Bayside Village Multifamily Investment
For Sale
$6,600,000
38-24 213Th St, Flushing, NY 11361
INCREDIBLE MULTI-FAMILY INVESTMENT OPPORTUNITY/ BAYSIDE VILLAGE
Property Size21,753 SF
Price / SF$303.41
Days on Market327
Property Features for 38-24 213Th St
General Information
Standard status
Active
Property type
Multifamily properties, Residential income properties
Size
21,753 SF
Net Rentable
21,753 SF
Class
C
Occupancy
100%
Investment Type
Owner User
Net Operating Income
$226,400
Building Details
Year Built
1940
Buildings
1
Stories
3
Units
22
Listing Agency:
Yale R Tockerman
(646) 644-9567
Listed By:
Yale
(646) 644-9567
Added: Sep 18, 2025
Changed: Mar 16
Investment Insights
Based on property information with market context.
This multifamily, brick, detached building is located in Bayside Village and features 22 apartments. The unit mix includes 15 one-bedroom and 6 two-bedroom apartments. The building has a gross annual income of over $400,000. The property is situated one block from the Bayside train station. The rent-stabilized building offers 21,753 square feet of floor area. A live-in superintendent is present. The building includes a large basement that can be utilized for a laundry room and multiple storage spaces. Residents have convenient access to shopping on Bell Boulevard and at the Bay Terrace Shopping Mall.
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
$531,739
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
8.06%
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%
$10,634,780
$10.6M
Cap Rate 7%
$7,596,271
$7.6M
Cap Rate 9%
$5,908,211
$5.9M
Market Conditions
NOI Build-Up for 21,753 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
$1.00M $46.20/SF
− Vacancy
−$38.2K −$1.76/SF
EGI
$966.8K $44.44/SF
− OpEx
−$435.1K −$20.00/SF
NOI
$531.7K $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%
$10,634,780
Cap Rate 7%
$7,596,271
Cap Rate 9%
$5,908,211
Alternative Uses
Best Use
Apartment 5plus
$7.60M
$6.65M – $8.86M
NOI $531,739 @ 7.0% cap · market cap 8.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$16.04M
$14.03M – $18.71M
NOI $1,122,559 @ 7.0% cap · market cap 17.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
937
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?
Multifamily property - INCREDIBLE MULTI-FAMILY INVESTMENT OPPORTUNITY/ BAYSIDE VILLAGE
Where is this multifamily property located?
The property is located at 38-24 213Th St Flushing, NY.
What is the asking price?
The asking price for this property is $6,600,000.
