Eight-Unit Multifamily
For Sale
$2,800,000
3018 23rd St, Queens, NY 11102
8-unit income property with studio, one-bedroom apartments, and a two-bedroom duplex penthouse.
Property Size7,256 SF
Days on Market57
Property Features for 3018 23rd St
General Information
Standard status
Active
Size
7,256 SF
Property subtype
Commercial
Additional Details
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$70,455
Building Details
Building Size
7,256 SF
Year Built
2006
Units
8
Listing Agency:
(631) 507-1250
Listed By:
Marius Rungo
(631) 507-1250
Source:
Elliman
Added: Jun 16
Changed: Aug 8
Last Checked: Aug 10 at 6:38AM
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 Marius Rungo
Investment Insights
Based on property information with market context.
This 8-family multifamily building is configured with one studio apartment, six one-bedroom apartments, and one two-bedroom duplex penthouse. The property is described as currently generating approximately $244,605.60 in annual gross income, including laundry income, with an estimated current NOI of approximately $160,400. Based on projected market rents, the building is presented as capable of generating approximately $285,600 in annual gross income, with a projected pro forma NOI of approximately $201,400.
The building is located in Astoria at 30-18 23rd Street (3018 23rd St, Queens, NY 11102). The public remarks include high walkability and transit accessibility, with Walk Score of 97 and Transit Score of 99, plus a Bike Score of 80.
For investors seeking a residential income property, the mix of studios, one-bedrooms, and a two-bedroom duplex penthouse may support a diversified tenant profile within the building. The inclusion of laundry income is noted in the current revenue figures provided, and the offering frames both immediate operating results and potential rent-driven improvement based on the stated projections.
The building is located in Astoria at 30-18 23rd Street (3018 23rd St, Queens, NY 11102). The public remarks include high walkability and transit accessibility, with Walk Score of 97 and Transit Score of 99, plus a Bike Score of 80.
For investors seeking a residential income property, the mix of studios, one-bedrooms, and a two-bedroom duplex penthouse may support a diversified tenant profile within the building. The inclusion of laundry income is noted in the current revenue figures provided, and the offering frames both immediate operating results and potential rent-driven improvement based on the stated projections.
Key Highlights
- 8‑family multifamily building built in 2006
- Unit mix: 1 studio, 6 one‑bedroom units, and 1 two‑bedroom duplex penthouse
- Approx. $244,605.60 annual gross income including laundry income
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
$177,369
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
6.33%
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%
$3,547,380
$3.5M
Cap Rate 7%
$2,533,843
$2.5M
Cap Rate 9%
$1,970,767
$2.0M
Market Conditions
NOI Build-Up for 7,256 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
$335.2K $46.20/SF
− Vacancy
−$12.7K −$1.76/SF
EGI
$322.5K $44.44/SF
− OpEx
−$145.1K −$20.00/SF
NOI
$177.4K $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%
$3,547,380
Cap Rate 7%
$2,533,843
Cap Rate 9%
$1,970,767
Alternative Uses
Best Use
Apartment 5plus
$2.53M
$2.22M – $2.96M
NOI $177,369 @ 7.0% cap · market cap 6.33%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.35M
$4.68M – $6.24M
NOI $374,444 @ 7.0% cap · market cap 13.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
4,849
Businesses Nearby
Explore this area
Business Placement
Demographics for 11102, NY
37,468
Population
19,431
Households
1.9
Avg Household Size
36
Median Age
58%
College-Educated
90%
High-School Grad
0.7 sq mi
ZIP Area
53,526
Density / Sq Mi
$102,996
Median Household Income
$70,557
Median Earnings
$2,248
Median Rent
$779,800
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 - 8-unit income property with studio, one-bedroom apartments, and a two-bedroom duplex penthouse.
Where is this apartment building located?
The property is located at 3018 23rd St Queens, NY.
What is the asking price?
The asking price for this property is $2,800,000.
What are key features of this property?
This property features: 8‑family multifamily building built in 2006; Unit mix: 1 studio, 6 one‑bedroom units, and 1 two‑bedroom duplex penthouse; Approx. $244,605.60 annual gross income including laundry income
