Long Island City Multifamily
For Sale
$1,499,000
11-21 47th Rd, Queens, NY 11101
Six-unit building in Long Island City with income potential.
Property Size4,125 SF
Days on Market146
Property Features for 11-21 47th Rd
General Information
Standard status
Active
Size
4,125 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$13,764
Building Details
Building Size
4,125 SF
Year Built
1931
Units
6
Listed By:
Andréa Sorrentino
(516) 629-2616
Source:
Elliman
Added: Apr 24
Changed: Sep 6
Last Checked: Sep 15 at 7:07AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Andréa Sorrentino
Investment Insights
Based on property information with market context.
Located in the heart of Long Island City, just off Jackson Avenue, this six-family building is available for purchase. Each unit features two bedrooms, one bathroom, a kitchen, and a living room. The property includes a full unfinished basement with two outdoor exits. The current income from the units is as follows: Unit 1R generates $1,424.69 per month with a lease expiring on April 22, 2026; Unit 2R generates $1,765.00 per month with a lease expiring on January 31, 2026; Unit 3R generates $1,993.32 per month with a lease expiring on November 30, 2025; Unit 2L generates $1,754.84 per month with a lease expiring on February 28, 2026; and Unit 3L generates $785.28 per month with a lease expiring on April 30, 2026. Unit 1L is in LEGAL. The annual expenses include $4,902 for water and sewer, $4,213 for oil, $23 for fire insurance, $321 for exterminator services, $4,213 for supplies, $9,832 for insurance, and $13,766.84 in taxes. Five of the six units are rent stabilized, while Unit 1L is rent controlled. The location has a bike score of 84, indicating it is very bikeable, a walk score of 96, designating it as a walker's paradise, and a transit score of 100, marking it as a rider's paradise.
Key Highlights
- Prime Long Island City location, right off Jackson Avenue.
- Six‑family building, offering immediate rental income potential.
- High Walk Score (96): Walker's Paradise.
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
$100,833
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
6.73%
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%
$2,016,660
$2.0M
Cap Rate 7%
$1,440,471
$1.4M
Cap Rate 9%
$1,120,367
$1.1M
Market Conditions
NOI Build-Up for 4,125 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
$190.6K $46.20/SF
− Vacancy
−$7.2K −$1.76/SF
EGI
$183.3K $44.44/SF
− OpEx
−$82.5K −$20.00/SF
NOI
$100.8K $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%
$2,016,660
Cap Rate 7%
$1,440,471
Cap Rate 9%
$1,120,367
Alternative Uses
Best Use
Apartment 5plus
$1.44M
$1.26M – $1.68M
NOI $100,833 @ 7.0% cap · market cap 6.73%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.04M
$2.66M – $3.55M
NOI $212,870 @ 7.0% cap · market cap 14.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
4,865
Businesses Nearby
Explore this area
Business Placement
Demographics for 11101, NY
48,867
Population
27,093
Households
1.8
Avg Household Size
33
Median Age
65%
College-Educated
90%
High-School Grad
2.6 sq mi
ZIP Area
18,795
Density / Sq Mi
$116,807
Median Household Income
$83,892
Median Earnings
$2,740
Median Rent
$995,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Six-unit building in Long Island City with income potential.
Where is this apartment building located?
The property is located at 11-21 47th Rd Queens, NY.
What is the asking price?
The asking price for this property is $1,499,000.
What are key features of this property?
This property features: Prime Long Island City location, right off Jackson Avenue.; Six‑family building, offering immediate rental income potential.; High Walk Score (96): **Walker's Paradise**.
