Six-Unit Brick Multifamily
For Sale
Contact for pricing
78-11 73rd Pl, Glendale, NY 11385
Semi-attached six-unit building with fully occupied mix of free-market and rent-stabilized apartments.
Property Size2,500 SF
Price / SF$620
Days on Market68
Property Features for 78-11 73rd Pl
General Information
Standard status
Active
Size
2,500 SF
Property subtype
Mixed Use
Occupancy
100%
Additional Details
Multifamily Units
6
Building Details
Year Built
1925
Tenancy
Multi
Listing Agency:
LANDMARK INTERNATIONAL REAL ESTATE GROUP LLC
(718) 898-8300
Listed By:
Lucy Lu
Source:
Crexi
Added: Jun 4
Changed: Aug 8
Last Checked: Aug 8 at 9:01AM
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 LANDMARK INTERNATIONAL REAL ESTATE GROUP LLC
Investment Insights
Based on property information with market context.
This semi-attached, solid brick six-unit multifamily property is fully occupied and configured with apartments that each include two bedrooms, a living room, a kitchen, and a bath. The building contains four free-market units and two rent-stabilized units, with units 1A and 3A identified as stabilized. Current in-place rents are listed for each apartment, supporting an operating picture buyers can review during underwriting.
The property is located in Glendale, NY. Based on the provided rent roll, the building’s current annual rent roll is $103,800. Reported annual operating expenses include insurance of $9,125, water of $4,800, repairs of $3,945, and fuel of $6,000, with annual property taxes of $25,679.
For investors or owner-operators seeking a turnkey residential income asset, this property offers a straightforward unit mix all built around the same two-bedroom layout. Because the building is fully occupied with a blend of free-market and rent-stabilized apartments, it may appeal to buyers looking for stable current occupancy and a manageable, consistent floorplan profile across the unit count.
The property is located in Glendale, NY. Based on the provided rent roll, the building’s current annual rent roll is $103,800. Reported annual operating expenses include insurance of $9,125, water of $4,800, repairs of $3,945, and fuel of $6,000, with annual property taxes of $25,679.
For investors or owner-operators seeking a turnkey residential income asset, this property offers a straightforward unit mix all built around the same two-bedroom layout. Because the building is fully occupied with a blend of free-market and rent-stabilized apartments, it may appeal to buyers looking for stable current occupancy and a manageable, consistent floorplan profile across the unit count.
Key Highlights
- 6‑family solid brick, semi‑attached building built in 1925
- Fully occupied unit mix: 4 free‑market units and 2 rent‑stabilized units (1A and 3A stabilized)
- All units are 2‑bedroom apartments with living room, kitchen, and bath
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
$61,111
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
3.94%
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%
$1,222,220
$1.2M
Cap Rate 7%
$873,014
$873.0K
Cap Rate 9%
$679,011
$679.0K
Market Conditions
NOI Build-Up for 2,500 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
$115.5K $46.20/SF
− Vacancy
−$4.4K −$1.76/SF
EGI
$111.1K $44.44/SF
− OpEx
−$50.0K −$20.00/SF
NOI
$61.1K $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%
$1,222,220
Cap Rate 7%
$873,014
Cap Rate 9%
$679,011
Alternative Uses
Best Use
Apartment 5plus
$873.0K
$763.9K – $1.02M
NOI $61,111 @ 7.0% cap · market cap 3.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.84M
$1.61M – $2.15M
NOI $129,012 @ 7.0% cap · market cap 8.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,048
Businesses Nearby
Explore this area
Business Placement
Demographics for 11385, NY
100,883
Population
40,175
Households
2.5
Avg Household Size
36
Median Age
34%
College-Educated
84%
High-School Grad
3.6 sq mi
ZIP Area
28,023
Density / Sq Mi
$87,365
Median Household Income
$47,335
Median Earnings
$1,959
Median Rent
$842,800
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?
Apartment building - Semi-attached six-unit building with fully occupied mix of free-market and rent-stabilized apartments.
Where is this apartment building located?
The property is located at 78-11 73rd Pl Glendale, NY.
What is the asking price?
The asking price for this property is $1,550,000.
What are key features of this property?
This property features: 6‑family solid brick, semi‑attached building built in 1925; Fully occupied unit mix: 4 free‑market units and 2 rent‑stabilized units (1A and 3A stabilized); All units are 2‑bedroom apartments with living room, kitchen, and bath
