Building Details

Building Size 4,032 SF

Year Built 1917

Buildings 1

Stories 3

Units 7

Listing Agency: All Island Estates Realty Corp j***@allislandestates.com Show Phone

Listed By: Richard Matt Shane · License #1020151 Show Phone

Source: Croninreale

Added: Jan 20 Changed: Oct 23 Last Checked: Oct 23 at 9:55AM

Report an Issue

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

Ask AI about this property

Review the available facts, identify missing information and prepare questions for the agent.

What should I ask the agent before proceeding? What information is missing from this listing?

Investment Insights

Based on property information with market context.

This 4,032-square-foot mixed-use property in Elmhurst contains two storefronts and five one-bedroom apartments. Built in 1917, the building includes a basement, a rear yard, six parking spaces, separate utility meters, 200-amp electrical service, central air conditioning, LED lighting, and ceilings measuring 8 feet. The property has 20 feet of frontage on Baxter Avenue and R7B/C1-3 zoning.

Roosevelt Avenue is one block away, with I-278 and Queens Boulevard also nearby. Surrounding businesses include Starbucks, Nissan, Mazda, TD Bank, Shake Shack, CVS, Dunkin’, McDonald’s, Chick-fil-A, and Wendy’s.

The commercial spaces are occupied by a jeweler and a hair salon. The jeweler’s lease expires December 1, 2028, and the salon lease expires February 21, 2027.

Key Highlights

• Two storefronts and five one‑bedroom apartments in a 4,032‑square‑foot building
• R7B/C1‑3 zoning
• 20 feet of frontage on Baxter Avenue; six parking spaces

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$98,560

Cap Rate

6.87%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,971,200 $2.0M

Cap Rate 7%

$1,408,000 $1.4M

Cap Rate 9%

$1,095,111 $1.1M

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,032 SF

Gross rent

$186.3K $46.20/SF

− Vacancy

−$7.1K −$1.76/SF

EGI

$179.2K $44.44/SF

− OpEx

−$80.6K −$20.00/SF

NOI

$98.6K $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 Rate 5%

$1,971,200

Cap Rate 7%

$1,408,000

Cap Rate 9%

$1,095,111

Alternative Uses

Best Use

Apartment 5plus

$1.41M

$1.23M – $1.64M (±1% cap)

NOI $98,560 @ 7.0% cap · market cap 6.87%

Second Best

Retail

$1.03M

$899.6K – $1.20M (±1% cap)

NOI $71,971 @ 7.0% cap · market cap 5.02%

Theoretical Best

Office A

$2.97M

$2.60M – $3.47M (±1% cap)

NOI $208,071 @ 7.0% cap · market cap 14.50%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Contact the owner directly Get the owner's phone numbers and email

Open Analytics

Current Use

Storefront properties

Suggested Use

Top Pick Law Firm Real Estate Agency Parking Lot & Garage Gym & Fitness Center Hotel & Motel Nursing Home

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

5

Residential units

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

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Similar For Sale Nearby

See more

Five-Unit Apartment Building

86 57rd, Elmhurst, NY 11373

$1,780,000

3,630 SF

View details

Mixed-Use Building with Retail

8307 Grand Avenue, Elmhurst, NY 11373

$1,328,000

3,300 SF

View details

7-Unit Apartment Building

41-26 74th St, Elmhurst, NY 11373

$1,590,000

5,244 SF

View details

Mixed-Use Property with Parking

41-24 76th Street, Elmhurst, NY 11373

$2,800,000

3,800 SF

View details

Four-Level Mixed-Use Building

9041 Corona Ave, Elmhurst, NY 11373

$2,200,000

4,609 SF

View details

Five-Unit Apartment Building

8625 59th Avenue, Elmhurst, NY 11373

$2,250,000

View details

Mixed-Use Building with Storefront

84-38 Grand Avenue, Elmhurst, NY 11373

$2,680,000

4,488 SF

View details

Brick Mixed-Use Property

4010 Forley Street, Elmhurst, NY 11373

$1,897,000

3,060 SF

View details

Renovated Mixed-Use Property

9414 Corona Avenue, Elmhurst, NY 11373

$1,249,000

1,800 SF

View details

Brick Apartment Building

4313 Judge Street, Elmhurst, NY 11373

$1,580,000

0.06 Acres

View details

Brick Mixed-Use Building with Restaurant

9106 43rd Avenue, Elmhurst, NY 11373

$1,288,000

0.04 Acres

View details

Brick Mixed-Use Building

8543 Britton Avenue, Elmhurst, NY 11373

$1,799,000

0.03 Acres

View details

Frequently Asked Questions

What type of property is this?

Mixed-use property - R7B/C1-3 zoning applies to a property with two commercial spaces and five one-bedroom apartments.

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: Two storefronts and five one‑bedroom apartments in a 4,032‑square‑foot building; R7B/C1‑3 zoning; 20 feet of frontage on Baxter Avenue; six parking spaces