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 Market191
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) 639-2596
Source:
Elliman
Added: Apr 24
Changed: Oct 25
Last Checked: Oct 30 at 2:57PM
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
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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 / Yr
$100,833
Cap Rate
6.73%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
Who owns this building?
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Open Analytics
Location Intelligence
Trade Area within ½ mile
4,865
Businesses Nearby
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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
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**.
