Brick Triplex with Private
For Sale
$1,498,888
61-49 Grand Avenue, Maspeth, NY 11378
Three separately metered apartments feature contemporary finishes and individual heating and hot water systems.
Property Size2,905 SF
Days on Market11
Property Features for 61-49 Grand Avenue
General Information
Standard status
Active
Size
2,905 SF
Property subtype
Residential Income
Units
Unit Mix
1 x 1BR, 2 x 2BR
Multifamily Units
3
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$10,384
Building Details
Building Size
2,905 SF
Year Built
2007
Buildings
1
Stories
3
Units
3
Construction
brick
Listing Agency:
RE/MAX 1st Choice
(917) 406-6026
Listed By:
Po Wei Tair · License #7.51E+13
(917) 406-6026
Source:
Cohenandcohenrealty
Added: Aug 13
Changed: Aug 21
Last Checked: Aug 22 at 2:23PM
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.
Built in 2007, this legal brick triplex contains three self-contained apartments with distinct layouts. The first floor includes a one-bedroom unit, while the second and third floors each offer two bedrooms, dining rooms, and en suite half baths. Wood floors, granite countertops, stainless steel appliances, and ample closet space are provided throughout the residences.
Each apartment has its own gas meter, electric meter, heating unit, and hot water heater, keeping utilities separately controlled. The property also includes an attached garage, a private driveway, and off-street parking. A full basement with a separate entrance and walk-out access provides additional storage space and may be finished, subject to applicable requirements. The property is located at 61-49 Grand Avenue in Maspeth, NY 11378.
Each apartment has its own gas meter, electric meter, heating unit, and hot water heater, keeping utilities separately controlled. The property also includes an attached garage, a private driveway, and off-street parking. A full basement with a separate entrance and walk-out access provides additional storage space and may be finished, subject to applicable requirements. The property is located at 61-49 Grand Avenue in Maspeth, NY 11378.
Key Highlights
- Legal three‑family brick property built in 2007
- One‑bedroom first‑floor apartment plus two two‑bedroom apartments
- Separate gas and electric meters, heating units, and hot water heaters for each unit
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
$71,011
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
4.74%
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%
$1,420,220
$1.4M
Cap Rate 7%
$1,014,443
$1.0M
Cap Rate 9%
$789,011
$789.0K
Market Conditions
NOI Build-Up for 2,905 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
$134.2K $46.20/SF
− Vacancy
−$5.1K −$1.76/SF
EGI
$129.1K $44.44/SF
− OpEx
−$58.1K −$20.00/SF
NOI
$71.0K $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%
$1,420,220
Cap Rate 7%
$1,014,443
Cap Rate 9%
$789,011
Alternative Uses
Best Use
Apartment 5plus
$1.01M
$887.6K – $1.18M
NOI $71,011 @ 7.0% cap · market cap 4.74%
Second Best
Multifamily LT 5
$686.9K
$601.0K – $801.4K
NOI $48,082 @ 7.0% cap · market cap 3.21%
Theoretical Best
Office A
$2.14M
$1.87M – $2.50M
NOI $149,912 @ 7.0% cap · market cap 10.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,966
Businesses Nearby
Explore this area
Business Placement
Demographics for 11378, NY
38,288
Population
14,522
Households
2.6
Avg Household Size
40
Median Age
26%
College-Educated
83%
High-School Grad
2.4 sq mi
ZIP Area
15,953
Density / Sq Mi
$84,762
Median Household Income
$52,281
Median Earnings
$1,932
Median Rent
$832,700
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 separately metered apartments feature contemporary finishes and individual heating and hot water systems.
Where is this triplex located?
The property is located at 61-49 Grand Avenue Maspeth, NY.
What is the asking price?
The asking price for this property is $1,498,888.
What are key features of this property?
This property features: Legal three‑family brick property built in 2007; One‑bedroom first‑floor apartment plus two two‑bedroom apartments; Separate gas and electric meters, heating units, and hot water heaters for each unit
