Brick Triplex with
For Sale
$1,880,000
Pending
42-03 156th Street, Flushing, NY 11355
Residential Income, Flushing, NY
Property Size2,593 SF
Lot Size0.04 Acres
Days on Market26
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
Full, Finished
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
Pending
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
garage access
balcony
finished basement
separate entrance
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
Changed: Aug 21
Last Checked: Sep 5 at 6:06PM
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 three-family brick residence contains approximately 2,593 square feet across three separate living units. The first-floor apartment has one bedroom, one full bathroom, a kitchen, and garage access. Two additional three-bedroom units each include two bathrooms, a living room, and a kitchen; balconies are provided on the second and third floors. A finished basement with its own entrance adds flexible space.
The property occupies a 19 x 91-foot lot at 42-03 156th Street in Flushing, NY 11355. Private outdoor areas include a front yard, front and rear balconies, a driveway, and two-car parking. Built in 1988, the home features brick construction, central air, natural gas heating, public water, and public sewer. Shopping, dining, transportation, schools, and everyday amenities are located nearby.
The property occupies a 19 x 91-foot lot at 42-03 156th Street in Flushing, NY 11355. Private outdoor areas include a front yard, front and rear balconies, a driveway, and two-car parking. Built in 1988, the home features brick construction, central air, natural gas heating, public water, and public sewer. Shopping, dining, transportation, schools, and everyday amenities are located nearby.
Key Highlights
- Legal three‑family brick residence with approximately 2,593 sq ft of living space
- Three separate living units with 1‑bedroom and two 3‑bedroom configurations
- 19 x 91 ft lot with private front yard and 2‑car parking
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 living units include a finished basement, central air, and natural gas heating.
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 with approximately 2,593 sq ft of living space; Three separate living units with 1‑bedroom and two 3‑bedroom configurations; 19 x 91 ft lot with private front yard and 2‑car parking
