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Astoria Multifamily Investment Opportunity

31-23 47th St, Queens, NY 11103

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For Sale

$4,999,999

24-unit building in prime Astoria location near subway.

Type:Commercial

Property size:

14,680 SF

Lot size:

0.17 Acres

Price / SF:

$340/SF

We can help!

Contact an agent

Faisal Gilani

Real Estate License ID: 10351202702

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.
Spacious layouts: Units feature hardwood floors, high ceilings, and excellent natural light.
Walkable to amenities: Close proximity to Broadway, Newtown Road, and 30th Avenue, offering diverse dining, shopping, and neighborhood amenities.
Well‑maintained 24‑unit building: A substantial asset built in 1953 on a 7,500 SF lot.

For Sale

$4,999,999

24-unit building in prime Astoria location near subway.

Type:Commercial

Property size:

14,680 SF

Lot size:

0.17 Acres

Price / SF:

$340/SF

Added:: Mar 11, 2026
Days on Market:: 119
Last Refresh:: Jul 2 at 5:43 pm

Property Features for 31-23 47th St

General Information

Standard status: Active
Size: 14,680 SF
Lot size: 0.17 Acres
Property subtype: Commercial

Building Details

Year Built: 1953

We can help!

Contact an agent

Faisal Gilani

Listing office NY Space Finders Inc

Listing date Mar 11, 2026

Source Elliman

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

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.
Spacious layouts: Units feature hardwood floors, high ceilings, and excellent natural light.
Walkable to amenities: Close proximity to Broadway, Newtown Road, and 30th Avenue, offering diverse dining, shopping, and neighborhood amenities.
Well‑maintained 24‑unit building: A substantial asset built in 1953 on a 7,500 SF lot.

Overview

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.

Local Financial Insights For Apartment 5plus

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$678.2k	$46.20
− Vacancy	−$25.8k	−$1.76
EGI	$652.4k	$44.44
− OpEx	−$293.6k	−$20.00
NOI	$358.8k	$24.44

14,680 SF · lease $46.20/SF/yr · vacancy 3.80% · expense 45.00%

Alternative Uses

Best Use

Apartment 5plus

$5.13M

$4.49M – $5.98M (±1% cap)

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 (±1% cap)

NOI $757,558 @ 7.0% cap · market cap 15.15%

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

Property Profile Location Intelligence

Current Use by Public Records

Apartment buildings

Suggested Use

Location Insight

Map
Local Demand

City: Queens
County: Queens
State: New York
Longitude: -73.8981
Latitude: 40.7724

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For sale
Apartment buildings
NY
Queens
11103
31-23 47th St

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.