Free-Market
For Sale
$1,480,000
94-68 45th Avenue, Elmhurst, NY 11373
Four free-market apartments place heat and electricity costs with tenants.
Property Size4,400 SF
Days on Market45
Property Features for 94-68 45th Avenue
General Information
Standard status
Active
Size
4,400 SF
Property subtype
Quadruplex
Net Operating Income
$83,879
Taxes and HOA fees
Annual Taxes
$38,031
Building Details
Building Size
4,400 SF
Year Built
2017
Stories
4
Tenancy
Multi
Listing Agency:
Winzone Realty Inc
(646) 823-8878
Listed By:
Rebecca Fang
Source:
Barbieliteam
Added: Jun 25
Changed: Aug 3
Last Checked: Aug 8 at 9:48AM
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 Winzone Realty Inc
Investment Insights
Based on property information with market context.
Built in 2017, this Elmhurst quadplex contains four free-market apartments arranged across the first floor and cellar, second floor, third floor, and fourth floor. The rent roll identifies a 5.5-room first-floor and cellar apartment, along with 6.5-room apartments on each of the upper three floors. Tenants pay their own heat and electricity, supporting a clearly defined utility structure for the property.
The building is located at 94-68 45th Avenue in Elmhurst, New York. Public transportation, shopping, and schools are identified in the surrounding area, providing access to everyday services and transit options. The property is offered as a multifamily income asset with all apartments operating on a free-market basis.
The building is located at 94-68 45th Avenue in Elmhurst, New York. Public transportation, shopping, and schools are identified in the surrounding area, providing access to everyday services and transit options. The property is offered as a multifamily income asset with all apartments operating on a free-market basis.
Key Highlights
- Quadplex built in 2017
- Four free‑market apartments across four residential levels
- 5.5‑room first‑floor and cellar apartment
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
$107,555
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
7.27%
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%
$2,151,100
$2.2M
Cap Rate 7%
$1,536,500
$1.5M
Cap Rate 9%
$1,195,056
$1.2M
Market Conditions
NOI Build-Up for 4,400 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
$203.3K $46.20/SF
− Vacancy
−$7.7K −$1.76/SF
EGI
$195.6K $44.44/SF
− OpEx
−$88.0K −$20.00/SF
NOI
$107.6K $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%
$2,151,100
Cap Rate 7%
$1,536,500
Cap Rate 9%
$1,195,056
Alternative Uses
Best Use
Apartment 5plus
$1.54M
$1.34M – $1.79M
NOI $107,555 @ 7.0% cap · market cap 7.27%
Second Best
Multifamily LT 5
$1.04M
$910.3K – $1.21M
NOI $72,827 @ 7.0% cap · market cap 4.92%
Theoretical Best
Office A
$3.24M
$2.84M – $3.78M
NOI $227,061 @ 7.0% cap · market cap 15.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
7,862
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?
Quadplex - Four free-market apartments place heat and electricity costs with tenants.
Where is this quadplex located?
The property is located at 94-68 45th Avenue Elmhurst, NY.
What is the asking price?
The asking price for this property is $1,480,000.
What are key features of this property?
This property features: Quadplex built in 2017; Four free‑market apartments across four residential levels; 5.5‑room first‑floor and cellar apartment
