Six-Family Brick Apartment
For Sale
$1,550,000
34-35 33rd Street, Queens, NY 11106
COMMERCIAL - Other - Queens, NY
Property Size3,660 SF
Lot Size0.06 Acres
Price / SF$423.50
Days on Market209
Property Features for 34-35 33rd Street
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
Long Island City
High school district
000000
Standard status
Active
Size
3,660 SF
Lot size
0.06 Acres
Building Details
Architectural style
Other
Listing Agency:
Compass
(646) 982-0353
Listed By:
Nicholas Colombos
Added: Jan 12
Changed: Aug 4
Last Checked: Aug 9 at 2:06AM
MLS# 11630573
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.
An income-producing six-family brick apartment building offered for sale by a family that has owned it for over 35 years. The property includes driveway access and garages located in the rear. The building sits on a 25' x 97.5' lot and is zoned R5.
The offering is part of a three-building portfolio, including a six-family property next door, with all buildings in the same vicinity. Please inquire regarding the property setup.
The building is listed with an overall property size of 3,660 square feet.
The offering is part of a three-building portfolio, including a six-family property next door, with all buildings in the same vicinity. Please inquire regarding the property setup.
The building is listed with an overall property size of 3,660 square feet.
Key Highlights
- Income‑producing six‑family brick apartment building
- Driveway with garages located in the rear
- 25' x 97.5' lot size
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
$89,467
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
5.77%
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%
$1,789,340
$1.8M
Cap Rate 7%
$1,278,100
$1.3M
Cap Rate 9%
$994,078
$994.1K
Market Conditions
NOI Build-Up for 3,660 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
$169.1K $46.20/SF
− Vacancy
−$6.4K −$1.76/SF
EGI
$162.7K $44.44/SF
− OpEx
−$73.2K −$20.00/SF
NOI
$89.5K $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%
$1,789,340
Cap Rate 7%
$1,278,100
Cap Rate 9%
$994,078
Alternative Uses
Best Use
Apartment 5plus
$1.28M
$1.12M – $1.49M
NOI $89,467 @ 7.0% cap · market cap 5.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.70M
$2.36M – $3.15M
NOI $188,874 @ 7.0% cap · market cap 12.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
7,036
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 - Brick 6-family building on a 25' x 97.5' lot zoned R5, with driveway and rear garages.
Where is this apartment building located?
The property is located at 34-35 33rd Street Queens, NY.
What is the asking price?
The asking price for this property is $1,550,000.
What are key features of this property?
This property features: Income‑producing six‑family brick apartment building; Driveway with garages located in the rear; 25' x 97.5' lot size
