Downtown Flushing Apartment
For Sale
Contact for pricing
Pending
33-53 Prince St, Queens, NY 11354
13-unit apartment building in downtown Flushing, Queens.
Property Size6,000 SF
Days on Market1517
Property Features for 33-53 Prince St
General Information
Standard status
Pending
Size
6,000 SF
Class
C
Total Parking Spaces
15
Property subtype
Multifamily
Zoning
M2-1
Building Details
Buildings
1
Stories
3
Units
13
Listing Agency:
E Realty International Corp.
(718) 886-8110
Listed By:
Frank Ko · License #NY 10301215711
Source:
Crexi
Added: Jun 30, 2022
Changed: Aug 8
Last Checked: Aug 22 at 7:04AM
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 E Realty International Corp.
Investment Insights
Based on property information with market context.
A 13-unit apartment building located in downtown Flushing is available for sale. The property is a multifamily residential income property with a total size of 6,000 square feet.
Key Highlights
- 13‑unit apartment building, ideal for investors.
- Located in downtown Flushing.
- Investment property in a high‑density residential area.
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
$146,667
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
3.20%
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%
$2,933,340
$2.9M
Cap Rate 7%
$2,095,243
$2.1M
Cap Rate 9%
$1,629,633
$1.6M
Market Conditions
NOI Build-Up for 6,000 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
$277.2K $46.20/SF
− Vacancy
−$10.5K −$1.76/SF
EGI
$266.7K $44.44/SF
− OpEx
−$120.0K −$20.00/SF
NOI
$146.7K $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%
$2,933,340
Cap Rate 7%
$2,095,243
Cap Rate 9%
$1,629,633
Alternative Uses
Best Use
Apartment 5plus
$2.10M
$1.83M – $2.44M
NOI $146,667 @ 7.0% cap · market cap 3.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.42M
$3.87M – $5.16M
NOI $309,629 @ 7.0% cap · market cap 6.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
7,334
Businesses Nearby
Explore this area
Business Placement
Demographics for 11354, NY
61,276
Population
22,979
Households
2.7
Avg Household Size
45
Median Age
33%
College-Educated
79%
High-School Grad
2.2 sq mi
ZIP Area
27,853
Density / Sq Mi
$62,833
Median Household Income
$40,404
Median Earnings
$1,766
Median Rent
$521,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - 13-unit apartment building in downtown Flushing, Queens.
Where is this apartment building located?
The property is located at 33-53 Prince St Queens, NY.
What is the asking price?
The asking price for this property is $4,580,000.
What are key features of this property?
This property features: 13‑unit apartment building, ideal for investors.; Located in downtown Flushing.; Investment property in a high‑density residential area.
