Inground Pool
New
For Sale
$1,375,000
38 Wall St, Farmingdale, NY 11735
Four apartments with month-to-month leases and an inground pool set on a park-like property in a quiet mid-block setting.
Property Size4,000 SF
Lot Size0.75 Acres
Price / SF$343.75
Days on Market3
Property Features for 38 Wall St
General Information
Standard status
Active
Size
4,000 SF
Total Parking Spaces
2
Lot size
0.75 Acres
Property subtype
Investment
Occupancy
100%
Additional Details
Gross Income
$73,200
Amenities
walk-out basement
inground pool
jacuzzi tub
brick paver patios
basketball court
Building Details
Building Size
3,684 SF
Year Built
1920
Buildings
2
Tenancy
Multi
Listing Agency:
Coldwell Banker American Homes
(516) 293-2323
Listed By:
Lawrence J. Theodore
(516) 293-2323
Source:
Elliman
Added: Jul 30
Changed: Jul 31
Last Checked: Jul 31 at 5:31AM
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 Coldwell Banker American Homes
Investment Insights
Based on property information with market context.
This quadplex offers four apartments, all currently occupied, with month-to-month leases. The home is built with an approximately 4,000 SF living space (not including the basement & garage), and features 18 rooms, 6 bedrooms, 5 full baths, and 3 kitchens. Multiple updates include new custom kitchens in Apt #1 and Apt #2, updated newer full baths, replaced windows, interior raised panel doors, custom woodwork, an updated gas heating system, and two separate hot water heaters. A walk-out basement and an oversized 2-car detached garage add flexibility, with finished space that could be used as a cabana. The owner also resides in Apt #1.
Set on almost 3/4 acre of park-like, privately fenced outdoor space, the property is positioned mid-block and described as very quiet. Outdoor amenities include an inground 20 x 40 pool, Jacuzzi tub, brick paver patios, a basketball court, and PVC and stockade fencing. The home has 200 amp electric service, and is convenient to transportation and shopping, with BikeScore 56 and WalkScore 77.
Built in 1920, the property is positioned for both investor and user scenarios, supported by the current occupancy and multiple on-site living and outdoor features.
Set on almost 3/4 acre of park-like, privately fenced outdoor space, the property is positioned mid-block and described as very quiet. Outdoor amenities include an inground 20 x 40 pool, Jacuzzi tub, brick paver patios, a basketball court, and PVC and stockade fencing. The home has 200 amp electric service, and is convenient to transportation and shopping, with BikeScore 56 and WalkScore 77.
Built in 1920, the property is positioned for both investor and user scenarios, supported by the current occupancy and multiple on-site living and outdoor features.
Key Highlights
- All four apartments currently occupied with month‑to‑month leases
- Approximately 4,000 SF living space (not including basement & garage)
- Almost 3/4‑acre park‑like privately fenced backyard
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $115.2k | $28.80 |
| − Vacancy | −$6.3k | −$1.58 |
| EGI | $108.9k | $27.22 |
| − OpEx | −$32.7k | −$8.16 |
| NOI | $76.2k | $19.05 |
4,000 SF · lease $28.80/SF/yr · vacancy 5.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$1.09M
$952.6K – $1.27M
NOI $76,205 @ 7.0% cap · market cap 5.54%
Second Best
Apartment 5plus
$1.02M
$891.9K – $1.19M
NOI $71,350 @ 7.0% cap · market cap 5.19%
Theoretical Best
Specialty Retail
$2.64M
$2.31M – $3.09M
NOI $185,130 @ 7.0% cap · market cap 13.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,030
Businesses Nearby
Explore this area
Business Placement
Demographics for 11735, NY
32,989
Population
11,435
Households
2.9
Avg Household Size
42
Median Age
45%
College-Educated
92%
High-School Grad
10.7 sq mi
ZIP Area
3,083
Density / Sq Mi
$146,190
Median Household Income
$64,273
Median Earnings
$2,285
Median Rent
$572,000
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 - Four apartments with month-to-month leases and an inground pool set on a park-like property in a quiet mid-block setting.
Where is this quadplex located?
The property is located at 38 Wall St Farmingdale, NY.
What is the asking price?
The asking price for this property is $1,375,000.
What are key features of this property?
This property features: All four apartments currently occupied with month‑to‑month leases; Approximately 4,000 SF living space (not including basement & garage); Almost 3/4‑acre park‑like privately fenced backyard
