Legal Three-Family Home with Inground
New
For Sale
$1,375,000
38 Wall Street, Farmingdale, NY 11735
MULTI_FAMILY - Colonial - Farmingdale, NY
Property Size4,000 SF
Lot Size0.64 Acres
Price / SF$343.75
Days on Market4
Property Features for 38 Wall Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
6
Bathrooms
5
Full bathrooms
5
Rooms
Bathroom 3, Bedroom 6, Bathroom 4, Bedroom 3, Basement, Bathroom 5, Bedroom 5, Bedroom 1, Bedroom 4, Bathroom 1, Bathroom 2, Bedroom 2
Parking features
Driveway, Garage
Patio and Porch features
Patio
Pool private
1
Interior features
First Floor Bedroom, First Floor Full Bath, Cathedral Ceiling(s), Ceiling Fan(s), Eat-in Kitchen, Entrance Foyer, Granite Counters, Pantry, Master Downstairs, Storage
Exterior features
Basketball Court, Basketball Hoop, Lighting, Mailbox, Rain Gutters
Fireplace
1
Basement
Unfinished, Full, Walk-Out Access
Lot features
Back Yard, Front Yard, Near Public Transit, Near School, Near Shops, Sprinklers In Front, Sprinklers In Rear
Elementary school
Saltzman East Memorial Elem Sch
Middle school
Howitt School
High school
Farmingdale Senior High School
Elementary school district
Farmingdale
Middle school district
Farmingdale
High school district
Farmingdale
Directions
Conklin St to Wall St.
Standard status
Active
APN
0100-047-00-01-00-055-000
Lot size
0.64 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
21125
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Steam, Natural Gas
Cooling system
Window Unit(s), Wall/Window Unit(s)
Water source
Public
Amenities
inground pool
jacuzzi tub
basketball court
brick paver patios
Building Details
Year built
1920
Number of units
4
Flooring type
Carpet, Hardwood, Tile - Ceramic
Building materials
Vinyl Siding
Architectural style
Colonial
Additional Structures
Storage
Listing Agency:
Coldwell Banker American Homes · Coldwell Banker Real Estate
(516) 293-2323
Listed By:
Lawrence J. Theodore
(516) 293-2323
Added: Jul 29
Changed: Jul 31
Last Checked: Aug 1 at 5:06AM
MLS# 1032242
Copyright © 2026 OneKey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Legal three-family colonial-style home with approximately 4,000 square feet of living space (excluding basement and garage), built in 1920. The layout includes 18 rooms, 6 bedrooms, and 5 full baths, with three kitchens across the apartments. Interiors feature updated finishes such as granite counters, pantry/storage, cathedral ceilings, and interior raised panel doors. Heating includes natural gas with updated gas heating system plus steam heat, and there are two separate hot water heaters. A walk-out basement adds flexibility, and there is an oversized 2-car detached garage.
Outside, the property sits on almost 0.6412 acres with a privately fenced, park-like backyard. Enjoy an inground 20 x 40 pool with jacuzzi tub, brick paver patios, a basketball court, and PVC and stockade fencing. Additional exterior features include rain gutters and exterior lighting. Fireplaces are also present.
All apartments are currently occupied, and the leases are month-to-month. Water and sewer services are public.
Outside, the property sits on almost 0.6412 acres with a privately fenced, park-like backyard. Enjoy an inground 20 x 40 pool with jacuzzi tub, brick paver patios, a basketball court, and PVC and stockade fencing. Additional exterior features include rain gutters and exterior lighting. Fireplaces are also present.
All apartments are currently occupied, and the leases are month-to-month. Water and sewer services are public.
Key Highlights
- Inground 20 x 40 pool with jacuzzi tub plus brick paver patios
- Legal three‑family with 18 rooms, 6 bedrooms, and 5 full baths
- Almost 0.6412‑acre privately fenced park‑like backyard with basketball court
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
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?
Triplex - Legal three-family home with inground pool, detached garage, and all apartments currently occupied.
Where is this triplex 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: Inground 20 x 40 pool with jacuzzi tub plus brick paver patios; Legal three‑family with 18 rooms, 6 bedrooms, and 5 full baths; Almost 0.6412‑acre privately fenced park‑like backyard with basketball court
