Legal Brick Triplex with
New
For Sale
$1,880,000
42-03 156th Street, Flushing, NY 11355
MULTI_FAMILY - Flushing, NY
Property Size2,593 SF
Lot Size0.04 Acres
Price / SF$725.03
Days on Market2
Property Features for 42-03 156th Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Rooms
Basement
Parking features
Driveway
Interior features
First Floor Bedroom, First Floor Full Bath
Basement
Finished, Full
Elementary school
Ps 107 Thomas A Dooley
Middle school
Jhs 189 Daniel Carter Beard
High school
Flushing High School
Elementary school district
Queens 25
Middle school district
Queens 25
High school district
Queens 25
Standard status
Active
APN
05387-0037
Lot size
0.04 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
13314
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Central Air
Water source
Public
Amenities
finished basement
balcony
private front yard
Building Details
Year built
1988
Number of units
3
Building materials
Brick
Listing Agency:
E Realty International Corp
(718) 886-8110
Listed By:
Vicky Wei
(646) 651-3858
Added: Aug 11
Last Checked: Aug 12 at 12:06AM
MLS# 1037661
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.
This legal brick triplex, built in 1988, contains approximately 2,593 sq ft across three distinct residences on a 19 x 91 ft lot. The first-floor apartment has one bedroom, one bathroom, a kitchen, and garage access. Two additional apartments each offer three bedrooms, two bathrooms, a living room, and a kitchen; the upper residences also include balconies. A finished basement with its own entrance adds flexible interior space.
The property includes a private front yard and a driveway with 2-car parking. Central air, natural gas heat, public water, and public sewer are in place. The home can be delivered vacant, allowing the next owner to occupy or reposition the three-unit layout. Located near shopping, dining, transportation, schools, and daily services in Flushing.
The property includes a private front yard and a driveway with 2-car parking. Central air, natural gas heat, public water, and public sewer are in place. The home can be delivered vacant, allowing the next owner to occupy or reposition the three-unit layout. Located near shopping, dining, transportation, schools, and daily services in Flushing.
Key Highlights
- Legal 3‑family brick residence built in 1988
- Approximately 2,593 sq ft on a 19 x 91 ft lot
- Unit mix includes 1‑bedroom and two 3‑bedroom residences
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
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
3,648
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 residences include a finished basement, private outdoor space, and central air conditioning.
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 3‑family brick residence built in 1988; Approximately 2,593 sq ft on a 19 x 91 ft lot; Unit mix includes 1‑bedroom and two 3‑bedroom residences
