Detached Brick
For Sale
$1,850,000
55-03 137th Street, Flushing, NY 11355
Three separate apartments include one two-bedroom layout and two three-bedroom layouts.
Property Size3,276 SF
Price / SF$564.71
Days on Market11
Property Features for 55-03 137th Street
General Information
Standard status
Active
Size
3,276 SF
Property subtype
Triplex
Taxes and HOA fees
Annual Taxes
$12,231
Building Details
Building Size
3,276 SF
Year Built
1950
Listing Agency:
Keller Williams Landmark II
(347) 846-1200
Listed By:
Jing X. Gao · License #10301212243
Source:
Cbwarburg
Added: Jul 30
Changed: Aug 4
Last Checked: Aug 8 at 9:17AM
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 Keller Williams Landmark II
Investment Insights
Based on property information with market context.
This legal, detached brick triplex contains 3,276 square feet across three residential levels. The 26' x 42' building occupies a 40' x 82' corner lot and was built in 1950. Each floor is approximately 1,100 square feet. The first level includes a two-bedroom apartment and a two-car garage, while the upper floors each contain a three-bedroom, one-bath apartment with living and dining areas. A private backyard provides additional outdoor space.
The property is located at 55-03 137th Street in Flushing, directly across from the Queens Botanical Garden. Shopping, restaurants, schools, parks, and public transportation are nearby. The detached configuration, three-apartment layout, garage, and corner-lot setting provide a clear residential income-property profile.
The property is located at 55-03 137th Street in Flushing, directly across from the Queens Botanical Garden. Shopping, restaurants, schools, parks, and public transportation are nearby. The detached configuration, three-apartment layout, garage, and corner-lot setting provide a clear residential income-property profile.
Key Highlights
- Legal detached triplex with 3,276 square feet
- Three apartments: one two‑bedroom unit and two three‑bedroom, one‑bath units
- 26' x 42' building on a 40' x 82' corner lot
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
$80,080
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
4.33%
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%
$1,601,600
$1.6M
Cap Rate 7%
$1,144,000
$1.1M
Cap Rate 9%
$889,778
$889.8K
Market Conditions
NOI Build-Up for 3,276 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
$151.4K $46.20/SF
− Vacancy
−$5.8K −$1.76/SF
EGI
$145.6K $44.44/SF
− OpEx
−$65.5K −$20.00/SF
NOI
$80.1K $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%
$1,601,600
Cap Rate 7%
$1,144,000
Cap Rate 9%
$889,778
Alternative Uses
Best Use
Apartment 5plus
$1.14M
$1.00M – $1.33M
NOI $80,080 @ 7.0% cap · market cap 4.33%
Second Best
Multifamily LT 5
$774.6K
$677.8K – $903.7K
NOI $54,223 @ 7.0% cap · market cap 2.93%
Theoretical Best
Office A
$2.42M
$2.11M – $2.82M
NOI $169,057 @ 7.0% cap · market cap 9.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
7,250
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 apartments include one two-bedroom layout and two three-bedroom layouts.
Where is this triplex located?
The property is located at 55-03 137th Street Flushing, NY.
What is the asking price?
The asking price for this property is $1,850,000.
What are key features of this property?
This property features: Legal detached triplex with 3,276 square feet; Three apartments: one two‑bedroom unit and two three‑bedroom, one‑bath units; 26' x 42' building on a 40' x 82' corner lot
