Astoria Multifamily Investment
For Sale
$4,999,999
Pending
31-23 47th St, Queens, NY 11103
24-unit building in prime Astoria location near subway.
Property Size14,680 SF
Lot Size0.17 Acres
Days on Market211
Property Features for 31-23 47th St
General Information
Standard status
Pending
Size
14,680 SF
Lot size
0.17 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$130,453
Building Details
Building Size
14,680 SF
Year Built
1953
Units
24
Listing Agency:
NY Space Finders Inc
Listed By:
Faisal Gilani
(925) 285-3075
Source:
Elliman
Added: Mar 11
Changed: Oct 3
Last Checked: Oct 7 at 12:42PM
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 NY Space Finders Inc
Investment Insights
Based on property information with market context.
This 24-unit multifamily building is situated in the Astoria neighborhood of Queens. Constructed in 1953, this three-story walk-up building has 14,680 square feet of space and is located on a 75' x 100' (7,500 square feet) lot. The property offers a stable, income-producing investment. The building features layouts with hardwood floors, high ceilings, and natural light. The property is located on a residential block near the M and R subway lines, providing access to Manhattan and other parts of Queens. Broadway, Newtown Road, and 30th Avenue are within walking distance, offering a variety of dining, shopping, and neighborhood amenities.
Key Highlights
- Prime Astoria location: Situated in a vibrant, rapidly growing neighborhood.
- Stable, income‑producing investment: Offers immediate returns.
- Convenient transportation: Steps from M and R subway lines, providing direct access to Manhattan and Queens.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$358,844
Cap Rate
7.18%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$7,176,880
$7.2M
Cap Rate 7%
$5,126,343
$5.1M
Cap Rate 9%
$3,987,156
$4.0M
Market Conditions
NOI Build-Up for 14,680 SF
Gross rent
$678.2K $46.20/SF
− Vacancy
−$25.8K −$1.76/SF
EGI
$652.4K $44.44/SF
− OpEx
−$293.6K −$20.00/SF
NOI
$358.8K $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%
$7,176,880
Cap Rate 7%
$5,126,343
Cap Rate 9%
$3,987,156
Alternative Uses
Best Use
Apartment 5plus
$5.13M
$4.49M – $5.98M
NOI $358,844 @ 7.0% cap · market cap 7.18%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$10.82M
$9.47M – $12.63M
NOI $757,558 @ 7.0% cap · market cap 15.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,339
Businesses Nearby
Explore this area
Business Placement
Demographics for 11103, NY
37,362
Population
18,833
Households
2
Avg Household Size
36
Median Age
52%
College-Educated
89%
High-School Grad
0.7 sq mi
ZIP Area
53,374
Density / Sq Mi
$92,787
Median Household Income
$59,050
Median Earnings
$2,120
Median Rent
$1,003,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - 24-unit building in prime Astoria location near subway.
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 $4,999,999.
What are key features of this property?
This property features: Prime Astoria location: Situated in a vibrant, rapidly growing neighborhood.; Stable, income‑producing investment: Offers immediate returns.; Convenient transportation: Steps from M and R subway lines, providing direct access to Manhattan and Queens.
