Brick Triplex with Walk-Out
New
For Sale
$1,580,000
61-40 219th Street, Bayside, NY 11364
Three separate residences, independent utility meters, private parking, and flexible bonus space support varied occupancy needs.
Property Size3,088 SF
Lot Size0.06 Acres
Price / SF$511.66
Days on Market3
Property Features for 61-40 219th Street
General Information
Standard status
Active
Size
3,088 SF
Total Parking Spaces
1
Lot size
0.06 Acres
Property subtype
Triplex
Site & Location
Highway Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 1BR/1BA, 2 x 3BR/1BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$12,860
Amenities
backyard
balcony
walk-out basement
Building Details
Building Size
3,088 SF
Year Built
1964
Buildings
1
Construction
brick
Listing Agency:
RE/MAX 1st Choice
(917) 406-6026
Listed By:
Po Wei Tair · License #7.51E+13
Source:
Luxuryhomeny
Added: Aug 31
Changed: Sep 1
Last Checked: Sep 1 at 8:38PM
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 RE/MAX 1st Choice
Investment Insights
Based on property information with market context.
This legal brick triplex contains 3,088 square feet and was built in 1964. The first-floor apartment has one bedroom, one bathroom, a living room, and kitchen. Each of the two upper residences includes three bedrooms, a full bathroom, living room, formal dining room, and kitchen. A partially finished full basement has a separate entrance and walk-out access. Three gas meters, three electric meters, and three heating units provide separately configured utilities. The property also includes a private driveway, attached one-car garage, backyard, and balcony on a 24.83-by-100-foot lot.
Located at 61-40 219th Street in Bayside, the property is in Queens School District 26. Springfield Boulevard shopping and dining, Alley Pond Park, the Long Island Expressway, and Union Turnpike express and local bus service are nearby.
Located at 61-40 219th Street in Bayside, the property is in Queens School District 26. Springfield Boulevard shopping and dining, Alley Pond Park, the Long Island Expressway, and Union Turnpike express and local bus service are nearby.
Key Highlights
- Legal three‑family brick property with 3,088 square feet
- Unit mix includes one 1‑bedroom residence and two 3‑bedroom residences
- Full partially finished walk‑out basement with separate entrance
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
$75,484
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
4.78%
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%
$1,509,680
$1.5M
Cap Rate 7%
$1,078,343
$1.1M
Cap Rate 9%
$838,711
$838.7K
Market Conditions
NOI Build-Up for 3,088 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
$142.7K $46.20/SF
− Vacancy
−$5.4K −$1.76/SF
EGI
$137.2K $44.44/SF
− OpEx
−$61.8K −$20.00/SF
NOI
$75.5K $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%
$1,509,680
Cap Rate 7%
$1,078,343
Cap Rate 9%
$838,711
Alternative Uses
Best Use
Apartment 5plus
$1.08M
$943.6K – $1.26M
NOI $75,484 @ 7.0% cap · market cap 4.78%
Second Best
Multifamily LT 5
$730.2K
$638.9K – $851.9K
NOI $51,111 @ 7.0% cap · market cap 3.23%
Theoretical Best
Office A
$2.28M
$1.99M – $2.66M
NOI $159,356 @ 7.0% cap · market cap 10.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,140
Businesses Nearby
Explore this area
Business Placement
Demographics for 11364, NY
37,032
Population
14,527
Households
2.5
Avg Household Size
45
Median Age
49%
College-Educated
86%
High-School Grad
2.5 sq mi
ZIP Area
14,813
Density / Sq Mi
$101,222
Median Household Income
$55,295
Median Earnings
$2,330
Median Rent
$770,100
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, independent utility meters, private parking, and flexible bonus space support varied occupancy needs.
Where is this triplex located?
The property is located at 61-40 219th Street Bayside, NY.
What is the asking price?
The asking price for this property is $1,580,000.
What are key features of this property?
This property features: Legal three‑family brick property with 3,088 square feet; Unit mix includes one 1‑bedroom residence and two 3‑bedroom residences; Full partially finished walk‑out basement with separate entrance
