Building Details

Year built 1986

Floors in Building 3

Flooring type Hardwood

Building materials Brick

Roof type Rubber

Architectural style Other

Listing Agency: ONE STOP MULTISERVICE INC Show Phone

Listed By: Raymond Rivera · License #31RI0930921 Show Phone

Added: Oct 15 Changed: Oct 17 Last Checked: Oct 18 at 7:06AM

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MLS# 11994731

Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

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Investment Insights

Based on property information with market context.

This three-story apartment property contains five seller-reported free-market apartments. The brick building dates to 1986 and has hardwood flooring, hot-water heating, and natural gas service. The lot measures 0.0505 acres.

The property is in Elmhurst, near the Woodhaven Boulevard and Grand Avenue–Newtown M/R subway stations, Queens Center Mall, Queens Place Mall, Queens Boulevard, and the Long Island Expressway. The listing indicates it may be acquired individually or with an adjacent six-family property.

Key Highlights

• Five apartments described as free‑market rentals by the seller
• Three‑story brick building constructed in 1986
• 0.0505‑acre lot

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$113,178

Cap Rate

6.36%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,263,560 $2.3M

Cap Rate 7%

$1,616,829 $1.6M

Cap Rate 9%

$1,257,533 $1.3M

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,630 SF

Gross rent

$213.9K $46.20/SF

− Vacancy

−$8.1K −$1.76/SF

EGI

$205.8K $44.44/SF

− OpEx

−$92.6K −$20.00/SF

NOI

$113.2K $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%

$2,263,560

Cap Rate 7%

$1,616,829

Cap Rate 9%

$1,257,533

Alternative Uses

Best Use

Apartment 5plus

$1.62M

$1.41M – $1.89M (±1% cap)

NOI $113,178 @ 7.0% cap · market cap 6.36%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$3.41M

$2.99M – $3.98M (±1% cap)

NOI $238,930 @ 7.0% cap · market cap 13.42%

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

Property Analytics

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Current Use

Apartment buildings

Suggested Use

Top Pick Law Firm Real Estate Agency Gym & Fitness Center Hotel & Motel (Bike/Boat/Book/etc) Store Bar & Pub

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

Location Intelligence

Trade Area within ½ mile

3,526

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

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Frequently Asked Questions

What type of property is this?

Apartment building - Three-story residential property with five seller-reported free-market apartments in Elmhurst.

Where is this apartment building located?

The property is located at 86 57rd Elmhurst, NY.

What is the asking price?

The asking price for this property is $1,780,000.

What are key features of this property?

This property features: Five apartments described as free‑market rentals by the seller; Three‑story brick building constructed in 1986; 0.0505‑acre lot