Well-Maintained Building, Excellent
For Sale
$298,000
Pending
48-21 40 St 2C, Queens, NY 11104
Bright 1-bedroom near Greenpoint Avenue, 15 minutes to Manhattan.
Property Size600 SF
Days on Market269
Property Features for 48-21 40 St 2C
General Information
Standard status
Pending
Size
600 SF
Property subtype
Residential
Building Details
Building Size
600 SF
Year Built
1955
Listing Agency:
(516) 902-0789
Listed By:
John W. Keane GRI CBR
(516) 902-0789
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 14
Last Checked: Aug 24 at 5:39AM
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 John W. Keane GRI CBR
Investment Insights
Based on property information with market context.
This well-maintained building offers a bright and airy 1-bedroom apartment featuring high ceilings, hardwood floors, and ample closet space. Building amenities include a live-in superintendent, laundry facilities, and a bike room and parking, both available on a waitlist. The maintenance fee is $692.78, which includes heat and water. A minimum down payment of 20% is required, and there is no flip tax. The building is pet-friendly and features an elevator. Subletting is permitted after two years, subject to board approval. The building is located close to Greenpoint Avenue, shopping, schools, restaurants, and major highways. It is three blocks from the #7 subway and bus lines, providing a 15-minute commute to midtown Manhattan.
Key Highlights
- Excellent location close to Greenpoint Avenue, shopping, schools, restaurants, major highways, and transportation.
- Convenient commute: just three blocks to #7 subway and bus lines offering a 15 minutes ride to midtown Manhattan.
- Pet‑friendly elevator building with live‑in superintendent.
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
$14,667
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
4.92%
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%
$293,340
$293.3K
Cap Rate 7%
$209,529
$209.5K
Cap Rate 9%
$162,967
$163.0K
Market Conditions
NOI Build-Up for 600 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
$27.7K $46.20/SF
− Vacancy
−$1.1K −$1.76/SF
EGI
$26.7K $44.44/SF
− OpEx
−$12.0K −$20.00/SF
NOI
$14.7K $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%
$293,340
Cap Rate 7%
$209,529
Cap Rate 9%
$162,967
Alternative Uses
Best Use
Apartment 5plus
$209.5K
$183.3K – $244.5K
NOI $14,667 @ 7.0% cap · market cap 4.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$442.3K
$387.0K – $516.1K
NOI $30,963 @ 7.0% cap · market cap 10.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,958
Businesses Nearby
Explore this area
Business Placement
Demographics for 11104, NY
27,407
Population
13,224
Households
2.1
Avg Household Size
39
Median Age
51%
College-Educated
93%
High-School Grad
0.4 sq mi
ZIP Area
68,518
Density / Sq Mi
$84,716
Median Household Income
$60,346
Median Earnings
$1,924
Median Rent
$665,700
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 - Bright 1-bedroom near Greenpoint Avenue, 15 minutes to Manhattan.
Where is this apartment building located?
The property is located at 48-21 40 St 2C Queens, NY.
What is the asking price?
The asking price for this property is $298,000.
What are key features of this property?
This property features: Excellent location close to Greenpoint Avenue, shopping, schools, restaurants, major highways, and transportation.; Convenient commute: just three blocks to #7 subway and bus lines offering a 15 minutes ride to midtown Manhattan.; Pet‑friendly elevator building with live‑in superintendent.
