Two-Bedroom Residence in Income
7540 AUSTIN ST Flushing, NY 11375
For Sale
$475,000
Two-bedroom, one-bath unit with an eat-in kitchen in Michele Towers, directly on Austin Street.
Property Size896 SF
Price / SF$530.13
Days on Market165
Property Features for 7540 AUSTIN ST
General Information
- Standard status
- Active
- Size
- 896 SF
- Property subtype
- Apartment
Building Details
- Year Built
- 1940
Listing Agency:
Brown Harris Stevens Residential Sales LLC
(212) 906-9234
Listed By:
Richard Del Nunzio
(212) 906-9210
Source:
Xome
Added: Feb 8
Changed: Jul 23
Last Checked: Jul 23 at 3:40AM
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 Brown Harris Stevens Residential Sales LLC
Investment Insights
Based on property information with market context.
Residence 5FL at Michele Towers offers a two-bedroom, one-bath layout arranged on a clear, efficient plan. Perimeter windows bring daylight into the apartment and help define the rooms through natural light. The unit includes an intimate eat-in kitchen that provides a distinct space for daily living apart from the main areas.
The building is directly on Austin Street at 7540 Austin St, Flushing, NY 11375. Austin Street has functioned as the principal commercial corridor of Forest Hills and is closely associated with the area’s early 20th-century development tied to transit connections and a growing local commercial district.
This apartment configuration supports straightforward, practical everyday use, with the main living areas separated from the eat-in kitchen and bedrooms arranged within a compact, legible footprint.
The building is directly on Austin Street at 7540 Austin St, Flushing, NY 11375. Austin Street has functioned as the principal commercial corridor of Forest Hills and is closely associated with the area’s early 20th-century development tied to transit connections and a growing local commercial district.
This apartment configuration supports straightforward, practical everyday use, with the main living areas separated from the eat-in kitchen and bedrooms arranged within a compact, legible footprint.
Key Highlights
- Two‑bedroom, one‑bath apartment unit in Michele Towers
- Eat‑in kitchen with a defined space separate from the main living areas
- A/C - Other cooling
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $41.4k | $46.20 |
| − Vacancy | −$1.6k | −$1.76 |
| EGI | $39.8k | $44.44 |
| − OpEx | −$17.9k | −$20.00 |
| NOI | $21.9k | $24.44 |
896 SF · lease $46.20/SF/yr · vacancy 3.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$312.9K
$273.8K – $365.0K
NOI $21,902 @ 7.0% cap · market cap 4.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$660.5K
$578.0K – $770.6K
NOI $46,238 @ 7.0% cap · market cap 9.73%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Residential income properties
FAQs
What type of property is this?
Residential income property - Two-bedroom, one-bath unit with an eat-in kitchen in Michele Towers, directly on Austin Street.
Where is this residential income property located?
The property is located at 7540 AUSTIN ST Flushing, NY.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Two‑bedroom, one‑bath apartment unit in Michele Towers; Eat‑in kitchen with a defined space separate from the main living areas; A/C - Other cooling
