Brick Triplex With Private
For Sale
$1,498,888
61-49 Grand Avenue, Maspeth, NY 11378
Three separate residences feature modern finishes, dedicated utilities, and additional parking improvements.
Property Size2,905 SF
Days on Market19
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
Amenities
wood floors
granite counters
stainless steel appliances
generous closet space
attached garage
private driveway
separate entrance
walk out access
Building Details
Building Size
2,905 SF
Year Built
2007
Buildings
1
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:
Millenniumhomes
Added: Aug 13
Changed: Aug 28
Last Checked: Aug 29 at 10:22AM
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 solid-brick triplex contains three separately configured residences. The first floor has a one-bedroom unit, while the second and third floors each offer two bedrooms, a dining room, and an en suite half bath. Interior finishes include wood flooring, granite countertops, stainless steel appliances, and ample closet space.
Each residence has its own gas meter, electric meter, heating unit, and hot water heater, allowing utilities to remain fully separated. An attached garage and private driveway provide off-street parking, with additional rental income potential identified for those areas. The full basement has a separate entrance and walk-out access and is positioned for completion as storage space. The property is located at 61-49 Grand AVE in Maspeth, NY 11378.
Each residence has its own gas meter, electric meter, heating unit, and hot water heater, allowing utilities to remain fully separated. An attached garage and private driveway provide off-street parking, with additional rental income potential identified for those areas. The full basement has a separate entrance and walk-out access and is positioned for completion as storage space. The property is located at 61-49 Grand AVE in Maspeth, NY 11378.
Key Highlights
- Three‑family brick residence built in 2007
- First‑floor one‑bedroom unit; second and third floors each have two bedrooms
- Separate gas, electric, heating, and hot water systems for every 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 separate residences feature modern finishes, dedicated utilities, and additional parking improvements.
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: Three‑family brick residence built in 2007; First‑floor one‑bedroom unit; second and third floors each have two bedrooms; Separate gas, electric, heating, and hot water systems for every unit
