Three-Story Two-Family Brick
For Sale
$1,750,000
Pending
32-63 41st Street, Astoria, NY 11103
MULTI_FAMILY - Other - Astoria, NY
Property Size2,400 SF
Lot Size0.09 Acres
Days on Market160
Property Features for 32-63 41st Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Multi-Family
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 4, Bedroom 1, Bedroom 5, Bedroom 2, Bathroom 2, Bathroom 1, Bathroom 3, Bedroom 3
Parking features
Driveway
Subdivision
Long Island City
High school district
NEW YORK CITY GEOGRAPHIC DISTRICT #30
Directions
Three blocks north of Northern blvd next to Broadway and Steinway street. About 20 blocks east of Brooklyn Queens expressway.
Standard status
Pending
APN
000000-000.000-0677-012.000
Size
2,400 SF
Lot size
0.09 Acres
Utilities
Water source
Public
Amenities
ceiling fans
modern appliances
garage
Building Details
Year built
1945
Floors in Building
3
Building materials
Masonite, Brick
Architectural style
Other
Listing Agency:
HANMI REALTY
(718) 961-8801
Listed By:
Chong Hong
(718) 961-8801
Added: Mar 17
Changed: Aug 5
Last Checked: Aug 23 at 9:06AM
MLS# 11675145
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.
Sunny, clean two-family, three-story brick house totaling about 2,400 square feet on a private residential lot of about 0.0918 acres. The home was built in 1945 and renovated in 1997, and it has a 7-car private driveway with an on-site parking lot.
The ground floor includes a one-bedroom, one-bath apartment of about 800 square feet, plus a garage used for storage and a boiler room. The second floor is also about 800 square feet with two bedrooms and one bathroom, and the third floor is about 800 square feet with two bedrooms, one bathroom, and ceiling fans. Tenants pay electricity.
Zoned R5, the property has approximately 20 feet of street frontage and about 40 feet of depth. Water is public. The listing notes the property is within an opportunity zone and discusses potential residential-use capacity, including a maximum facility FAR up to 8k square feet (please consult with an architect and attorney). Across the street is a 25-unit elevator apartment building built in 2019. The Steinway Street & 34th Avenue E,F,M,R subway stops are about 500 feet away, with Q101 and Q104 bus stops nearby.
The ground floor includes a one-bedroom, one-bath apartment of about 800 square feet, plus a garage used for storage and a boiler room. The second floor is also about 800 square feet with two bedrooms and one bathroom, and the third floor is about 800 square feet with two bedrooms, one bathroom, and ceiling fans. Tenants pay electricity.
Zoned R5, the property has approximately 20 feet of street frontage and about 40 feet of depth. Water is public. The listing notes the property is within an opportunity zone and discusses potential residential-use capacity, including a maximum facility FAR up to 8k square feet (please consult with an architect and attorney). Across the street is a 25-unit elevator apartment building built in 2019. The Steinway Street & 34th Avenue E,F,M,R subway stops are about 500 feet away, with Q101 and Q104 bus stops nearby.
Key Highlights
- About 2,400 square feet total two‑family house on a lot of about 0.0918 acres
- Three‑story brick duplex built in 1945 and renovated in 1997
- Ground, second, and third floors each are about 800 square feet with one or two bedrooms per level
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
$58,667
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
3.35%
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%
$1,173,340
$1.2M
Cap Rate 7%
$838,100
$838.1K
Cap Rate 9%
$651,856
$651.9K
Market Conditions
NOI Build-Up for 2,400 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
$110.9K $46.20/SF
− Vacancy
−$4.2K −$1.76/SF
EGI
$106.7K $44.44/SF
− OpEx
−$48.0K −$20.00/SF
NOI
$58.7K $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%
$1,173,340
Cap Rate 7%
$838,100
Cap Rate 9%
$651,856
Alternative Uses
Best Use
Apartment 5plus
$838.1K
$733.3K – $977.8K
NOI $58,667 @ 7.0% cap · market cap 3.35%
Second Best
Multifamily LT 5
$567.5K
$496.6K – $662.1K
NOI $39,724 @ 7.0% cap · market cap 2.27%
Theoretical Best
Office A
$1.77M
$1.55M – $2.06M
NOI $123,852 @ 7.0% cap · market cap 7.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,597
Businesses Nearby
Explore this area
Business Placement
Demographics for 11103, NY
37,362
Population
18,833
Households
2
Avg Household Size
36
Median Age
52%
College-Educated
89%
High-School Grad
0.7 sq mi
ZIP Area
53,374
Density / Sq Mi
$92,787
Median Household Income
$59,050
Median Earnings
$2,120
Median Rent
$1,003,500
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?
Duplex - Three-story two-family duplex with a private 7-car driveway and R5 zoning with 20 feet of street frontage.
Where is this duplex located?
The property is located at 32-63 41st Street Astoria, NY.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: About 2,400 square feet total two‑family house on a lot of about 0.0918 acres; Three‑story brick duplex built in 1945 and renovated in 1997; Ground, second, and third floors each are about 800 square feet with one or two bedrooms per level
