Brick Triplex with
For Sale
$1,700,000
Pending
90-27 Elmhurst Avenue, Jackson Heights, NY 11372
Legal three-family property with separate entrances, shared outdoor space, and a private garage connected to the lobby.
Property Size2,680 SF
Days on Market74
Property Features for 90-27 Elmhurst Avenue
General Information
Standard status
Pending
Size
2,680 SF
Property subtype
Triplex
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$10,380
Amenities
spacious common lobby with skylight
private deck
secure fenced property
organized garbage storage
rear outdoor space
surveillance cameras
Building Details
Building Size
2,680 SF
Year Built
1955
Year Renovated
2018
Buildings
1
Stories
3
Tenancy
Multi
Listing Agency:
Leatherman Homes
Listed By:
Kevin M. Leatherman ABR SFR C2EX A
(516) 984-1815
Source:
Serhant
Added: Jul 9
Changed: Sep 19
Last Checked: Sep 19 at 11:48AM
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 Leatherman Homes
Investment Insights
Based on property information with market context.
This legal three-family brick building contains three rental units totaling 2,680 square feet, with 5 bedrooms and 3 full baths. The first floor includes a one-bedroom, one-bath unit, private garage, spacious common lobby, skylit stairwell, and boiler room access. The second-floor two-bedroom unit has a private deck and exterior staircase access to the yard, while the third floor offers another two-bedroom, one-bath unit. Separate entrances support functional unit layouts, and the property includes gas heat, gas hot water, a fenced setting, organized garbage storage, and rear outdoor space for shared use.
Located in Jackson Heights near shopping, dining, parks, and daily services along Elmhurst Avenue and nearby corridors, the property is close to the E, F, M, R, and 7 trains at Jackson Heights-Roosevelt Avenue/74th Street station, multiple bus routes, and major roadways. Brick pointing and new first- and third-floor windows were completed in approximately 2018. The property is registered with HPD and was built in 1955.
Located in Jackson Heights near shopping, dining, parks, and daily services along Elmhurst Avenue and nearby corridors, the property is close to the E, F, M, R, and 7 trains at Jackson Heights-Roosevelt Avenue/74th Street station, multiple bus routes, and major roadways. Brick pointing and new first- and third-floor windows were completed in approximately 2018. The property is registered with HPD and was built in 1955.
Key Highlights
- Legal three‑family building with 3 rental units, 5 bedrooms, and 3 full baths
- 2,680 square feet with separate entrances and functional unit layouts
- Private garage with access into the common lobby
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
$65,511
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
3.85%
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%
$1,310,220
$1.3M
Cap Rate 7%
$935,871
$935.9K
Cap Rate 9%
$727,900
$727.9K
Market Conditions
NOI Build-Up for 2,680 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
$123.8K $46.20/SF
− Vacancy
−$4.7K −$1.76/SF
EGI
$119.1K $44.44/SF
− OpEx
−$53.6K −$20.00/SF
NOI
$65.5K $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%
$1,310,220
Cap Rate 7%
$935,871
Cap Rate 9%
$727,900
Alternative Uses
Best Use
Apartment 5plus
$935.9K
$818.9K – $1.09M
NOI $65,511 @ 7.0% cap · market cap 3.85%
Second Best
Multifamily LT 5
$633.7K
$554.5K – $739.3K
NOI $44,358 @ 7.0% cap · market cap 2.61%
Theoretical Best
Office A
$1.98M
$1.73M – $2.31M
NOI $138,301 @ 7.0% cap · market cap 8.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
7,989
Businesses Nearby
Explore this area
Business Placement
Demographics for 11372, NY
68,000
Population
26,613
Households
2.6
Avg Household Size
41
Median Age
35%
College-Educated
81%
High-School Grad
0.7 sq mi
ZIP Area
97,143
Density / Sq Mi
$77,133
Median Household Income
$44,415
Median Earnings
$1,795
Median Rent
$454,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Legal three-family property with separate entrances, shared outdoor space, and a private garage connected to the lobby.
Where is this triplex located?
The property is located at 90-27 Elmhurst Avenue Jackson Heights, NY.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: Legal three‑family building with 3 rental units, 5 bedrooms, and 3 full baths; 2,680 square feet with separate entrances and functional unit layouts; Private garage with access into the common lobby
