Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    40-37 24Th St Long Island City, NY 11101

    View on Map
    Sponsored
    For Sale
    $1,900,000

    MULTI_FAMILY - Long Island City, NY

    Lot size:
    0.06 Acres
    Days on Market:
    3
    Last Refresh:
    Mar 28 at 7:06 pm

    Property Features for 40-37 24Th St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Rooms
    Bedroom 5, Bedroom 3, Bedroom 4, Bedroom 2, Bathroom 4, Bedroom 1, Bedroom 6, Basement, Bathroom 1, Bathroom 2, Bathroom 3
    Bedrooms
    6
    Bathrooms
    4
    APN
    00407-0010
    Interior features
    First Floor Bedroom, First Floor Full Bath, Quartz/Quartzite Counters, Recessed Lighting
    Lot size
    0.06 Acres

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Baseboard
    Cooling system
    Wall/Window Unit(s), Window Unit(s)
    Water source
    Public

    Building Details

    Year built
    1910
    Number of units
    2
    Building materials
    Frame

    We can help!

    Listing Contact
    Edward V. Kong

    E REALTY INTERNATIONAL CORP.

    Listing agent Edward V. Kong

    Listing date Mar 26, 2026

    MLS# 884437

    Copyright © 2026 OneKey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Long Island City Two-Family Property

    This two-family property is located in Long Island City, Queens. Each floor features 3 bedrooms and 2 full bathrooms. The lot size is 0.0557 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Long Island City
    County
    Queens
    State
    New York
    Longitude
    -73.939305
    Latitude
    40.752882

    Nearby Similar for Sale

    • $179,000
      3,143 SF

      Astoria Deli & Grocery Opportunity

      Established deli and grocery business for sale in Astoria, NY.
      21-72 Queens St, Astoria, NY 11105
      View Details
    • $199,000
      3,143 SF

      Astoria Grocery Business Opportunity

      Established deli and grocery business for sale in prime Astoria location.
      2172 21St St, Astoria, NY 11105
      View Details
    • $550,000
      1,606 SF

      Astoria Commercial Condominium Opportunity

      1,606 SF professional/community facility condominium in the heart of Astoria.
      30-63 38Th St, Astoria, NY 11103
      View Details
    • New
      $9,500,000
      21,730 SF

      Astoria Commercial Buildings with Elevator

      Two community facility buildings suitable for various uses.
      32-71 41St St, Astoria, NY 11103
      View Details
    • $4,599,000
      5,220 SF

      Sunnyside Corner Commercial Property

      Income-producing property with gas station, store, and repair shop.
      39-04 Skillman Ave, Sunnyside, NY 11104
      View Details
    • New
      $2,299,000
      4,300 SF

      Astoria Multi-Family Investment Opportunity

      Income-generating property in a thriving Queens neighborhood.
      34-57 9Th St, Queens, NY 11106
      View Details
    • New
      $2,390,000
      4,500 SF

      Mixed-Use Building in South Astoria

      High-visibility mixed-use building with redevelopment potential in a prime location.
      3076 Steinway St, Astoria, NY 11103
      View Details
    • $1,550,000
      5,000 SF

      Astoria Six-Unit Multi-Family Building

      Six-unit multi-family building in Astoria, Queens, a strong rental market.
      31-51 35Th St, Astoria, NY 11106
      View Details
    • New
      $1,788,000
      2,650 SF

      Well-Maintained Three-Family Home in Queens

      Desirable Jackson Heights location, ideal for investors and home buyers.
      77-16 25Th Ave, Queens, NY 11370
      View Details
    • New
      $247,000
      0.05 Acres

      Astoria Restaurant Business For Sale

      Profitable, fully operational hamburger restaurant in high-traffic Astoria location.
      3620 30Th Ave, Astoria, NY 11103
      View Details
    • New
      $5,500,000
      5,190 SF

      Mixed-Use Building Near Waterfront

      Mixed-use property with retail, studio, and residential units.
      5-46 50Th Ave, Queens, NY 11101
      View Details
    • New
      $2,500,000
      5,320 SF

      Queens Multifamily Investment Opportunity

      Six-unit building near N/W subway with income potential.
      31-74 33Rd St, Queens, NY 11106
      View Details

    FAQs

    What type of property is this?
    Duplex - Two-family property in Long Island City, Queens.
    Where is this duplex located?
    The property is located at 40-37 24Th St Long Island City, NY.
    What is the asking price?
    The asking price for this property is $1,900,000.
    What are key features of this property?
    This property features: - Two separate living spaces: 2-family property provides options for rental income or multi-generational living.; - Spacious Layout: Each floor features **3 bedrooms and 2 full baths.**; - Modern Kitchens: **Quartz/Quartzite counters offer a high-end aesthetic.**
    (917) 589-9881
    Request Owner's contact information
    40-37 24Th St Long Island City, NY 11101
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    40-37 24Th St
    Long Island City, NY 11101
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    40-37 24Th St Long Island City, NY 11101
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Edward V. Kong
    Real Estate License ID: 10401385208
    Learn More
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!