Three-Unit Triplex
For Sale
$1,999,000
3343 Union Street, Flushing, NY 11354
A three-residence configuration provides matching layouts with full bathrooms and balconies.
Property Size4,220 SF
Days on Market133
Property Features for 3343 Union Street
General Information
Standard status
Active
Size
4,220 SF
Property subtype
Multi Family Home
Zoning
R6
Units
Unit Mix
3 x 3BR/2BA
Multifamily Units
3
Additional Details
Public Transit
Yes
Amenities
balcony
Building Details
Building Size
4,220 SF
Year Built
2003
Stories
3
Listing Agency:
Tiger Realty
(917) 708-9966
Listed By:
Siu Wai (Cherie)wong
(917) 708-9966
Source:
Excellchoicerealty
Added: Apr 21
Changed: Aug 29
Last Checked: Aug 30 at 5:35PM
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 Tiger Realty
Investment Insights
Based on property information with market context.
This triplex property contains three residential units, each arranged with 3 bedrooms, 2 full bathrooms, and a balcony. Constructed in 2003, the building is identified under R6 zoning and offers a consistent configuration across all three residences.
The property is located at 3343 Union Street in Flushing, NY 11354, near Main Street and transportation options. Its three-unit layout and uniform unit features provide a clearly defined residential income property format for prospective purchasers.
The property is located at 3343 Union Street in Flushing, NY 11354, near Main Street and transportation options. Its three-unit layout and uniform unit features provide a clearly defined residential income property format for prospective purchasers.
Key Highlights
- Three‑family property with three residential units
- Each unit includes 3 bedrooms and 2 full bathrooms
- Balcony included with each residence
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
$103,155
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
5.16%
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%
$2,063,100
$2.1M
Cap Rate 7%
$1,473,643
$1.5M
Cap Rate 9%
$1,146,167
$1.1M
Market Conditions
NOI Build-Up for 4,220 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
$195.0K $46.20/SF
− Vacancy
−$7.4K −$1.76/SF
EGI
$187.6K $44.44/SF
− OpEx
−$84.4K −$20.00/SF
NOI
$103.2K $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%
$2,063,100
Cap Rate 7%
$1,473,643
Cap Rate 9%
$1,146,167
Alternative Uses
Best Use
Apartment 5plus
$1.47M
$1.29M – $1.72M
NOI $103,155 @ 7.0% cap · market cap 5.16%
Second Best
Multifamily LT 5
$997.8K
$873.1K – $1.16M
NOI $69,848 @ 7.0% cap · market cap 3.49%
Theoretical Best
Office A
$3.11M
$2.72M – $3.63M
NOI $217,772 @ 7.0% cap · market cap 10.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
7,334
Businesses Nearby
Explore this area
Business Placement
Demographics for 11354, NY
61,276
Population
22,979
Households
2.7
Avg Household Size
45
Median Age
33%
College-Educated
79%
High-School Grad
2.2 sq mi
ZIP Area
27,853
Density / Sq Mi
$62,833
Median Household Income
$40,404
Median Earnings
$1,766
Median Rent
$521,000
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?
Triplex - A three-residence configuration provides matching layouts with full bathrooms and balconies.
Where is this triplex located?
The property is located at 3343 Union Street Flushing, NY.
What is the asking price?
The asking price for this property is $1,999,000.
What are key features of this property?
This property features: Three‑family property with three residential units; Each unit includes 3 bedrooms and 2 full bathrooms; Balcony included with each residence
