Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    31-23 47Th St Queens, NY 11103

    Loading data...
    Loading data...
    Loading data...
    For Sale
    $5,500,000

    24-unit building in prime Astoria location with growth potential.

    Lot size:
    0.17 Acres

    Property Features for 31-23 47Th St

    General Information

    Lot size
    0.17 Acres

    Building Details

    Year built
    1953

    We can help!

    Listing Contact
    Luca Diciero
    Source: Elliman

    Listing Agent: Luca Diciero

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Astoria Multifamily Building for Sale

    This 24-unit multifamily building is situated in the vibrant Astoria neighborhood of Queens. Constructed in 1953, the three-story walk-up building has a total area of 14,680 square feet and is located on a 7,500 square foot lot with dimensions of 75 feet by 100 feet. The property offers a stable, income-producing investment with potential for future growth. The building features spacious layouts with hardwood floors, high ceilings, and ample natural light. Its location provides residents with a quiet residential environment while being close to the M and R subway lines, offering convenient access to Manhattan and other parts of Queens. Broadway, Newtown Road, and 30th Avenue are within walking distance, providing access to various dining, shopping, and neighborhood amenities. This property represents an opportunity to acquire a well-maintained asset in a desirable Astoria location with strong rental demand and long-term growth prospects.
    Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Clothing Store Nail Salon Food Market Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Queens
    County
    Queens
    State
    New York
    Longitude
    -73.898082
    Latitude
    40.772363

    Nearby Similar for Sale

    • $2,200,000
      0.09 Acres

      Updated Brick Duplex with Basement

      Updated 8-bedroom duplex with finished basement in Jamaica Hills.
      8470 159Th St, Jamaica, NY 11432
      View Details
    • New
      $2,500,000
      0.13 Acres

      Flushing Two-Family Home Near Northern Blvd

      Two-family home in prime Flushing location near Northern Blvd.
      35-35 155Th St, Flushing, NY 11354
      View Details
    • $1,599,000
      Pending

      Flushing Three-Family Investment Opportunity

      Spacious, well-maintained three-family property in prime Flushing location.
      162-19 Laburnum Ave, Flushing, NY 11358
      View Details
    • $1,650,000
      0.06 Acres

      Jamaica Commercial Building For Sale

      4,620 SF commercial building in prime Jamaica location.
      148-11 175Th St, Jamaica, NY 11434
      View Details
    • $800,000
      Pending

      Jamaica Duplex with Large Lot

      Detached duplex on a large lot in Jamaica, Queens.
      16602 120Th Ave, Jamaica, NY 11434
      View Details
    • $1,300,000
      Pending

      Renovated Two-Family Home in Jamaica

      Renovated two-family home with modern amenities and ample parking.
      120-12 Long St, Jamaica, NY 11434
      View Details
    • $1,295,000
      Pending

      Two-Family Home in Jamaica, NY

      Two-family home with finished basement, driveway, and garage.
      15027 Linden Blvd, Jamaica, NY 11434
      View Details
    • $2,998,888
      0.11 Acres

      Spacious Two-Family Residence in Flushing

      Two-family home with finished attic and basement near amenities.
      146-18 Laburnum Ave, Flushing, NY 11355
      View Details
    • $750,000
      0.04 Acres

      Jamaica Two-Family Brick Home

      Two-family brick home near transportation, shopping, and dining.
      17715 Troutville Rd, Jamaica, NY 11434
      View Details
    • $1,990,000
      0.07 Acres

      Flushing Two-Family Home Near Park

      Two-family home near Bowne Park with modern upgrades and investment potential.
      2942 164Th St, Flushing, NY 11358
      View Details
    • $2,998,000

      Spacious Two-Family Home Near Park

      Massive, newly built two-family home near Captain Tilly Park.
      85-02 165Th St, Jamaica, NY 11432
      View Details
    • $2,998,000
      0.15 Acres

      Spacious Two-Family House Near Park

      Massive, newly built two-family house near Captain Tilly Park.
      164-20 85Th Ave, Jamaica, NY 11432
      View Details

    FAQs

    What type of property is this?
    Apartment building - 24-unit building in prime Astoria location with growth potential.
    Where is this apartment building located?
    The property is located at 31-23 47Th St Queens, NY.
    What is the asking price?
    The asking price for this property is $5,500,000.
    What are key features of this property?
    This property features: - Prime Astoria location in a vibrant, rapidly growing neighborhood.; - Stable, income-producing 24-unit multifamily building.; - Close proximity to M and R subway lines for direct access to Manhattan and Queens.
    (347) 242-0353
    Request Owner's contact information
    31-23 47Th St Queens, NY 11103
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    31-23 47Th St
    Queens, NY 11103
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    31-23 47Th St Queens, NY 11103
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Luca Diciero
    Real Estate License ID: 10351202702
    (347) 242-0353
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.