Three-Unit Triplex
New
For Sale
$2,500,000
60-07 43rd Avenue, Queens, NY 11377
Three rentable residences with basement, first-floor, and second-floor living areas plus a small backyard.
Property Size3,620 SF
Price / SF$690.61
Days on Market6
Property Features for 60-07 43rd Avenue
General Information
Standard status
Active
Size
3,620 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$7,370
Building Details
Building Size
3,620 SF
Year Built
1931
Listing Agency:
Nest Seekers LLC
Listed By:
Andrew Jhun
(201) 978-8102
Source:
Miradorrealestate
Added: Sep 1
Changed: Sep 3
Last Checked: Sep 6 at 9:27AM
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 Nest Seekers LLC
Investment Insights
Based on property information with market context.
Built in 1931, this 3,620-square-foot triplex is configured as three rentable residences across the basement, first floor, and second floor. The property was formerly used as a medical office on the first floor and has since been converted to residential units. Improvements include work to the basement, roof, plumbing, and parking lot, along with a small backyard.
The property is situated in a residential area with stores along 43rd Avenue and access to public transportation. Its three-level residential configuration and existing site improvements provide a defined layout for continued multifamily use.
The property is situated in a residential area with stores along 43rd Avenue and access to public transportation. Its three-level residential configuration and existing site improvements provide a defined layout for continued multifamily use.
Key Highlights
- Three rentable residences spanning the basement, first floor, and second floor
- 3,620 SF triplex built in 1931
- Small backyard included with the property
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
$88,489
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
3.54%
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%
$1,769,780
$1.8M
Cap Rate 7%
$1,264,129
$1.3M
Cap Rate 9%
$983,211
$983.2K
Market Conditions
NOI Build-Up for 3,620 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
$167.2K $46.20/SF
− Vacancy
−$6.4K −$1.76/SF
EGI
$160.9K $44.44/SF
− OpEx
−$72.4K −$20.00/SF
NOI
$88.5K $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%
$1,769,780
Cap Rate 7%
$1,264,129
Cap Rate 9%
$983,211
Alternative Uses
Best Use
Apartment 5plus
$1.26M
$1.11M – $1.47M
NOI $88,489 @ 7.0% cap · market cap 3.54%
Second Best
Multifamily LT 5
$856.0K
$749.0K – $998.6K
NOI $59,917 @ 7.0% cap · market cap 2.40%
Theoretical Best
Office A
$2.67M
$2.34M – $3.11M
NOI $186,809 @ 7.0% cap · market cap 7.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
5,987
Businesses Nearby
Explore this area
Business Placement
Demographics for 11377, NY
91,512
Population
34,928
Households
2.6
Avg Household Size
39
Median Age
33%
College-Educated
82%
High-School Grad
2.5 sq mi
ZIP Area
36,605
Density / Sq Mi
$73,292
Median Household Income
$45,978
Median Earnings
$1,802
Median Rent
$670,300
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 rentable residences with basement, first-floor, and second-floor living areas plus a small backyard.
Where is this triplex located?
The property is located at 60-07 43rd Avenue Queens, NY.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: Three rentable residences spanning the basement, first floor, and second floor; 3,620 SF triplex built in 1931; Small backyard included with the property
