Mixed-Use Building with
For Sale
$2,800,000
41-24 76th Street, Elmhurst, NY 11373
Residential Income, Elmhurst, NY
Property Size3,800 SF
Lot Size0.14 Acres
Price / SF$736.84
Days on Market354
Property Features for 41-24 76th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Mixed Use
Rooms
Laundry Room
Parking features
Driveway
Interior features
Entrance Foyer
Subdivision
Elmhurst
High school district
NEW YORK CITY GEOGRAPHIC DISTRICT #24
Directions
Off Broadway, Woodside, Roosevelt Avenue, Brooklyn Queens expressway and Queens boulevard!
Standard status
Active
APN
01495-0044 & 01495-0046
Size
3,800 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Utilities
Heating system
Hot Water(Heating), Natural Gas
Water source
Public
Building Details
Year built
1905
Floors in Building
3
Flooring type
Hardwood
Architectural style
Other
Additional Structures
Outbuilding
Listing Agency:
HANMI REALTY
(718) 961-8801
Listed By:
Mi Ryoung Chong
(718) 961-8801
Added: Sep 12, 2025
Changed: Aug 29
Last Checked: Aug 31 at 5:06AM
MLS# 11573798
Copyright © 2026 My State 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.
This mixed-use property at 41-24 76th Street includes approximately 3,800 square feet across three units, including a finished basement with a kitchen and bathroom. The configuration combines two residential units with a ground-floor commercial unit and additional basement space. A converted two-story, three-car garage provides storage, with a second-floor room suitable for office use. The property also includes a backyard storage shed and 11 reserved parking spots.
The sale includes an adjacent 2,000-square-foot parking lot at 41-28 76th Street. The primary parcel is 0.1377 acres and carries R5 zoning; the building is classified as S2, primarily two family with one store or office. The maximum facility FAR is up to 8,000 square feet, while the adjacent lot has a maximum facility FAR up to 4,000 square feet. The property is delivered vacant at closing and sold as is.
The sale includes an adjacent 2,000-square-foot parking lot at 41-28 76th Street. The primary parcel is 0.1377 acres and carries R5 zoning; the building is classified as S2, primarily two family with one store or office. The maximum facility FAR is up to 8,000 square feet, while the adjacent lot has a maximum facility FAR up to 4,000 square feet. The property is delivered vacant at closing and sold as is.
Key Highlights
- Approximately 3,800 square feet across three units, including a finished basement
- Ground‑floor commercial unit paired with two‑family residential configuration
- Adjacent 2,000‑square‑foot parking lot at 41‑28 76th Street included
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
$92,889
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%
$1,857,780
$1.9M
Cap Rate 7%
$1,326,986
$1.3M
Cap Rate 9%
$1,032,100
$1.0M
Market Conditions
NOI Build-Up for 3,800 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
$175.6K $46.20/SF
− Vacancy
−$6.7K −$1.76/SF
EGI
$168.9K $44.44/SF
− OpEx
−$76.0K −$20.00/SF
NOI
$92.9K $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%
$1,857,780
Cap Rate 7%
$1,326,986
Cap Rate 9%
$1,032,100
Alternative Uses
Best Use
Apartment 5plus
$1.33M
$1.16M – $1.55M
NOI $92,889 @ 7.0% cap · market cap 3.32%
Second Best
Retail
$969.0K
$847.9K – $1.13M
NOI $67,830 @ 7.0% cap · market cap 2.42%
Theoretical Best
Office A
$2.80M
$2.45M – $3.27M
NOI $196,098 @ 7.0% cap · market cap 7.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
7,900
Businesses Nearby
Explore this area
Business Placement
Demographics for 11373, NY
105,712
Population
34,797
Households
3
Avg Household Size
38
Median Age
30%
College-Educated
75%
High-School Grad
1.5 sq mi
ZIP Area
70,475
Density / Sq Mi
$71,470
Median Household Income
$36,043
Median Earnings
$1,913
Median Rent
$683,200
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?
Mixed-use property - Two-family configuration includes a ground-floor commercial unit and finished basement space.
Where is this mixed-use property located?
The property is located at 41-24 76th Street Elmhurst, NY.
What is the asking price?
The asking price for this property is $2,800,000.
What are key features of this property?
This property features: Approximately 3,800 square feet across three units, including a finished basement; Ground‑floor commercial unit paired with two‑family residential configuration; Adjacent 2,000‑square‑foot parking lot at 41‑28 76th Street included
