Elmhurst Multifamily Investment
For Sale
$1,700,000
93-10 50th Ave, Queens, NY 11373
Three-unit property in Elmhurst with income potential.
Property Size2,487 SF
Lot Size0.07 Acres
Days on Market268
Property Features for 93-10 50th Ave
General Information
Standard status
Active
Size
2,487 SF
Lot size
0.07 Acres
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$9,298
Building Details
Building Size
2,487 SF
Year Built
1920
Units
3
Listing Agency:
(347) 294-7254
Listed By:
Marcia M. Guevara CBR SFR SRS C2EX
(347) 294-7254
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 22
Last Checked: Aug 23 at 6:23AM
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 Marcia M. Guevara CBR SFR SRS C2EX
Investment Insights
Based on property information with market context.
Located in the heart of Elmhurst, this detached colonial-style property is a legal three-family house, suitable for investors. The frame building features a private driveway and is zoned R5. The lot measures 30x95 feet, while the building size is 22x45 feet. The property includes three rented units. The first-floor unit features a living room, eat-in kitchen, three bedrooms, and a full bathroom, currently rented for $3,400 with a lease expiring on August 31, 2026. The second-floor unit includes a living room, eat-in kitchen, three bedrooms, and a full bathroom, rented for $2,600, with a rent increase to $3,000 scheduled after November. The third-floor unit offers a small living room, eat-in kitchen, four bedrooms, and a full bathroom, rented for $2,800. A full finished basement with a separate entrance is also included. There are three parking spaces currently rented for an additional income of $500. The property is conveniently located close to transportation, restaurants, a supermarket, schools, and a commercial area. The property is being sold as is with paying tenants, offering great income potential.
Key Highlights
- Legal 3‑family detached Colonial house in Elmhurst.
- Currently generating rental income from 3 units and parking spaces.
- First floor unit rented at $3,400/month with lease expiring 08/31/2026.
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
$60,793
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
3.58%
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%
$1,215,860
$1.2M
Cap Rate 7%
$868,471
$868.5K
Cap Rate 9%
$675,478
$675.5K
Market Conditions
NOI Build-Up for 2,487 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
$114.9K $46.20/SF
− Vacancy
−$4.4K −$1.76/SF
EGI
$110.5K $44.44/SF
− OpEx
−$49.7K −$20.00/SF
NOI
$60.8K $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%
$1,215,860
Cap Rate 7%
$868,471
Cap Rate 9%
$675,478
Alternative Uses
Best Use
Apartment 5plus
$868.5K
$759.9K – $1.01M
NOI $60,793 @ 7.0% cap · market cap 3.58%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.83M
$1.60M – $2.14M
NOI $128,341 @ 7.0% cap · market cap 7.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,363
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 - Three-unit property in Elmhurst with income potential.
Where is this apartment building located?
The property is located at 93-10 50th Ave Queens, 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 3‑family detached Colonial house in Elmhurst.; Currently generating rental income from 3 units and parking spaces.; First floor unit rented at $3,400/month with lease expiring 08/31/2026.
