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    Jackson Heights Multifamily Investment Opportunity Title is generated by Realmo AI

    3324 89th Street, Jackson Heights, NY 11372

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    Claim this Listing
    For Sale
    $2,650,000

    MULTI_FAMILY - Jackson Heights, NY

    Property size:
    1,540 SF
    Lot size:
    0.06 Acres
    Price / SF:
    $1,720/SF
    Added:
    Mar 2, 2026
    Days on Market:
    72
    Last Refresh:
    May 13 at 5:06 am

    Property Features for 3324 89th Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    R5
    Parking
    2
    Parking features
    Garage
    Standard status
    Active
    APN
    01436-0017
    Size
    1,540 SF
    Lot size
    0.06 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    12159

    Utilities

    Utilities
    Water Available
    Sewer type
    Public Sewer
    Heating system
    Steam
    Cooling system
    Window Unit(s), Wall/Window Unit(s)
    Water source
    Well

    Building Details

    Year built
    1935
    Number of units
    5
    Building materials
    Brick

    We can help!

    Listing Contact
    Phyllis Cheng

    Listing agent Phyllis Cheng

    Listing office Century Homes Realty Group LLC 3436 Union St Ste 201, Flushing, NY

    Listing date Mar 2, 2026

    MLS# 966382

    Copyright © 2026 OneKey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Strong income‑generating 5‑family building in Jackson Heights.
    • New Roof (2025).
    • Solid Brick/Masonry Construction (Built in 1935).
    • 5 Separate Meters.
    • Low Property Taxes.
    • 2‑Car Garage.

    Overview

    This is a well-maintained, semi-attached brick multifamily building located in Jackson Heights. Constructed in 1935, the property offers a solid brick/masonry structure. The building comprises five units: one 3-bedroom/1-bath unit, two 2-bedroom/1-bath units, and one 3-bedroom/1-bath unit, plus one 2-bedroom/1-bath unit. Each unit is market rate. The property features five separate meters and a steam boiler for gas heat. The lot size is approximately 2,233 square feet, with a building size of approximately 1,540 square feet. A new roof is planned for 2025. The property includes a 2-car garage. This property is suited for investment or a 1031 exchange.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Gym & Fitness Center Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Jackson Heights
    County
    Queens
    State
    New York
    Longitude
    -73.878965
    Latitude
    40.755292

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    FAQs

    What type of property is this?
    Apartment building - Well-maintained 5-family brick building in prime Jackson Heights location.
    Where is this apartment building located?
    The property is located at 3324 89th Street Jackson Heights, NY.
    What is the asking price?
    The asking price for this property is $2,650,000.
    What are key features of this property?
    This property features: Strong income‑generating 5‑family building in Jackson Heights.; New Roof (2025).; Solid Brick/Masonry Construction (Built in 1935).
    (718) 886-6800
    We can help!
    Listing Contact
    Phyllis Cheng
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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