Five-Unit Apartment
For Sale
$2,500,000
8625 59th Avenue, Elmhurst, NY 11373
Five-unit free market building in Elmhurst with updated electrical, new 2023 boiler, basement, rear yard, and parking.
Property Size4,650 SF
Days on Market98
Property Features for 8625 59th Avenue
General Information
Standard status
Active
Size
4,650 SF
Total Parking Spaces
6
Property subtype
Multi Family
Zoning
R6B
Occupancy
100%
Additional Details
Highway Access
Yes
Clear Height
8 ft
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$16,437
Amenities
Basement
Rear Yard
Private 2 Car Garage
Private Driveway
High 8' Ceilings
200 Amp Power
Updated Electrical Wires & Panels
New Boiler Installed In 2023
A/C
Building Details
Building Size
4,650 SF
Year Built
1925
Listing Agency:
All Island Estates Realty Corp
Listed By:
Richard Matt Shane · License #10301216230
(516) 783-5600
Source:
Serhant
Added: Jun 3
Changed: Sep 6
Last Checked: Sep 7 at 10:05AM
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 is a 5-unit free market apartment building with a basement and a rear yard, offering high 8' ceilings and A/C. The unit mix includes one 5-bedroom apartment, one 3-bedroom apartment, two 2-bedroom apartments, and one 1-bedroom apartment. On the property side, there is a private 2-car garage, a private driveway, and 6 parking spaces. Electrical service includes 200 amp power with updated electrical wires and panels, and a new boiler installed in 2023.
Located at 8625 59th Avenue in Elmhurst near Queens Center Mall, the property is described as situated between I-495 (L.I.E.), Woodhaven Blvd., and Queens Blvd. The remarks also cite R6B zoning and include nearby neighbors such as Citibank, Bank of America, T-Mobile, Costco, Target, Macy’s, and other retail and service businesses.
The offering is described as 100% occupied. Annual gross income is stated at $156,060, with annual expenses listed at $36,427 and an indicated annual NOI of $119,633.
Located at 8625 59th Avenue in Elmhurst near Queens Center Mall, the property is described as situated between I-495 (L.I.E.), Woodhaven Blvd., and Queens Blvd. The remarks also cite R6B zoning and include nearby neighbors such as Citibank, Bank of America, T-Mobile, Costco, Target, Macy’s, and other retail and service businesses.
The offering is described as 100% occupied. Annual gross income is stated at $156,060, with annual expenses listed at $36,427 and an indicated annual NOI of $119,633.
Key Highlights
- 5‑unit free market apartment building (100% occupied) built in 1925 in Flushing/Elmhurst area
- Unit mix: one 5BR, one 3BR, two 2BR, and one 1BR apartment, plus basement and rear yard
- Private 2‑car garage and private driveway with 6 total parking spaces
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
$113,667
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
4.55%
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%
$2,273,340
$2.3M
Cap Rate 7%
$1,623,814
$1.6M
Cap Rate 9%
$1,262,967
$1.3M
Market Conditions
NOI Build-Up for 4,650 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
$214.8K $46.20/SF
− Vacancy
−$8.2K −$1.76/SF
EGI
$206.7K $44.44/SF
− OpEx
−$93.0K −$20.00/SF
NOI
$113.7K $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%
$2,273,340
Cap Rate 7%
$1,623,814
Cap Rate 9%
$1,262,967
Alternative Uses
Best Use
Apartment 5plus
$1.62M
$1.42M – $1.89M
NOI $113,667 @ 7.0% cap · market cap 4.55%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.43M
$3.00M – $4.00M
NOI $239,962 @ 7.0% cap · market cap 9.60%
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
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
4,384
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 - Five-unit free market building in Elmhurst with updated electrical, new 2023 boiler, basement, rear yard, and parking.
Where is this apartment building located?
The property is located at 8625 59th Avenue Elmhurst, NY.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 5‑unit free market apartment building (100% occupied) built in 1925 in Flushing/Elmhurst area; Unit mix: one 5BR, one 3BR, two 2BR, and one 1BR apartment, plus basement and rear yard; Private 2‑car garage and private driveway with 6 total parking spaces
