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    Elmhurst Multi-Family Under Construction Title is generated by Realmo AI

    9429 51st Avenue, Elmhurst, NY 11373

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    Picture of Triplexes at 9429 51st Avenue, Elmhurst, NY
    For Sale
    $2,480,000

    MULTI_FAMILY - Elmhurst, NY

    Property size:
    1,000 SF
    Lot size:
    0.07 Acres
    Price / SF:
    $2,480/SF
    Added:
    Mar 23, 2026
    Days on Market:
    52
    Last Refresh:
    May 13 at 6:06 am

    Property Features for 9429 51st Avenue

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Property condition
    Under Construction
    Rooms
    Basement
    Parking features
    Driveway
    Basement
    Finished
    Standard status
    Active
    APN
    01884-0032
    Size
    1,000 SF
    Lot size
    0.07 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    6159

    Utilities

    Utilities
    Electricity Available
    Sewer type
    Public Sewer
    Heating system
    Electric (Heating)
    Cooling system
    ENERGY STAR Qualified Equipment

    Building Details

    Year built
    2026
    Number of units
    3
    Building materials
    Brick

    We can help!

    Listing Contact
    Yixiong Zheng

    Listing agent Yixiong Zheng

    Listing office RE/MAX 1st Choice 159 Northern Blvd, Great Neck, NY

    Listing date Mar 23, 2026

    MLS# 975440 Listing URL

    Copyright © 2026 OneKey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Approved plans for a legal 3‑family detached home
    • Under construction, allowing for potential customization
    • Located in the Elmhurst area of Queens, near transportation, shopping, and schools
    • Spacious multi‑family layout ideal for investment or end‑user opportunities
    • Full basement and attic included in the design
    • Building size approximately 20 x 50 sqft on a 30 x 100 sqft lot

    Overview

    This property features approved plans for a legal three-family detached home currently under construction in the Elmhurst area of Queens. The property is situated on a 30 x 100 sqft lot with a proposed building size of approximately 20 x 50 sqft. The design includes three residential units across three stories, plus an attic and full basement. This spacious multi-family layout is suitable for investment or end-user opportunities. The location offers convenient access to transportation, shopping, schools, and other neighborhood amenities. Architectural plans are available upon request.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Gym & Fitness Center Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Elmhurst
    County
    Queens
    State
    New York
    Longitude
    -73.868228
    Latitude
    40.741026

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    FAQs

    What type of property is this?
    Triplex - Under-construction three-family home in Elmhurst, Queens with approved plans.
    Where is this triplex located?
    The property is located at 9429 51st Avenue Elmhurst, NY.
    What is the asking price?
    The asking price for this property is $2,480,000.
    What are key features of this property?
    This property features: Approved plans for a legal 3‑family detached home; Under construction, allowing for potential customization; Located in the Elmhurst area of Queens, near transportation, shopping, and schools
    (646) 897-9960
    We can help!
    Listing Contact
    Yixiong Zheng
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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