Seven-Unit Apartment
New
For Sale
$1,650,000
41-26 74th ST, Elmhurst, NY 11373
Multifamily property with seven residential units across three floors and a basement in Elmhurst.
Property Size5,244 SF
Lot Size0.12 Acres
Price / SF$314.65
Days on Market3
Property Features for 41-26 74th ST
General Information
Standard status
Active
Size
5,244 SF
Lot size
0.12 Acres
Property subtype
Multi Family
Net Operating Income
$65,509
Units
Unit Mix
2 x 1BR/1BA, 4 x 3BR/1BA, 1 x 1BR/BA
Multifamily Units
7
Additional Details
Gross Income
$126,035
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$26,490
Building Details
Building Size
5,244 SF
Year Built
1926
Stories
3
Tenancy
Multi
Listing Agency:
Promise Realty LLC
Listed By:
Hye E. Moon · License #10401211075
(718) 445-0000
Source:
Cbwarburg
Added: Sep 4
Changed: Sep 6
Last Checked: Sep 6 at 2:50PM
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 Promise Realty LLC
Investment Insights
Based on property information with market context.
This multifamily property contains seven residential units within a building constructed in 1926. The unit layout includes two one-bedroom, one-bath apartments on the first floor, four three-bedroom, one-bath apartments across the second and third floors, and one one-bedroom, one-bath basement apartment. The property includes approximately 2,518 square feet of building area, with approximately 4,560 square feet above ground, on a 5,244-square-foot property.
Located at 41-26 74th ST in Elmhurst, the building is near subway and train service, as well as stores and shops. The residential configuration and multiple unit layouts provide a varied apartment mix within a single multifamily asset.
Located at 41-26 74th ST in Elmhurst, the building is near subway and train service, as well as stores and shops. The residential configuration and multiple unit layouts provide a varied apartment mix within a single multifamily asset.
Key Highlights
- Seven residential units with one- and three‑bedroom layouts
- First floor includes two 1BR/1BA apartments
- Second and third floors include four 3BR/1BA apartments
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
$128,187
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
7.77%
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%
$2,563,740
$2.6M
Cap Rate 7%
$1,831,243
$1.8M
Cap Rate 9%
$1,424,300
$1.4M
Market Conditions
NOI Build-Up for 5,244 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
$242.3K $46.20/SF
− Vacancy
−$9.2K −$1.76/SF
EGI
$233.1K $44.44/SF
− OpEx
−$104.9K −$20.00/SF
NOI
$128.2K $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%
$2,563,740
Cap Rate 7%
$1,831,243
Cap Rate 9%
$1,424,300
Alternative Uses
Best Use
Apartment 5plus
$1.83M
$1.60M – $2.14M
NOI $128,187 @ 7.0% cap · market cap 7.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.87M
$3.38M – $4.51M
NOI $270,616 @ 7.0% cap · market cap 16.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,747
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?
Apartment building - Multifamily property with seven residential units across three floors and a basement in Elmhurst.
Where is this apartment building located?
The property is located at 41-26 74th ST Elmhurst, NY.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: Seven residential units with one- and three‑bedroom layouts; First floor includes two 1BR/1BA apartments; Second and third floors include four 3BR/1BA apartments
