Brick Three-Family
For Sale
$1,880,000
79-01 45th Avenue, Queens, NY 11373
Legal three-family brick property is fully rented, supported by strong transit access and nearby everyday conveniences.
Property Size2,823 SF
Price / SF$665.96
Days on Market191
Property Features for 79-01 45th Avenue
General Information
Standard status
Active
Size
2,823 SF
Property subtype
Triplex
Occupancy
100%
Additional Details
Business Included
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$15,243
Amenities
No
Finished, No
1st Floor Bedrm, Beamed Ceilings, Breakfast Bar, Built-in Features, Cathedral/Vaulted/High Ceiling, Ceiling Fan(s), Chefs Kitchen, Colonial, Double Vanity, Eat in Kitchen, First Floor Full Bath, Park, Public
Finished
First Floor Bedroom, First Floor Full Bath, Beamed Ceilings, Breakfast Bar, Built-in Features, Cathedral Ceiling(s), Ceiling Fan(s), Chefs Kitchen, Double Vanity, Eat-in Kitchen
1st Fl Master Bedroom, Cathedral/Vaulted/High Ceiling, Chef's Kitchen, Dual Sinks, Eat in Kitchen
Brick
Garage, Shared Driveway, Near Public Transit, Near School, Near Shops
Building Details
Year Built
1940
Listing Agency:
Graceful Realty LLC
Listed By:
Yat Cheung Lam
(718) 353-0068
Source:
Compass
Added: Mar 5
Changed: Sep 12
Last Checked: Sep 12 at 11:35AM
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 Graceful Realty LLC
Investment Insights
Based on property information with market context.
This brick, legal three-family residence is fully rented. The building offers a straightforward income-producing configuration as a three-unit multifamily property, suited to buyers seeking an occupied asset.
The property is positioned for practical day-to-day access, with close proximity to bus service and multiple subway lines, along with nearby supermarkets and schools. Transit and walkability metrics indicate strong public-transport convenience, with a transitScore of 74 and a walkScore of 64.
For investors and owner-operators, the fully rented status can support an immediately income-generating setup, while the three-family structure provides a clear, multi-unit hold strategy within a transit-accessible setting. The combination of an occupied building and convenient neighborhood amenities can help tenants with commuting and routine errands.
The property is positioned for practical day-to-day access, with close proximity to bus service and multiple subway lines, along with nearby supermarkets and schools. Transit and walkability metrics indicate strong public-transport convenience, with a transitScore of 74 and a walkScore of 64.
For investors and owner-operators, the fully rented status can support an immediately income-generating setup, while the three-family structure provides a clear, multi-unit hold strategy within a transit-accessible setting. The combination of an occupied building and convenient neighborhood amenities can help tenants with commuting and routine errands.
Key Highlights
- Legal 3‑family brick property
- Built in 1940
- Fully rented with current tenant occupancy
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
$69,007
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
3.67%
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%
$1,380,140
$1.4M
Cap Rate 7%
$985,814
$985.8K
Cap Rate 9%
$766,744
$766.7K
Market Conditions
NOI Build-Up for 2,823 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
$130.4K $46.20/SF
− Vacancy
−$5.0K −$1.76/SF
EGI
$125.5K $44.44/SF
− OpEx
−$56.5K −$20.00/SF
NOI
$69.0K $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%
$1,380,140
Cap Rate 7%
$985,814
Cap Rate 9%
$766,744
Alternative Uses
Best Use
Apartment 5plus
$985.8K
$862.6K – $1.15M
NOI $69,007 @ 7.0% cap · market cap 3.67%
Second Best
Multifamily LT 5
$667.5K
$584.1K – $778.8K
NOI $46,725 @ 7.0% cap · market cap 2.49%
Theoretical Best
Office A
$2.08M
$1.82M – $2.43M
NOI $145,680 @ 7.0% cap · market cap 7.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
100%
Occupancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
4,922
Businesses Nearby
Explore this area
Business Placement
Demographics for 11373, NY
105,712
Population
34,797
Households
3
Avg Household Size
38
Median Age
30%
College-Educated
75%
High-School Grad
1.5 sq mi
ZIP Area
70,475
Density / Sq Mi
$71,470
Median Household Income
$36,043
Median Earnings
$1,913
Median Rent
$683,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Legal three-family brick property is fully rented, supported by strong transit access and nearby everyday conveniences.
Where is this triplex located?
The property is located at 79-01 45th Avenue Queens, 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: Legal 3‑family brick property; Built in 1940; Fully rented with current tenant occupancy
