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    41-68 Gleane St Queens, NY 11373

    Sponsored
    For Sale
    $1,990,888

    Prime Elmhurst location, high-income potential.

    Property size:
    2,507 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    400
    This exceptional multifamily investment opportunity presents a fully occupied, six-unit building located at 41-68 Gleane Street in Elmhurst, Queens, New York, 11373. The property boasts a substantial 2,507 square feet of net rentable space situated on a generous 5,000 square foot lot. Built in 1931 and renovated in 2012, this three-story building features four units, nine bedrooms, and six full bathrooms, offering ample living space for residents. The property includes six parking spaces, a valuable asset in this location. Currently operating at 100% occupancy, the property generates a strong net operating income (NOI) of $135,000 annually, representing a 6.78% cap rate. The asking price is $1,990,888, translating to $909.45 per square foot. The property is zoned R4, and the building is conveniently located near Roosevelt Avenue subway, schools, shopping, and other major conveniences. With its strong cash flow, prime location, and potential for future appreciation, this property represents a compelling investment opportunity in a thriving New York City neighborhood. Additional features include a finished walkout basement and 1,250 square feet of air rights. The property is owned by an LLC and the APN is 01556-0012. The occupancy date is February 19, 2024.

    Property Features for 41-68 Gleane St

    General Information

    Property type
    Multifamily properties
    Square Feet
    2,507 SF
    Class
    D

    Building Details

    Year Built/Renovated
    1931/2012
    Buildings
    1
    Stories
    3
    Units
    4

    HighLights

    • High annual net operating income (NOI) of $135,000.
    • Nine bedrooms and six full bathrooms.
    • Six‑car parking.
    • Convenient subway access.
    • Excellent location near major amenities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential income homes

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Clothing Store Nail Salon Food Market Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Queens
    County
    Queens
    State
    New York
    Longitude
    -73.8775346
    Latitude
    40.745264

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    FAQs

    What type of property is this?
    Multifamily property - Prime Elmhurst location, high-income potential.
    Where is this multifamily property located?
    The property is located at 41-68 Gleane St Queens, NY.
    What is the asking price?
    The asking price for this property is $1,990,888.
    What are key features of this property?
    This property features: High annual net operating income (NOI) of $135,000.; Nine bedrooms and six full bathrooms.; Six-car parking.
    Request Owner's contact information
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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.

    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
    41-68 Gleane St Queens, NY 11373
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