4-Unit Residential Property with
New
For Sale
$1,599,000
94-01 40th Drive, Elmhurst, NY 11373
Four residential units are arranged across three floors, with additional rooms and a kitchen area in the basement.
Property Size4,219 SF
Days on Market5
Property Features for 94-01 40th Drive
General Information
Standard status
Active
Size
4,219 SF
Total Parking Spaces
2
Property subtype
Triplex
Units
Unit Mix
2 x 3BR, 2 x 2BR
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$18,655
Amenities
rear deck
security mailboxes
Building Details
Building Size
4,219 SF
Year Built
1920
Stories
3
Listing Agency:
Keller Williams NY Realty
Listed By:
Maria Borea Puccella
(914) 715-0948
Source:
Barbieliteam
Added: Sep 28
Changed: Oct 2
Last Checked: Oct 1 at 4:21PM
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 Keller Williams NY Realty
Investment Insights
Based on property information with market context.
Built in 1920, this four-unit residential property contains two three-bedroom apartments and two two-bedroom apartments across the first, second, and third floors. Unit layouts include living rooms, kitchens, and bathrooms; the first-floor apartment also has a dining room and porch, while one second-floor apartment includes a pantry. The basement has four rooms, a kitchen area, and a washer hookup.
The property occupies two city lots and includes a private backyard, a rear deck, and a detached two-car garage. Electrical service is 100 amps.
The property occupies two city lots and includes a private backyard, a rear deck, and a detached two-car garage. Electrical service is 100 amps.
Key Highlights
- Four residential units: two with 3 bedrooms and two with 2 bedrooms
- Two city lots
- Detached two‑car garage
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
$103,131
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
6.45%
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%
$2,062,620
$2.1M
Cap Rate 7%
$1,473,300
$1.5M
Cap Rate 9%
$1,145,900
$1.1M
Market Conditions
NOI Build-Up for 4,219 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
$194.9K $46.20/SF
− Vacancy
−$7.4K −$1.76/SF
EGI
$187.5K $44.44/SF
− OpEx
−$84.4K −$20.00/SF
NOI
$103.1K $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%
$2,062,620
Cap Rate 7%
$1,473,300
Cap Rate 9%
$1,145,900
Alternative Uses
Best Use
Apartment 5plus
$1.47M
$1.29M – $1.72M
NOI $103,131 @ 7.0% cap · market cap 6.45%
Second Best
Multifamily LT 5
$997.6K
$872.9K – $1.16M
NOI $69,831 @ 7.0% cap · market cap 4.37%
Theoretical Best
Office A
$3.11M
$2.72M – $3.63M
NOI $217,721 @ 7.0% cap · market cap 13.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
6,554
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
View Realmo Analytics
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?
Quadplex - Four residential units are arranged across three floors, with additional rooms and a kitchen area in the basement.
Where is this quadplex located?
The property is located at 94-01 40th Drive Elmhurst, NY.
What is the asking price?
The asking price for this property is $1,599,000.
What are key features of this property?
This property features: Four residential units: two with 3 bedrooms and two with 2 bedrooms; Two city lots; Detached two‑car garage
