New Three-Family Residence in
For Sale
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37-02 Francis Lewis Boulevard, Bayside, NY 11361
New construction three-family residence near LIRR, stores, and restaurants.
Property Size3,257 SF
Price / SF$736.53
Days on Market566
Property Features for 37-02 Francis Lewis Boulevard
General Information
Standard status
Active
Size
3,257 SF
Class
C
Property subtype
Multifamily
Occupancy
100%
Investment Type
Owner/User
Building Details
Year Built
2024
Buildings
3
Stories
3
Listing Agency:
Luxian International Realty
(917) 567-8767
Listed By:
Luciane Serifovic · License #10491208575
Source:
Crexi
Added: Feb 11, 2025
Changed: Aug 17
Last Checked: Aug 28 at 11:28PM
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 Luxian International Realty
Investment Insights
Based on property information with market context.
This new construction three-family residence is located in Bayside, just two blocks from the Long Island Rail Road and near stores and restaurants. The property features three units. Unit 1 is a 2-bedroom duplex with 1.5 baths, a private backyard with parking, and a cellar. The unit size is approximately 1,806 sqft (903 sq ft plus 903 cellar). Unit 2 features 3-bedrooms, 1.5 baths, and two private balconies, with an approximate size of 986 sqft. Penthouse 3 is a 3-bedroom duplex with 2-baths, high cathedral ceilings, an extra-large lofty area, two balconies, and a private terrace. The penthouse has approximately 1393 sqft of living space (986 sq ft on the Third Floor + 407 sq ft 4th floor loft). The property has 12-inch thick walls, extra insulation, and double-pane windows for energy efficiency. The property is under construction, and under-construction pricing expires March 1st.
Key Highlights
- Prime Bayside location: Two blocks from the Long Island Rail Road, near stores and restaurants, with access to Manhattan.
- New three‑family residence built in 2024, offering immediate rental income potential.
- First Floor Unit (Duplex): Features 2 bedrooms, 1.5 baths, private backyard with parking, and a spacious layout (approx. 1,806 sqft).
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
$79,615
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
3.32%
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%
$1,592,300
$1.6M
Cap Rate 7%
$1,137,357
$1.1M
Cap Rate 9%
$884,611
$884.6K
Market Conditions
NOI Build-Up for 3,257 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
$150.5K $46.20/SF
− Vacancy
−$5.7K −$1.76/SF
EGI
$144.8K $44.44/SF
− OpEx
−$65.1K −$20.00/SF
NOI
$79.6K $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%
$1,592,300
Cap Rate 7%
$1,137,357
Cap Rate 9%
$884,611
Alternative Uses
Best Use
Apartment 5plus
$1.14M
$995.2K – $1.33M
NOI $79,615 @ 7.0% cap · market cap 3.32%
Second Best
Multifamily LT 5
$770.1K
$673.9K – $898.5K
NOI $53,909 @ 7.0% cap · market cap 2.25%
Theoretical Best
Office A
$2.40M
$2.10M – $2.80M
NOI $168,077 @ 7.0% cap · market cap 7.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,528
Businesses Nearby
Explore this area
Business Placement
Demographics for 11361, NY
29,116
Population
11,934
Households
2.4
Avg Household Size
43
Median Age
48%
College-Educated
88%
High-School Grad
1.7 sq mi
ZIP Area
17,127
Density / Sq Mi
$108,391
Median Household Income
$58,410
Median Earnings
$2,315
Median Rent
$900,700
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 - New construction three-family residence near LIRR, stores, and restaurants.
Where is this triplex located?
The property is located at 37-02 Francis Lewis Boulevard Bayside, NY.
What is the asking price?
The asking price for this property is $2,398,888.
What are key features of this property?
This property features: Prime Bayside location: Two blocks from the Long Island Rail Road, near stores and restaurants, with access to Manhattan.; New three‑family residence built in 2024, offering immediate rental income potential.; First Floor Unit (Duplex): Features 2 bedrooms, 1.5 baths, private backyard with parking, and a spacious layout (approx. 1,806 sqft).
