Inground Pool
For Sale
$1,375,000
38 Wall Street, 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 Size3,684 SF
Lot Size0.75 Acres
Price / SF$343.75
Days on Market26
Property Features for 38 Wall Street
General Information
Standard status
Active
Size
3,684 SF
Total Parking Spaces
2
Lot size
0.75 Acres
Property subtype
Residential Income
Occupancy
100%
Additional Details
Gross Income
$73,200
Taxes and HOA fees
Annual Taxes
$21,125
Amenities
walk-out basement
inground pool
jacuzzi tub
brick paver patios
basketball court
Wall/Window Unit(s)
Hot Water, Natural Gas, Steam
Full, Unfinished, Walk-Out Access
Cathedral Ceiling(s), Ceiling Fan(s), Eat-in Kitchen, Entrance Foyer, Granite Counters, Pantry, Master Downstairs, Storage
Bedroom, Living Room
Fenced, Back Yard, Vinyl, Wood
Detached, Driveway, Garage
Basketball Court, Lighting, Rain Gutters
Colonial
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:
Evrealestate
Added: Jul 29
Changed: Aug 23
Last Checked: Aug 23 at 9:37AM
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
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
$76,205
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
5.54%
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%
$1,524,100
$1.5M
Cap Rate 7%
$1,088,643
$1.1M
Cap Rate 9%
$846,722
$846.7K
Market Conditions
NOI Build-Up for 4,000 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
$115.2K $28.80/SF
− Vacancy
−$6.3K −$1.58/SF
EGI
$108.9K $27.22/SF
− OpEx
−$32.7K −$8.16/SF
NOI
$76.2K $19.05/SF
Area
Nassau County, NY
Vacancy
5.50%
Lease Rate
$28.80 /SF/Yr
Expense Ratio
30.00%
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%
$1,524,100
Cap Rate 7%
$1,088,643
Cap Rate 9%
$846,722
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
Property Profile
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 Street 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
