Residential Income Home with Two-Car
For Sale
$995,000
31-23 99th Street, East Elmhurst, NY 11369
MULTI_FAMILY - East Elmhurst, NY
Property Size1,600 SF
Lot Size0.06 Acres
Price / SF$621.88
Days on Market53
Property Features for 31-23 99th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 4, Bedroom 3, Bedroom 2, Bathroom 2, Bathroom 1
Subdivision
Flushing
Standard status
Active
Size
1,600 SF
Lot size
0.06 Acres
Building Details
Year built
1935
Floors in Building
2
Listing Agency:
CROSS BORO BUSINESS SERVICES
(718) 467-1800
Listed By:
Joyce Turner
Added: Jun 18
Changed: Aug 3
Last Checked: Aug 9 at 4:06PM
MLS# 11841251
Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Residential income property featuring four bedrooms and two full bathrooms, a two-car garage, and a full unfinished basement for storage and future customization. The home was built in 1935 and offers a functional layout with comfortable indoor space for day-to-day living.
Set on a 0.0631-acre lot, the property has 1,600 square feet of interior space. While it may benefit from updates and renovations, it provides a flexible foundation for an owner-occupant or investor looking to personalize the finishes.
The address at 31-23 99th Street places the home close to shopping, schools, restaurants, public transportation, major highways, and LaGuardia Airport for convenient access to everyday needs and regional travel.
Set on a 0.0631-acre lot, the property has 1,600 square feet of interior space. While it may benefit from updates and renovations, it provides a flexible foundation for an owner-occupant or investor looking to personalize the finishes.
The address at 31-23 99th Street places the home close to shopping, schools, restaurants, public transportation, major highways, and LaGuardia Airport for convenient access to everyday needs and regional travel.
Key Highlights
- 4 bedrooms and 2 full bathrooms
- Two‑car garage
- Full unfinished basement for storage and future customization
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
$39,111
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
3.93%
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%
$782,220
$782.2K
Cap Rate 7%
$558,729
$558.7K
Cap Rate 9%
$434,567
$434.6K
Market Conditions
NOI Build-Up for 1,600 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
$73.9K $46.20/SF
− Vacancy
−$2.8K −$1.76/SF
EGI
$71.1K $44.44/SF
− OpEx
−$32.0K −$20.00/SF
NOI
$39.1K $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%
$782,220
Cap Rate 7%
$558,729
Cap Rate 9%
$434,567
Alternative Uses
Best Use
Apartment 5plus
$558.7K
$488.9K – $651.9K
NOI $39,111 @ 7.0% cap · market cap 3.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.18M
$1.03M – $1.38M
NOI $82,568 @ 7.0% cap · market cap 8.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,637
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Built in 1935 with four bedrooms, two full bathrooms, and a two-car garage plus a full unfinished basement.
Where is this residential income property located?
The property is located at 31-23 99th Street East Elmhurst, NY.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: 4 bedrooms and 2 full bathrooms; Two‑car garage; Full unfinished basement for storage and future customization
