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    Property profile & analytics

    8618 57Th Rd Elmhurst, NY 11373

    • Apartment buildings
    • 3,630 SF
    • 0.05 lot acres
    For Sale
    View listing
    $1,888,888
    Last Sale
    Jul 16, 2021
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-0778475
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Apartment buildings

    Property Details for 8618 57Th Rd

    Year built
    1983
    Lot size
    0.05 lot acres
    Property size
    3,630 SF
    Zone code
    R5
    Property type
    Apartment buildings
    APN
    02871-0012
    APU
    28710012

    Description

    This exceptional 5-family brick building, located at 8618 57th Rd in Elmhurst, NY, presents a lucrative investment opportunity. The property boasts a total of 3,630 square feet on a 0.05-acre lot, offering substantial rental income potential. The building is in excellent condition and features a desirable mix of apartment sizes. The first floor comprises a one-bedroom apartment renting for $1950 in the rear and a studio apartment renting for $1700 in the front. The second floor offers a spacious three-bedroom, two-bathroom unit currently generating $3500 in monthly rent. The third floor includes two one-bedroom apartments, each commanding $1950 in monthly rent. All apartments feature hardwood floors and upgraded bathrooms, enhancing their appeal to tenants. Convenient amenities include a one-car garage, a private one-car driveway, and a backyard, providing ample parking and outdoor space. The building is heated by gas. Its prime location offers easy access to the Queens Mall and various public transportation options, making it highly attractive to renters. The building dimensions are 22x55 feet. This property represents a strong investment with excellent rental income and a desirable location. Currently, there are no vacant units. This is a rare opportunity to acquire a well-maintained, income-producing multifamily property in a thriving neighborhood.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $890,000
      Current use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Flushing
    County
    Queens
    State
    New York
    Longitude
    -73.8751
    Latitude
    40.7321
    CBSA code
    35620
    CBSA name
    NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $30,623
    $5,400
    $266,760
    $272,160
    -
    $12,000
    $592,800
    $604,800

    Comparable in this City

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      $8,920,000
      60,000 SF

      8449 Elmhurst Ave

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      View Details
    • Value Estimation
      $8,310,000
      52,553 SF

      7506 Woodside Ave

      APARTMENT HOUSE (5+ UNITS) • 52,553 SF
      7506 Woodside Ave, Flushing, NY 11373-1863
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      $11,125,000
      74,600 SF

      5115 Van Kleeck St

      APARTMENT HOUSE (5+ UNITS) • 74,600 SF
      5115 Van Kleeck St, Flushing, NY 11373-4261
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    • Value Estimation
      $12,175,000
      82,724 SF

      4051 Denman St

      APARTMENT HOUSE (5+ UNITS) • 82,724 SF
      4051 Denman St, Flushing, NY 11373-1668
      View Details
    • Value Estimation
      $5,745,000
      32,550 SF

      4254 Judge St

      APARTMENT HOUSE (5+ UNITS) • 32,550 SF
      4254 Judge St, Flushing, NY 11373-2575
      View Details
    • Value Estimation
      $12,475,000
      82,500 SF

      9201 Lamont Ave

      APARTMENT HOUSE (5+ UNITS) • 82,500 SF
      9201 Lamont Ave, Flushing, NY 11373-2772
      View Details

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    Similar Nearby for Lease

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    • Contact for pricing
      40,000 SF

      Queens Blvd Executive Office Space

      40,000 SF Office, Prime Location
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      Elmhurst Retail Space For Lease

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      Retail space available for lease in Queens, NY.
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      Elmhurst Commercial Office Space

      1,050 SF office space for lease in Elmhurst.
      8329 Level, Queens, NY 11373
      View Details
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    8618 57Th Rd
    Elmhurst, NY 11373
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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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