Seven-Unit Mixed-Use
For Sale
$1,435,000
81-38 Baxter Avenue, Elmhurst, NY 11373
Commercial Sale, Elmhurst, NY
Property Size4,000 SF
Lot Size0.05 Acres
Price / SF$358.75
Days on Market219
Property Features for 81-38 Baxter Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
R7BC1-3
Parking
6
Parking features
On Street
Standard status
Active
APN
01506-0007
Lot size
0.05 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
37676
Utilities
Utilities
Natural Gas Available
Sewer type
Public Sewer
Heating system
Natural Gas
Water source
Public
Amenities
Excellent Signage
High 8' Ceilings
Separate Meters
Large Rear Yard
200 Amp Power
All New LED Lighting
CAC
Building Details
Year built
1917
Floors in Building
1
Number of units
7
Building materials
Frame
Listing Agency:
All Island Estates Realty Corp
(516) 783-5600
Listed By:
Richard Matt Shane · License #10301216230
(516) 279-8828
Added: Jan 19
Changed: Aug 20
Last Checked: Aug 26 at 8:06AM
MLS# 953323
Copyright © 2026 OneKey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1917 mixed-use building contains more than 4,000 square feet, with two ground-floor storefronts and five one-bedroom apartments above. The property includes a basement, a large rear yard, 20 feet of frontage on Baxter Avenue, and 8-foot ceilings. Separate meters, 200-amp electrical service, LED lighting, and CAC support the existing configuration. The frame structure is served by public water and public sewer, with natural gas available.
The property is in Elmhurst, one block from Roosevelt Avenue and minutes from I-278 and Queens Boulevard. Surrounding businesses identified in the property information include Starbucks, TD Bank, CVS, Dunkin, McDonald's, Shake Shack, and Chick-fil-A. R7B/C1-3 zoning is in place, and the building's combination of storefront and residential space provides an established mixed-use format.
The property is in Elmhurst, one block from Roosevelt Avenue and minutes from I-278 and Queens Boulevard. Surrounding businesses identified in the property information include Starbucks, TD Bank, CVS, Dunkin, McDonald's, Shake Shack, and Chick-fil-A. R7B/C1-3 zoning is in place, and the building's combination of storefront and residential space provides an established mixed-use format.
Key Highlights
- Seven‑unit layout with two storefronts and five 1‑bedroom apartments
- More than 4,000 square feet on a 0.0456‑acre lot
- R7B/C1‑3 zoning with 20 feet of frontage on Baxter Avenue
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
$97,778
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
6.81%
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%
$1,955,560
$2.0M
Cap Rate 7%
$1,396,829
$1.4M
Cap Rate 9%
$1,086,422
$1.1M
Market Conditions
NOI Build-Up for 4,000 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
$184.8K $46.20/SF
− Vacancy
−$7.0K −$1.76/SF
EGI
$177.8K $44.44/SF
− OpEx
−$80.0K −$20.00/SF
NOI
$97.8K $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%
$1,955,560
Cap Rate 7%
$1,396,829
Cap Rate 9%
$1,086,422
Alternative Uses
Best Use
Apartment 5plus
$1.40M
$1.22M – $1.63M
NOI $97,778 @ 7.0% cap · market cap 6.81%
Second Best
Retail
$1.02M
$892.5K – $1.19M
NOI $71,400 @ 7.0% cap · market cap 4.98%
Theoretical Best
Office A
$2.95M
$2.58M – $3.44M
NOI $206,419 @ 7.0% cap · market cap 14.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8 ft
Clear height
5
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
7,737
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?
Mixed-use property - Two storefronts and five one-bedroom apartments occupy a versatile Elmhurst property with commercial zoning and separate utility meters.
Where is this mixed-use property located?
The property is located at 81-38 Baxter Avenue Elmhurst, NY.
What is the asking price?
The asking price for this property is $1,435,000.
What are key features of this property?
This property features: Seven‑unit layout with two storefronts and five 1‑bedroom apartments; More than 4,000 square feet on a 0.0456‑acre lot; R7B/C1‑3 zoning with 20 feet of frontage on Baxter Avenue
