Building Details

Building Size 4,425 SF

Year Built 1990

Listing Agency: Compass

Listed By: Marc A Dimov Show Phone

Source: Lenasimpson

Added: Aug 27 Changed: Oct 9 Last Checked: Oct 16 at 6:07PM

Report an Issue

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 Compass

Ask AI about this property

Review the available facts, identify missing information and prepare questions for the agent.

What should I ask the agent before proceeding? What information is missing from this listing?

Investment Insights

Based on property information with market context.

This legal six-family property was built in 1990 and has operated as a free-market building since completion, with no history of rent stabilization. The 4,425-square-foot building includes renovated residences, hardwood flooring, updated intercom systems, added storage, coat closets, and select apartments with private balconies. Two residences offer open living and kitchen arrangements with quartz islands, stainless steel appliances, tile backsplashes, and extensive cabinetry. Two units can be delivered vacant, and the property includes two driveway parking spaces.

The basement is underutilized and may support conversion to storage rooms or integration with first-floor apartments, subject to applicable approvals. The property is in Old Astoria near the waterfront and NYC Ferry, with access to Manhattan, Roosevelt Island, Long Island City, and Brooklyn. Astoria Park, Socrates Sculpture Park, The Noguchi Museum, neighborhood restaurants, cafes, shops, nightlife, and the N/W trains are also nearby.

Key Highlights

• Legal six‑family building with 4,425 square feet, built in 1990
• Free‑market operation since completion with no history of rent stabilization
• Two driveway parking spaces included

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$108,167

Cap Rate

5.42%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,163,340 $2.2M

Cap Rate 7%

$1,545,243 $1.5M

Cap Rate 9%

$1,201,856 $1.2M

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,425 SF

Gross rent

$204.4K $46.20/SF

− Vacancy

−$7.8K −$1.76/SF

EGI

$196.7K $44.44/SF

− OpEx

−$88.5K −$20.00/SF

NOI

$108.2K $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%

$2,163,340

Cap Rate 7%

$1,545,243

Cap Rate 9%

$1,201,856

Alternative Uses

Best Use

Apartment 5plus

$1.55M

$1.35M – $1.80M (±1% cap)

NOI $108,167 @ 7.0% cap · market cap 5.42%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$3.26M

$2.85M – $3.81M (±1% cap)

NOI $228,351 @ 7.0% cap · market cap 11.45%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Unlock full access to Insights Subscribe to Realmo Intelligence

Open Analytics

Current Use

Apartment buildings

Suggested Use

Top Pick Law Firm Real Estate Agency Clothing & Fashion Store (Bike/Boat/Book/etc) Store Hair Salon Nursing Home

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

3,397

Businesses Nearby

Explore this area Business Placement

Demographics for 11102, NY

37,468

Population

19,431

Households

1.9

Avg Household Size

36

Median Age

58%

College-Educated

90%

High-School Grad

0.7 sq mi

ZIP Area

53,526

Density / Sq Mi

$102,996

Median Household Income

$70,557

Median Earnings

$2,248

Median Rent

$779,800

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Similar For Sale Nearby

See more

Four-Family Brick Building in Corona

3416 107th St, Queens, NY 11368

$1,850,000

0.04 Acres

View details

Six-Unit Apartment Building

22-08 120th Street, Queens, NY 11356

$1,680,000

4,300 SF

View details

Brick Apartment Building

4749 46th St, Queens, NY 11377

$1,500,000

View details

Mixed-Use Building with Retail Storefront

10002 37th Ave, Queens, NY 11368

$2,700,000

View details

Six-Unit Apartment Building

14-18 31st St, Queens, NY 11106

$2,875,000

View details

Long Island City Multifamily Building

11-21 47th Rd, Queens, NY 11101

$1,499,000

View details

Six-Unit Apartment Building with Garage

23-13 28th Avenue, Queens, NY 11102

$1,600,000

3,960 SF

View details

Flushing Legal 5-Family Building

16003 Sanford Ave, Queens, NY 11358

$2,720,000

0.07 Acres

View details

6-Unit Apartment Building

17-17 Madison Street, Queens, NY 11385

$2,095,000

5,600 SF

View details

Six-Family Apartment Building

110-06 56th Avenue, Queens, NY 11368

$999,000

4,278 SF

View details

Brick Six-Family Apartment Building

41-07 54th Street, Queens, NY 11377

$1,998,000

6,075 SF

View details

New Construction Multifamily Building

43-12 104th St, Queens, NY 11368

$1,890,000

0.06 Acres

View details

Frequently Asked Questions

What type of property is this?

Apartment building - Free-market multifamily property with renovated residences, private balconies, driveway parking, and basement repositioning potential.

Where is this apartment building located?

The property is located at 11-46 Welling Court Queens, NY.

What is the asking price?

The asking price for this property is $1,995,000.

What are key features of this property?

This property features: Legal six‑family building with 4,425 square feet, built in 1990; Free‑market operation since completion with no history of rent stabilization; Two driveway parking spaces included