Brick Mixed-Use
For Sale
$1,880,000
6111 159th Street, Fresh Meadows, NY 11365
Residential Income, Fresh Meadows, NY
Property Size3,456 SF
Lot Size0.06 Acres
Price / SF$543.98
Days on Market92
Property Features for 6111 159th Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
9
Bathrooms
7
Full bathrooms
7
Rooms
Bedroom 3, Bedroom 4, Bathroom 1, Bathroom 5, Bathroom 7, Bathroom 6, Bathroom 2, Bedroom 1, Bedroom 5, Bedroom 8, Bedroom 6, Dining Room, Bathroom 4, Bathroom 3, Bedroom 2, Bedroom 9, Basement, Bedroom 7
Parking features
On Street, Driveway
Interior features
First Floor Bedroom, First Floor Full Bath, Built-in Features, Eat-in Kitchen, Formal Dining, High Ceilings
Exterior features
Balcony
Basement
Finished, Walk-Out Access, Full
Lot features
Corner Lot
Elementary school
Ps 201 Discovery School
Middle school
Is 237
High school
Townsend Harris High School
Elementary school district
Queens 25
Middle school district
Queens 25
High school district
Queens 25
Standard status
Active
APN
06754-0066
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
12116
Utilities
Sewer type
Public Sewer
Heating system
Baseboard
Cooling system
ENERGY STAR Qualified Equipment
Water source
Public
Amenities
high ceilings
private terrace
separate boilers
separate hot water tanks
split-system air conditioning
Building Details
Year built
2008
Number of units
3
Building materials
Brick
Architectural style
Contemporary
Listing Agency:
EXP Realty
(888) 276-0630
Listed By:
Xingye Fu
(516) 336-9417
Added: Jun 2
Changed: Aug 20
Last Checked: Sep 1 at 12:06PM
MLS# 1008145
Copyright © 2026 OneKey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Completed in 2008, this semi-detached brick property contains approximately 3,456 square feet across three stories and a full basement, with 1,152 square feet on each floor. The R4-zoned building includes a first-floor community facility and two residential units: a 4-bedroom, 2-bathroom residence above a 3-bedroom, 2-bathroom apartment. High ceilings, a private terrace, and a 16' x 72' footprint add functional and flexible space.
The property includes an attached garage and 3 parking spaces, along with public water and sewer service. Three separate boilers and three hot water tanks support the building’s multiple occupants. Most units were updated in 2025 with new split-system air conditioning equipment. The property is located near Kissena Boulevard and is served by the Q17 and Q25 bus lines, which connect to Downtown Flushing and the Main Street subway station.
The property includes an attached garage and 3 parking spaces, along with public water and sewer service. Three separate boilers and three hot water tanks support the building’s multiple occupants. Most units were updated in 2025 with new split-system air conditioning equipment. The property is located near Kissena Boulevard and is served by the Q17 and Q25 bus lines, which connect to Downtown Flushing and the Main Street subway station.
Key Highlights
- Mixed‑use building with a first‑floor community facility and 2 residential units
- Approximately 3,456 square feet across 3 stories plus a full basement
- Residential units include 4 bedrooms and 2 bathrooms, plus 3 bedrooms and 2 bathrooms
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
$84,480
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
4.49%
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%
$1,689,600
$1.7M
Cap Rate 7%
$1,206,857
$1.2M
Cap Rate 9%
$938,667
$938.7K
Market Conditions
NOI Build-Up for 3,456 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
$159.7K $46.20/SF
− Vacancy
−$6.1K −$1.76/SF
EGI
$153.6K $44.44/SF
− OpEx
−$69.1K −$20.00/SF
NOI
$84.5K $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%
$1,689,600
Cap Rate 7%
$1,206,857
Cap Rate 9%
$938,667
Alternative Uses
Best Use
Apartment 5plus
$1.21M
$1.06M – $1.41M
NOI $84,480 @ 7.0% cap · market cap 4.49%
Second Best
Multifamily LT 5
$817.2K
$715.0K – $953.4K
NOI $57,202 @ 7.0% cap · market cap 3.04%
Theoretical Best
Office A
$2.55M
$2.23M – $2.97M
NOI $178,346 @ 7.0% cap · market cap 9.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
999
Businesses Nearby
Explore this area
Business Placement
Demographics for 11365, NY
46,908
Population
16,626
Households
2.8
Avg Household Size
41
Median Age
39%
College-Educated
84%
High-School Grad
2.5 sq mi
ZIP Area
18,763
Density / Sq Mi
$85,375
Median Household Income
$51,458
Median Earnings
$1,869
Median Rent
$911,800
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?
Mixed-use property - Three-story property combines a community facility with two residences, private outdoor space, parking, and updated building systems.
Where is this mixed-use property located?
The property is located at 6111 159th Street Fresh Meadows, NY.
What is the asking price?
The asking price for this property is $1,880,000.
What are key features of this property?
This property features: Mixed‑use building with a first‑floor community facility and 2 residential units; Approximately 3,456 square feet across 3 stories plus a full basement; Residential units include 4 bedrooms and 2 bathrooms, plus 3 bedrooms and 2 bathrooms
