Brick Triplex with
For Sale
$1,999,000
3343 Union Street, Flushing, NY 11354
Residential, Flushing, NY
Property Size4,220 SF
Lot Size0.03 Acres
Price / SF$473.70
Days on Market148
Property Features for 3343 Union Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R6
Bedrooms
11
Bathrooms
7
Full bathrooms
6
Rooms
Bedroom 5, Bedroom 10, Bedroom 1, Bedroom 9, Bathroom 3, Bathroom 4, Bedroom 8, Bathroom 1, Bathroom 7, Bedroom 4, Bedroom 11, Bedroom 7, Bedroom 2, Bathroom 2, Bedroom 3, Bedroom 6, Bathroom 6, Bathroom 5
Parking features
Garage
Interior features
Refrigerator, Stove
Basement
Finished, Full
Subdivision
Flushing
Standard status
Active
Size
4,220 SF
Lot size
0.03 Acres
Taxes and HOA fees
Tax Annual Amount
16332
Amenities
balcony
Building Details
Year built
2003
Floors in Building
4
Number of units
3
Flooring type
Tile, Hardwood
Building materials
Brick
Roof type
Flat
Listing Agency:
Tiger Realty
(917) 708-9966
Listed By:
Siu Wai (Cherie)Wong
(718) 372-8200
Added: Apr 21
Changed: Sep 12
Last Checked: Sep 15 at 3:06AM
MLS# 500721
Copyright © 2026 Brooklyn New York Multiple Listing Service. 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.
This 4,220-square-foot brick triplex was built in 2003 and includes three residential units, each with a balcony. Interior finishes include hardwood and tile flooring, while refrigerators and stoves are provided. The property also features a flat roof and garage parking on a 0.0298-acre lot.
Located in Flushing, the property is near Main Street, transportation, and major amenities. R6 zoning supports its multifamily classification. The three-family configuration and existing residential improvements provide a clearly defined income-property format.
Located in Flushing, the property is near Main Street, transportation, and major amenities. R6 zoning supports its multifamily classification. The three-family configuration and existing residential improvements provide a clearly defined income-property format.
Key Highlights
- 4,220‑square‑foot brick triplex
- Three residential units, each with a balcony
- Built in 2003 on a 0.0298‑acre lot
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
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Three-family property with balcony access, garage parking, and kitchen appliances in Flushing.
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: 4,220‑square‑foot brick triplex; Three residential units, each with a balcony; Built in 2003 on a 0.0298‑acre lot
