Renovated Brick
For Sale
$1,780,000
8715 Justice Avenue, Elmhurst, NY 11373
Legal three-family property with basement space near subway service and shopping.
Property Size3,420 SF
Lot Size0.06 Acres
Days on Market82
Property Features for 8715 Justice Avenue
General Information
Standard status
Active
Size
3,420 SF
Lot size
0.06 Acres
Property subtype
Residential Income
Additional Details
Public Transit
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$11,205
Building Details
Building Size
3,420 SF
Year Built
1920
Units
3
Construction
brick
Listing Agency:
Landmark International R E LLC
(646) 786-9982
Listed By:
Jordan G. Donner · License #10491205410
(646) 786-9982
Source:
Millenniumhomes
Added: Jun 11
Changed: Aug 28
Last Checked: Aug 28 at 11:30AM
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 Landmark International R E LLC
Investment Insights
Based on property information with market context.
This semi-attached brick triplex contains three legal family residences along with basement space. The building was constructed in 1920 and has been fully renovated. Its footprint measures 20 feet by 55 feet, with the structure positioned on a 25-foot by 98-foot lot.
Located at 8715 Justice Avenue in Elmhurst, the property is near subway service and shopping. The three-family configuration and completed renovation provide a clearly defined multifamily layout within an established residential setting.
Located at 8715 Justice Avenue in Elmhurst, the property is near subway service and shopping. The three-family configuration and completed renovation provide a clearly defined multifamily layout within an established residential setting.
Key Highlights
- Three legal family residences plus basement
- Fully renovated brick building
- Building dimensions: 20' by 55'
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
$83,600
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
4.70%
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%
$1,672,000
$1.7M
Cap Rate 7%
$1,194,286
$1.2M
Cap Rate 9%
$928,889
$928.9K
Market Conditions
NOI Build-Up for 3,420 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
$158.0K $46.20/SF
− Vacancy
−$6.0K −$1.76/SF
EGI
$152.0K $44.44/SF
− OpEx
−$68.4K −$20.00/SF
NOI
$83.6K $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 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%
$1,672,000
Cap Rate 7%
$1,194,286
Cap Rate 9%
$928,889
Alternative Uses
Best Use
Apartment 5plus
$1.19M
$1.05M – $1.39M
NOI $83,600 @ 7.0% cap · market cap 4.70%
Second Best
Multifamily LT 5
$808.7K
$707.6K – $943.5K
NOI $56,607 @ 7.0% cap · market cap 3.18%
Theoretical Best
Office A
$2.52M
$2.21M – $2.94M
NOI $176,488 @ 7.0% cap · market cap 9.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
4,354
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?
Triplex - Legal three-family property with basement space near subway service and shopping.
Where is this triplex located?
The property is located at 8715 Justice Avenue 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: Three legal family residences plus basement; Fully renovated brick building; Building dimensions: 20' by 55'
