Mixed-Use Triplex with
For Sale
$1,800,000
3617 Greenpoint Ave, Queens, NY 11101
Three-family residence with an attached storefront and updated electrical, just steps from the LIRR station.
Property Size3,200 SF
Days on Market50
Property Features for 3617 Greenpoint Ave
General Information
Standard status
Active
Size
3,200 SF
Property subtype
Investment
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$37,903
Building Details
Building Size
3,200 SF
Year Built
1931
Units
3
Listing Agency:
(646) 321-6961
Listed By:
Anthony Tamboni CBR
(646) 321-6961
Source:
Elliman
Added: Jul 2
Changed: Aug 17
Last Checked: Aug 19 at 10:36AM
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 Anthony Tamboni CBR
Investment Insights
Based on property information with market context.
This property is a large three-family house with an attached storefront. The electrical has been updated, supporting both residential and retail use within the same overall building. All units are described as leased at free market rents.
The building is positioned steps from an LIRR station, with transit, walk, and bike scores reported as 78 (transit), 80 (walk), and 80 (bike), respectively. This level of access can be practical for tenants who value convenient commuting and walkable day-to-day needs.
For buyers, the combination of residential income with an on-site storefront can offer an integrated setup for an owner-operator or an investor seeking multiple income streams under one roof. Prospective tenants and retail operators may also benefit from the storefront’s presence alongside the three residential units, while the updated electrical adds a measure of near-term reliability for day-to-day operations.
The building is positioned steps from an LIRR station, with transit, walk, and bike scores reported as 78 (transit), 80 (walk), and 80 (bike), respectively. This level of access can be practical for tenants who value convenient commuting and walkable day-to-day needs.
For buyers, the combination of residential income with an on-site storefront can offer an integrated setup for an owner-operator or an investor seeking multiple income streams under one roof. Prospective tenants and retail operators may also benefit from the storefront’s presence alongside the three residential units, while the updated electrical adds a measure of near-term reliability for day-to-day operations.
Key Highlights
- Three‑family residence plus an attached storefront
- Year built 1931
- Electrical updated
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
$78,222
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
4.35%
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%
$1,564,440
$1.6M
Cap Rate 7%
$1,117,457
$1.1M
Cap Rate 9%
$869,133
$869.1K
Market Conditions
NOI Build-Up for 3,200 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
$147.8K $46.20/SF
− Vacancy
−$5.6K −$1.76/SF
EGI
$142.2K $44.44/SF
− OpEx
−$64.0K −$20.00/SF
NOI
$78.2K $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%
$1,564,440
Cap Rate 7%
$1,117,457
Cap Rate 9%
$869,133
Alternative Uses
Best Use
Apartment 5plus
$1.12M
$977.8K – $1.30M
NOI $78,222 @ 7.0% cap · market cap 4.35%
Second Best
Retail
$816.0K
$714.0K – $952.0K
NOI $57,120 @ 7.0% cap · market cap 3.17%
Theoretical Best
Office A
$2.36M
$2.06M – $2.75M
NOI $165,135 @ 7.0% cap · market cap 9.17%
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
3,384
Businesses Nearby
Explore this area
Business Placement
Demographics for 11101, NY
48,867
Population
27,093
Households
1.8
Avg Household Size
33
Median Age
65%
College-Educated
90%
High-School Grad
2.6 sq mi
ZIP Area
18,795
Density / Sq Mi
$116,807
Median Household Income
$83,892
Median Earnings
$2,740
Median Rent
$995,500
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 - Three-family residence with an attached storefront and updated electrical, just steps from the LIRR station.
Where is this triplex located?
The property is located at 3617 Greenpoint Ave Queens, NY.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: Three‑family residence plus an attached storefront; Year built 1931; Electrical updated
