Six-Family Apartment
New
For Sale
$1,995,000
11-46 Welling Court, Queens, NY 11102
Free-market multifamily property with renovated residences, private balconies, driveway parking, and basement repositioning potential.
Property Size4,425 SF
Price / SF$450.85
Days on Market5
Property Features for 11-46 Welling Court
General Information
Standard status
Active
Size
4,425 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$36,408
Building Details
Building Size
4,425 SF
Year Built
1990
Listing Agency:
Compass
(516) 728-6521
Listed By:
Marc A Dimov
(516) 728-6521
Source:
Lenasimpson
Added: Aug 27
Changed: Aug 29
Last Checked: Aug 31 at 12:45AM
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
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.
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 = 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
$108,167
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
5.42%
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%
$2,163,340
$2.2M
Cap Rate 7%
$1,545,243
$1.5M
Cap Rate 9%
$1,201,856
$1.2M
Market Conditions
NOI Build-Up for 4,425 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
$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 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%
$2,163,340
Cap Rate 7%
$1,545,243
Cap Rate 9%
$1,201,856
Alternative Uses
Best Use
Apartment 5plus
$1.55M
$1.35M – $1.80M
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
NOI $228,351 @ 7.0% cap · market cap 11.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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
