Move-In-Ready Three-Family
For Sale
$1,675,000
9425 40th Drive, Elmhurst, NY 11373
Updated three-family home built in 1920 with a contemporary interior and spacious layouts.
Property Size3,286 SF
Days on Market61
Property Features for 9425 40th Drive
General Information
Standard status
Active
Size
3,286 SF
Property subtype
Triplex
Taxes and HOA fees
Annual Taxes
$10,769
Building Details
Building Size
3,286 SF
Year Built
1920
Tenancy
Multi
Listing Agency:
Keller Williams Landmark II
Listed By:
Angel G. Naranjo · License #40NA1075909
(718) 841-7309
Source:
Barbieliteam
Added: Jul 15
Changed: Sep 10
Last Checked: Sep 13 at 12:44PM
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 Landmark II
Investment Insights
Based on property information with market context.
Welcome to this move-in-ready three-family property offering a beautifully updated interior with contemporary finishes and spacious layouts. Designed for comfortable living, the home also supports ownership or investment needs as a 3-family multifamily residence.
Located at 9425 40th Drive in Elmhurst, NY 11373, the property places you close to public transportation, including nearby train stations and buses, along with convenient everyday shopping, laundromats, restaurants, and markets.
Built in 1920 and totaling 3,286 SF, this well-maintained home is presented as an option for buyers seeking a ready-to-occupy multi-family setup with modern updates in a convenient, amenity-rich area.
Located at 9425 40th Drive in Elmhurst, NY 11373, the property places you close to public transportation, including nearby train stations and buses, along with convenient everyday shopping, laundromats, restaurants, and markets.
Built in 1920 and totaling 3,286 SF, this well-maintained home is presented as an option for buyers seeking a ready-to-occupy multi-family setup with modern updates in a convenient, amenity-rich area.
Key Highlights
- Move‑in‑ready three‑family property with updated interior and contemporary finishes
- Spacious layouts suited to owner‑occupy or investment use
- 3,286 SF total building size
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
$80,324
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
4.80%
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%
$1,606,480
$1.6M
Cap Rate 7%
$1,147,486
$1.1M
Cap Rate 9%
$892,489
$892.5K
Market Conditions
NOI Build-Up for 3,286 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
$151.8K $46.20/SF
− Vacancy
−$5.8K −$1.76/SF
EGI
$146.0K $44.44/SF
− OpEx
−$65.7K −$20.00/SF
NOI
$80.3K $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%
$1,606,480
Cap Rate 7%
$1,147,486
Cap Rate 9%
$892,489
Alternative Uses
Best Use
Apartment 5plus
$1.15M
$1.00M – $1.34M
NOI $80,324 @ 7.0% cap · market cap 4.80%
Second Best
Multifamily LT 5
$777.0K
$679.9K – $906.5K
NOI $54,389 @ 7.0% cap · market cap 3.25%
Theoretical Best
Office A
$2.42M
$2.12M – $2.83M
NOI $169,573 @ 7.0% cap · market cap 10.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
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
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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 - Updated three-family home built in 1920 with a contemporary interior and spacious layouts.
Where is this triplex located?
The property is located at 9425 40th Drive Elmhurst, NY.
What is the asking price?
The asking price for this property is $1,675,000.
What are key features of this property?
This property features: Move‑in‑ready three‑family property with updated interior and contemporary finishes; Spacious layouts suited to owner‑occupy or investment use; 3,286 SF total building size
