Brick Triplex with Two-Car
For Sale
$1,488,000
6637A Jay Avenue, Maspeth, NY 11378
Legal three-family property with private driveway, garage, storage, and backyard.
Property Size3,105 SF
Days on Market47
Property Features for 6637A Jay Avenue
General Information
Standard status
Active
Size
3,105 SF
Property subtype
Triplex
Taxes and HOA fees
Annual Taxes
$11,152
Building Details
Building Size
3,105 SF
Year Built
1991
Listing Agency:
EXP Realty
(888) 276-0630
Listed By:
Patrick J. Hennessy
Source:
Barbieliteam
Added: Jun 25
Changed: Aug 8
Last Checked: Aug 9 at 11:12AM
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 EXP Realty
Investment Insights
Based on property information with market context.
This legal three-family brick building, constructed in 1991, contains three two-bedroom apartments. Each residence includes two full bathrooms, creating a consistent layout across the property. Ground-level storage provides additional utility, while the site also includes a private driveway, two-car garage, and backyard.
The property is located at 6637A Jay Avenue in Maspeth, NY 11378, on a tree-lined residential street near shopping, dining, transportation, and local amenities. Its three-apartment configuration supports both owner-occupant use and multifamily rental operations, subject to applicable requirements.
The property is located at 6637A Jay Avenue in Maspeth, NY 11378, on a tree-lined residential street near shopping, dining, transportation, and local amenities. Its three-apartment configuration supports both owner-occupant use and multifamily rental operations, subject to applicable requirements.
Key Highlights
- Legal three‑family brick building constructed in 1991
- Three two‑bedroom apartments, each with two full bathrooms
- Private driveway and two‑car garage
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
$75,900
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
5.10%
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%
$1,518,000
$1.5M
Cap Rate 7%
$1,084,286
$1.1M
Cap Rate 9%
$843,333
$843.3K
Market Conditions
NOI Build-Up for 3,105 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
$143.5K $46.20/SF
− Vacancy
−$5.5K −$1.76/SF
EGI
$138.0K $44.44/SF
− OpEx
−$62.1K −$20.00/SF
NOI
$75.9K $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%
$1,518,000
Cap Rate 7%
$1,084,286
Cap Rate 9%
$843,333
Alternative Uses
Best Use
Apartment 5plus
$1.08M
$948.8K – $1.27M
NOI $75,900 @ 7.0% cap · market cap 5.10%
Second Best
Multifamily LT 5
$734.2K
$642.4K – $856.6K
NOI $51,393 @ 7.0% cap · market cap 3.45%
Theoretical Best
Office A
$2.29M
$2.00M – $2.67M
NOI $160,233 @ 7.0% cap · market cap 10.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,027
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 - Legal three-family property with private driveway, garage, storage, and backyard.
Where is this triplex located?
The property is located at 6637A Jay Avenue Maspeth, NY.
What is the asking price?
The asking price for this property is $1,488,000.
What are key features of this property?
This property features: Legal three‑family brick building constructed in 1991; Three two‑bedroom apartments, each with two full bathrooms; Private driveway and two‑car garage
