Six-Unit Apartment
For Sale
$2,500,000
Pending
31-74 33rd Street, Queens, NY 11106
Commercial Sale, Queens, NY
Property Size5,320 SF
Days on Market345
Property Features for 31-74 33rd Street
General Information
Property type
Commercial Sale
Property subtype
Other
Bedrooms
12
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 3, Bathroom 2, Bedroom 3, Bathroom 4, Bedroom 12, Bedroom 10, Bathroom 1, Bedroom 4, Bedroom 2, Bedroom 7, Bathroom 5, Bedroom 1, Bedroom 8, Bedroom 9, Bathroom 6, Bedroom 11, Bedroom 5, Bedroom 6
Subdivision
Astoria
High school district
000000
Standard status
Pending
Size
5,320 SF
Building Details
Architectural style
Other
Listing Agency:
Compass
(646) 982-0353
Listed By:
Kathleen Eng
Added: Sep 12, 2025
Changed: Aug 21
Last Checked: Aug 22 at 12:06AM
MLS# 11573910
Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 5320-square-foot apartment building contains six two-bedroom residences within a well-maintained six-family configuration. The property is fully leased, with five apartments operating at market rate and one apartment subject to rent stabilization. The six-unit layout provides a consistent residential format across the building, with 12 bedrooms and six bathrooms identified in the property records.
Located at 31-74 33rd Street in Queens, the building is two blocks from the N/W Broadway subway station and 33rd Street. Shopping and dining establishments surround the property, adding neighborhood convenience for residents. The asset combines a defined apartment layout with an existing mix of regulated and market-rate occupancy.
Located at 31-74 33rd Street in Queens, the building is two blocks from the N/W Broadway subway station and 33rd Street. Shopping and dining establishments surround the property, adding neighborhood convenience for residents. The asset combines a defined apartment layout with an existing mix of regulated and market-rate occupancy.
Key Highlights
- 5320‑square‑foot six‑family apartment building
- Six two‑bedroom apartments
- Fully leased with 5 market‑rate and 1 rent‑stabilized apartment
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
$130,044
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
5.20%
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%
$2,600,880
$2.6M
Cap Rate 7%
$1,857,771
$1.9M
Cap Rate 9%
$1,444,933
$1.4M
Market Conditions
NOI Build-Up for 5,320 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
$245.8K $46.20/SF
− Vacancy
−$9.3K −$1.76/SF
EGI
$236.4K $44.44/SF
− OpEx
−$106.4K −$20.00/SF
NOI
$130.0K $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%
$2,600,880
Cap Rate 7%
$1,857,771
Cap Rate 9%
$1,444,933
Alternative Uses
Best Use
Apartment 5plus
$1.86M
$1.63M – $2.17M
NOI $130,044 @ 7.0% cap · market cap 5.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.92M
$3.43M – $4.58M
NOI $274,538 @ 7.0% cap · market cap 10.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
7,707
Businesses Nearby
Explore this area
Business Placement
Demographics for 11106, NY
41,722
Population
21,681
Households
1.9
Avg Household Size
37
Median Age
52%
College-Educated
89%
High-School Grad
0.9 sq mi
ZIP Area
46,358
Density / Sq Mi
$85,573
Median Household Income
$62,254
Median Earnings
$2,032
Median Rent
$639,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully leased multifamily property with six two-bedroom apartments and both market-rate and rent-stabilized units.
Where is this apartment building located?
The property is located at 31-74 33rd Street Queens, NY.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 5320‑square‑foot six‑family apartment building; Six two‑bedroom apartments; Fully leased with 5 market‑rate and 1 rent‑stabilized apartment
