Brick Three-Unit
For Sale
$1,488,000
6637a Jay Avenue, Maspeth, NY 11378
Multifamily building includes private parking, garage space, storage, and a backyard.
Property Size3,105 SF
Days on Market50
Property Features for 6637a Jay Avenue
General Information
Standard status
Active
Size
3,105 SF
Property subtype
Residential Income
Site & Location
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
3 x 2BR/2BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$11,152
Amenities
storage room
backyard
Building Details
Building Size
3,105 SF
Year Built
1991
Buildings
1
Units
3
Construction
brick
Listing Agency:
EXP Realty
(888) 276-0630
Listed By:
Patrick J. Hennessy
(888) 276-0630
Source:
Cohenandcohenrealty
Added: Jun 25
Changed: Aug 12
Last Checked: Aug 12 at 3:08AM
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.
Located at 6637a Jay Avenue in Maspeth, this legal three-family brick building was constructed in 1991. The property contains three two-bedroom apartments, with two full bathrooms in each unit, providing a consistent layout across the building.
Additional improvements include a ground-level storage room, private driveway, two-car garage, and backyard. The property sits on a tree-lined residential street near shopping, dining, transportation, and local amenities in Maspeth, NY 11378.
Additional improvements include a ground-level storage room, private driveway, two-car garage, and backyard. The property sits on a tree-lined residential street near shopping, dining, transportation, and local amenities in Maspeth, NY 11378.
Key Highlights
- Legal three‑family brick building with three two‑bedroom apartments
- Each apartment includes two full bathrooms
- Constructed in 1991
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
Lease Details
3
Residential units
Yes
Paved road access
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 - Multifamily building includes private parking, garage space, storage, and a 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 with three two‑bedroom apartments; Each apartment includes two full bathrooms; Constructed in 1991
