Legal Brick Triplex with
For Sale
$1,880,000
42-03 156th Street, Flushing, NY 11355
Three separate units, finished basement, and vacant delivery support flexible occupancy or investment use.
Property Size2,593 SF
Days on Market21
Property Features for 42-03 156th Street
General Information
Standard status
Active
Size
2,593 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$13,314
Building Details
Building Size
2,593 SF
Year Built
1988
Units
3
Listing Agency:
E Realty International Corp
(646) 651-3858
Listed By:
Vicky Wei
(646) 651-3858
Source:
Nextlevelrealestateny
Added: Aug 11
Changed: Aug 28
Last Checked: Aug 29 at 10:19AM
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 E Realty International Corp
Investment Insights
Based on property information with market context.
Built in 1988, this legal brick triplex contains approximately 2,593 square feet of living space on a 19 x 91 foot lot. The three-unit layout includes a first-floor one-bedroom residence with one bathroom, kitchen, and garage access, plus two upper-level three-bedroom residences with two bathrooms, living rooms, and kitchens. The second floor includes a balcony, while the third floor has front and rear balconies.
A finished basement with a separate entrance adds flexible space. The property also includes a private front yard and two-car parking. Located at 42-03 156th Street in Flushing, the home is near shopping, dining, transportation, schools, and everyday amenities. Delivery can be provided vacant, allowing flexibility for occupancy or investment use.
A finished basement with a separate entrance adds flexible space. The property also includes a private front yard and two-car parking. Located at 42-03 156th Street in Flushing, the home is near shopping, dining, transportation, schools, and everyday amenities. Delivery can be provided vacant, allowing flexibility for occupancy or investment use.
Key Highlights
- Legal three‑family brick residence built in 1988
- Approximately 2,593 square feet on a 19 x 91 foot lot
- Unit mix includes one 1‑bedroom unit and two 3‑bedroom units
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
$63,384
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
3.37%
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%
$1,267,680
$1.3M
Cap Rate 7%
$905,486
$905.5K
Cap Rate 9%
$704,267
$704.3K
Market Conditions
NOI Build-Up for 2,593 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
$119.8K $46.20/SF
− Vacancy
−$4.6K −$1.76/SF
EGI
$115.2K $44.44/SF
− OpEx
−$51.9K −$20.00/SF
NOI
$63.4K $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%
$1,267,680
Cap Rate 7%
$905,486
Cap Rate 9%
$704,267
Alternative Uses
Best Use
Apartment 5plus
$905.5K
$792.3K – $1.06M
NOI $63,384 @ 7.0% cap · market cap 3.37%
Second Best
Multifamily LT 5
$613.1K
$536.5K – $715.3K
NOI $42,918 @ 7.0% cap · market cap 2.28%
Theoretical Best
Office A
$1.91M
$1.67M – $2.23M
NOI $133,811 @ 7.0% cap · market cap 7.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,507
Businesses Nearby
Explore this area
Business Placement
Demographics for 11355, NY
89,465
Population
32,049
Households
2.8
Avg Household Size
44
Median Age
24%
College-Educated
70%
High-School Grad
1.7 sq mi
ZIP Area
52,626
Density / Sq Mi
$53,700
Median Household Income
$31,166
Median Earnings
$1,664
Median Rent
$711,500
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 - Three separate units, finished basement, and vacant delivery support flexible occupancy or investment use.
Where is this triplex located?
The property is located at 42-03 156th Street Flushing, NY.
What is the asking price?
The asking price for this property is $1,880,000.
What are key features of this property?
This property features: Legal three‑family brick residence built in 1988; Approximately 2,593 square feet on a 19 x 91 foot lot; Unit mix includes one 1‑bedroom unit and two 3‑bedroom units
