Free Market Apartment
For Sale
$1,480,000
94-68 45th Avenue, Queens, NY 11373
Four-unit apartment building with strong income potential.
Property Size3,168 SF
Price / SF$467.17
Days on Market187
Property Features for 94-68 45th Avenue
General Information
Standard status
Active
Size
3,168 SF
Property subtype
House/Building
Taxes and HOA fees
Annual Taxes
$38,031
Amenities
No, No, .00, Other
Other, None, Other, See Remarks, Public, Other, 4, 4
Other
No, Square Feet, 18.75x87
No
Finished, Full, Yes
Colonial, Other, Public, Terrace
See Remarks
Terrace
Brick, Other
Terrace, Other
Building Details
Year Built
2018
Listing Agency:
Winzone Realty Inc
Listed By:
Rebecca Fang · License #40FA1050916
(718) 899-7000
Source:
Compass
Added: Mar 11
Changed: Sep 13
Last Checked: Sep 13 at 11:50AM
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.
This four-story apartment building is a completely free market property. The first floor and cellar unit has 5.5 rooms and generates $3,100 in monthly rent. The second-floor apartment, featuring 6.5 rooms, rents for $2,660 per month. The third-floor apartment, also with 6.5 rooms, brings in $2,680 monthly. The fourth-floor apartment, with 6.5 rooms, is rented for $2,500 per month. The building's gross income is $130,450. Annual expenses include real estate taxes of $38,031, insurance costs of $3,031, water and sewer charges of $5,936, electric costs of $563, and maintenance expenses of $1,450.
Key Highlights
- High Gross Income: $130,450
- Completely Free Market Building
- Relatively New Construction: Built in 2017
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
$77,440
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
5.23%
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%
$1,548,800
$1.5M
Cap Rate 7%
$1,106,286
$1.1M
Cap Rate 9%
$860,444
$860.4K
Market Conditions
NOI Build-Up for 3,168 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
$146.4K $46.20/SF
− Vacancy
−$5.6K −$1.76/SF
EGI
$140.8K $44.44/SF
− OpEx
−$63.4K −$20.00/SF
NOI
$77.4K $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%
$1,548,800
Cap Rate 7%
$1,106,286
Cap Rate 9%
$860,444
Alternative Uses
Best Use
Apartment 5plus
$1.11M
$968.0K – $1.29M
NOI $77,440 @ 7.0% cap · market cap 5.23%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.34M
$2.04M – $2.72M
NOI $163,484 @ 7.0% cap · market cap 11.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
4,384
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?
Apartment building - Four-unit apartment building with strong income potential.
Where is this apartment building located?
The property is located at 94-68 45th Avenue Queens, 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: High Gross Income: $130,450; Completely Free Market Building; Relatively New Construction: Built in 2017
