Semi-Attached Brick Two-Family
For Sale
$1,740,000
Pending
32-69 38th St, Queens, NY 11103
A 2-family brick home with separate systems and updates, offering contractor-friendly potential in Astoria.
Property Size2,902 SF
Lot Size0.06 Acres
Days on Market103
Property Features for 32-69 38th St
General Information
Standard status
Pending
Size
2,902 SF
Total Parking Spaces
1
Lot size
0.06 Acres
Property subtype
Investment
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$14,000
Building Details
Building Size
2,902 SF
Year Built
1960
Units
2
Tenancy
Multi
Listing Agency:
Folan Real Estate Group
Listed By:
Maureen Ramsbottom
(718) 767-8200
Source:
Elliman
Added: Jun 3
Changed: Aug 14
Last Checked: Sep 12 at 8:59AM
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 Folan Real Estate Group
Investment Insights
Based on property information with market context.
This semi-attached brick two-family home is set on a 25x100 lot and is configured as two residential units. Together, the property offers five bedrooms and three full bathrooms, with each unit including a living room, kitchen, two bedrooms, and one full bath. In addition, there is a ground-level living room and bathroom, providing flexible layout options within the overall building. Major capital improvements include a newer roof and an approximately 8-year-old boiler. The home is heated by gas, and hot water is handled via separate hot water heaters, complemented by a 1-car garage.
The property is situated in Astoria with convenient access to the N/W trains, Ditmars Boulevard, and Astoria Park. Walk, bike, and transit scores indicate an extremely walkable and transit-accessible setting, supporting day-to-day connectivity for residents.
For investors and contractors, the home’s current configuration and existing improvements can serve as a practical foundation for updating and modernization. With distinct unit layouts and separate hot water systems, it may be well-suited for buyers seeking a straightforward two-family setup with clear separation between living areas.
The property is situated in Astoria with convenient access to the N/W trains, Ditmars Boulevard, and Astoria Park. Walk, bike, and transit scores indicate an extremely walkable and transit-accessible setting, supporting day-to-day connectivity for residents.
For investors and contractors, the home’s current configuration and existing improvements can serve as a practical foundation for updating and modernization. With distinct unit layouts and separate hot water systems, it may be well-suited for buyers seeking a straightforward two-family setup with clear separation between living areas.
Key Highlights
- Semi‑attached brick 2‑family home built in 1960 on a 25x100 lot in Astoria
- Total layout includes 5 bedrooms and 3 full baths across two residential units
- Each unit offers a living room, kitchen, 2 bedrooms, and 1 full bath
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
$70,938
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
4.08%
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%
$1,418,760
$1.4M
Cap Rate 7%
$1,013,400
$1.0M
Cap Rate 9%
$788,200
$788.2K
Market Conditions
NOI Build-Up for 2,902 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
$134.1K $46.20/SF
− Vacancy
−$5.1K −$1.76/SF
EGI
$129.0K $44.44/SF
− OpEx
−$58.0K −$20.00/SF
NOI
$70.9K $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%
$1,418,760
Cap Rate 7%
$1,013,400
Cap Rate 9%
$788,200
Alternative Uses
Best Use
Apartment 5plus
$1.01M
$886.7K – $1.18M
NOI $70,938 @ 7.0% cap · market cap 4.08%
Second Best
Multifamily LT 5
$686.2K
$600.4K – $800.6K
NOI $48,033 @ 7.0% cap · market cap 2.76%
Theoretical Best
Office A
$2.14M
$1.87M – $2.50M
NOI $149,757 @ 7.0% cap · market cap 8.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,539
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - A 2-family brick home with separate systems and updates, offering contractor-friendly potential in Astoria.
Where is this duplex located?
The property is located at 32-69 38th St Queens, NY.
What is the asking price?
The asking price for this property is $1,740,000.
What are key features of this property?
This property features: Semi‑attached brick 2‑family home built in 1960 on a 25x100 lot in Astoria; Total layout includes 5 bedrooms and 3 full baths across two residential units; Each unit offers a living room, kitchen, 2 bedrooms, and 1 full bath
