Brick Multifamily
For Sale
$1,499,000
36-11 Utopia Parkway, Flushing, NY 11358
Residential Income, Flushing, NY
Property Size4,662 SF
Lot Size0.09 Acres
Price / SF$321.54
Days on Market107
Property Features for 36-11 Utopia Parkway
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
8
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 5, Bedroom 7, Bedroom 8, Bedroom 6, Bedroom 2, Bedroom 4, Bathroom 6, Bathroom 1, Bathroom 5, Bathroom 4, Bathroom 2, Basement, Bathroom 3, Bedroom 1, Bedroom 3
Parking features
On Street, Driveway
Basement
Finished, Full
Elementary school
Ps 173 Fresh Meadows
Middle school
Jhs 216 George J Ryan
High school
Francis Lewis High School
Elementary school district
Queens 26
Middle school district
Queens 26
High school district
Queens 26
Directions
Refer to Google Maps.
Standard status
Active
APN
05307-0020
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
27485
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Natural Gas
Cooling system
Window Unit(s), Wall/Window Unit(s)
Water source
Public
Amenities
private balcony
Building Details
Year built
1975
Number of units
4
Building materials
Brick
Listing Agency:
Douglas Elliman Real Estate
(516) 746-0440
Listed By:
James Y. Chung · License #10301214776
(917) 727-5652
Added: May 15
Changed: Aug 20
Last Checked: Aug 29 at 12:06PM
MLS# 1000582
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.
Investment Insights
Based on property information with market context.
Located at 36-11 Utopia Parkway in Flushing, this detached brick multifamily property was built in 1975 and contains approximately 4,662 square feet on an irregular 5,153-square-foot lot. The building includes apartments with configurations ranging from one to three bedrooms, along with living rooms, dining areas, kitchens, and bathrooms. The larger residences also include private balconies.
Parking features include a one-car attached garage and two private driveways. The property is fully rented, with all tenants occupying on a month-to-month basis. Public water and sewer serve the property, while heating is provided by hot water and natural gas. Window or wall-mounted air-conditioning units are present. Auburndale LIRR Station, Northern Boulevard, and Francis Lewis Boulevard are located a very short distance away, with shopping, dining, transportation, and neighborhood amenities nearby.
Parking features include a one-car attached garage and two private driveways. The property is fully rented, with all tenants occupying on a month-to-month basis. Public water and sewer serve the property, while heating is provided by hot water and natural gas. Window or wall-mounted air-conditioning units are present. Auburndale LIRR Station, Northern Boulevard, and Francis Lewis Boulevard are located a very short distance away, with shopping, dining, transportation, and neighborhood amenities nearby.
Key Highlights
- Approximately 4,662 SF building on a 5,153 SF irregular lot
- Detached brick construction completed in 1975
- Apartment layouts range from 1 to 3 bedrooms
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
$113,960
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
7.60%
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%
$2,279,200
$2.3M
Cap Rate 7%
$1,628,000
$1.6M
Cap Rate 9%
$1,266,222
$1.3M
Market Conditions
NOI Build-Up for 4,662 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
$215.4K $46.20/SF
− Vacancy
−$8.2K −$1.76/SF
EGI
$207.2K $44.44/SF
− OpEx
−$93.2K −$20.00/SF
NOI
$114.0K $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%
$2,279,200
Cap Rate 7%
$1,628,000
Cap Rate 9%
$1,266,222
Alternative Uses
Best Use
Apartment 5plus
$1.63M
$1.42M – $1.90M
NOI $113,960 @ 7.0% cap · market cap 7.60%
Second Best
Multifamily LT 5
$1.10M
$964.6K – $1.29M
NOI $77,164 @ 7.0% cap · market cap 5.15%
Theoretical Best
Office A
$3.44M
$3.01M – $4.01M
NOI $240,582 @ 7.0% cap · market cap 16.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,588
Businesses Nearby
Explore this area
Business Placement
Demographics for 11358, NY
40,435
Population
13,806
Households
2.9
Avg Household Size
43
Median Age
37%
College-Educated
84%
High-School Grad
2.0 sq mi
ZIP Area
20,218
Density / Sq Mi
$88,729
Median Household Income
$46,875
Median Earnings
$2,086
Median Rent
$967,200
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?
Quadplex - Fully rented brick property with varied apartment layouts, private balconies, an attached garage, and two driveways.
Where is this quadplex located?
The property is located at 36-11 Utopia Parkway Flushing, NY.
What is the asking price?
The asking price for this property is $1,499,000.
What are key features of this property?
This property features: Approximately 4,662 SF building on a 5,153 SF irregular lot; Detached brick construction completed in 1975; Apartment layouts range from 1 to 3 bedrooms
