a 35-year tax abatement in East Elmhurst.
Where is this apartment building located?
The property is located at 25-56 97th Street East Elmhurst, NY.
What is the asking price?
The asking price for this property is $5,180,000.
What are key features of this property?
This property features: 2023‑built apartment building with elevator; Six 2‑bedroom units, one 4‑bedroom unit, and one 5‑bedroom unit; 35‑year tax abatement
