8-Unit Multifamily
For Sale
Contact for pricing
42-08 164th Street, Flushing, NY 11358
For sale 8-unit multifamily property with apartment building configuration.
Property Size8,000 SF
Price / SF$487.50
Days on Market53
Property Features for 42-08 164th Street
General Information
Standard status
Active
Size
8,000 SF
Class
A
Total Parking Spaces
4
Property subtype
Multifamily
Investment Type
Net Lease
Additional Details
Multifamily Units
8
Building Details
Year Built
2019
Units
8
Tenancy
Multi
Listing Agency:
Century Homes Realty Group
(646) 233-6608
Listed By:
Roger Liu · License #NY 10301219442
Source:
Crexi
Added: Jul 3
Changed: Aug 8
Last Checked: Aug 21 at 8:40PM
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 Century Homes Realty Group
Investment Insights
Based on property information with market context.
This for-sale multifamily property is configured as an 8-unit apartment building.
The offering is located at 42-08 164th Street in Flushing, New York.
The property is presented as a residential income asset with a total size of approximately 8,000 square feet, reflecting its small multi-unit apartment structure.
The offering is located at 42-08 164th Street in Flushing, New York.
The property is presented as a residential income asset with a total size of approximately 8,000 square feet, reflecting its small multi-unit apartment structure.
Key Highlights
- 8‑unit multifamily property (apartment building configuration)
- Built in 2019
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
$195,555
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
5.01%
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%
$3,911,100
$3.9M
Cap Rate 7%
$2,793,643
$2.8M
Cap Rate 9%
$2,172,833
$2.2M
Market Conditions
NOI Build-Up for 8,000 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
$369.6K $46.20/SF
− Vacancy
−$14.0K −$1.76/SF
EGI
$355.6K $44.44/SF
− OpEx
−$160.0K −$20.00/SF
NOI
$195.6K $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%
$3,911,100
Cap Rate 7%
$2,793,643
Cap Rate 9%
$2,172,833
Alternative Uses
Best Use
Apartment 5plus
$2.79M
$2.44M – $3.26M
NOI $195,555 @ 7.0% cap · market cap 5.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.90M
$5.16M – $6.88M
NOI $412,838 @ 7.0% cap · market cap 10.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
765
Businesses Nearby
Explore this area
Business Placement
Demographics for 11358, NY
40,435
Population
13,806
Households
2.9
Avg Household Size
43
Median Age
37%
College-Educated
84%
High-School Grad
2.0 sq mi
ZIP Area
20,218
Density / Sq Mi
$88,729
Median Household Income
$46,875
Median Earnings
$2,086
Median Rent
$967,200
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 - For sale 8-unit multifamily property with apartment building configuration.
Where is this apartment building located?
The property is located at 42-08 164th Street Flushing, NY.
What is the asking price?
The asking price for this property is $3,900,000.
What are key features of this property?
This property features: 8‑unit multifamily property (apartment building configuration); Built in 2019
