Triplex with Unfinished
For Sale
$939,900
9204 43rd Avenue, Elmhurst, NY 11373
Three-story walk-up with long-term tenants and updated building systems.
Property Size2,404 SF
Days on Market270
Property Features for 9204 43rd Avenue
General Information
Standard status
Active
Size
2,404 SF
Property subtype
Triplex
Taxes and HOA fees
Annual Taxes
$14,261
Building Details
Building Size
2,404 SF
Year Built
1931
Listing Agency:
Douglas Elliman Real Estate
Listed By:
Christopher L. Espinal · License #40ES1144459
(917) 945-5418
Source:
Barbieliteam
Added: Jan 5
Changed: Sep 30
Last Checked: Oct 1 at 7:05PM
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 Douglas Elliman Real Estate
Investment Insights
Based on property information with market context.
This three-story, semi-attached triplex sits on a 25' x 100' lot, with a building footprint of 20' x 42'. The apartments are occupied by long-term tenants. Building improvements include a new boiler and hot water heater, along with a relatively new roof. An unfinished basement is currently vacant and provides storage space.
At 9204 43rd Avenue in Elmhurst, the property is near Roosevelt Avenue and the 7 train. Bus service is available along Broadway and Corona Avenue, with shopping, dining, and schools in the surrounding area. The property is being offered together with an adjacent, identical building that is listed separately.
At 9204 43rd Avenue in Elmhurst, the property is near Roosevelt Avenue and the 7 train. Bus service is available along Broadway and Corona Avenue, with shopping, dining, and schools in the surrounding area. The property is being offered together with an adjacent, identical building that is listed separately.
Key Highlights
- Triplex with three‑story walk‑up configuration
- 20' x 42' building on a 25' x 100' lot
- New boiler and hot water heater; relatively new roof
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
$58,764
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
6.25%
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%
$1,175,280
$1.2M
Cap Rate 7%
$839,486
$839.5K
Cap Rate 9%
$652,933
$652.9K
Market Conditions
NOI Build-Up for 2,404 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
$111.1K $46.20/SF
− Vacancy
−$4.2K −$1.76/SF
EGI
$106.8K $44.44/SF
− OpEx
−$48.1K −$20.00/SF
NOI
$58.8K $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%
$1,175,280
Cap Rate 7%
$839,486
Cap Rate 9%
$652,933
Alternative Uses
Best Use
Apartment 5plus
$839.5K
$734.6K – $979.4K
NOI $58,764 @ 7.0% cap · market cap 6.25%
Second Best
Multifamily LT 5
$568.4K
$497.4K – $663.2K
NOI $39,790 @ 7.0% cap · market cap 4.23%
Theoretical Best
Office A
$1.77M
$1.55M – $2.07M
NOI $124,058 @ 7.0% cap · market cap 13.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
6,954
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
Check the figures for this property
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 - Three-story walk-up with long-term tenants and updated building systems.
Where is this triplex located?
The property is located at 9204 43rd Avenue Elmhurst, NY.
What is the asking price?
The asking price for this property is $939,900.
What are key features of this property?
This property features: Triplex with three‑story walk‑up configuration; 20' x 42' building on a 25' x 100' lot; New boiler and hot water heater; relatively new roof
