High-Ceiling Mixed-Use Apartment
For Sale
$1,495,000
81-38 Baxter Avenue, Elmhurst, NY 11373
Mixed-use building with two stores and R7B/C1-3 zoning plus 8-foot ceilings and separate meters.
Property Size4,032 SF
Price / SF$370.78
Days on Market192
Property Features for 81-38 Baxter Avenue
General Information
Standard status
Active
Size
4,032 SF
Total Parking Spaces
6
Property subtype
Multi Family
Zoning
R7B/C1-3
Net Operating Income
$183,386
Financials
Cap Rate
12.27%
Gross Income
$227,456
Site & Location
Highway Access
Yes
Road Access
Yes
Units
Unit Mix
5 x 1BR
Multifamily Units
5
Amenities
LED lighting
CAC
high ceilings
rear yard
Building Details
Building Size
4,032 SF
Year Built
1917
Buildings
1
Tenancy
Multi
Listing Agency:
All Island Estates Realty Corp
(516) 783-5600
Listed By:
Richard Matt Shane · License #10301216230
Source:
Cbwarburg
Added: Jan 20
Changed: Jul 31
Last Checked: Jul 31 at 11:25AM
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 All Island Estates Realty Corp
Investment Insights
Based on property information with market context.
This mixed-use apartment building offers residential and retail space in a single structure, built in 1917. The property includes 7 units—five 1-bedroom apartments—plus two stores, along with a basement, large rear yard, and separate meters. Building features include high 8-foot ceilings, central air conditioning (CAC), 200-amp power, and new LED lighting.
Key Highlights
- R7B/C1‑3 zoning with 20' of frontage on Baxter Avenue
- High 8' ceilings across apartment and retail space
- 7 total units with 5 one‑bedroom apartments plus 2 stores
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 | $186.3k | $46.20 |
| − Vacancy | −$7.1k | −$1.76 |
| EGI | $179.2k | $44.44 |
| − OpEx | −$80.6k | −$20.00 |
| NOI | $98.6k | $24.44 |
4,032 SF · lease $46.20/SF/yr · vacancy 3.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.41M
$1.23M – $1.64M
NOI $98,560 @ 7.0% cap · market cap 6.59%
Second Best
Retail
$1.03M
$899.6K – $1.20M
NOI $71,971 @ 7.0% cap · market cap 4.81%
Theoretical Best
Office A
$2.97M
$2.60M – $3.47M
NOI $208,071 @ 7.0% cap · market cap 13.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
5
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
8,232
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
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 - Mixed-use building with two stores and R7B/C1-3 zoning plus 8-foot ceilings and separate meters.
Where is this apartment building located?
The property is located at 81-38 Baxter Avenue Elmhurst, NY.
What is the asking price?
The asking price for this property is $1,495,000.
What are key features of this property?
This property features: R7B/C1‑3 zoning with 20' of frontage on Baxter Avenue; High 8' ceilings across apartment and retail space; 7 total units with 5 one‑bedroom apartments plus 2 stores
