Three-Family Residential Income
For Sale
$1,499,000
Pending
2310 21st Ave, Queens, NY 11105
Legal three-family property with two 1-bedroom units, one 2-bedroom unit, and a full basement for additional storage.
Property Size2,280 SF
Days on Market82
Property Features for 2310 21st Ave
General Information
Standard status
Pending
Size
2,280 SF
Total Parking Spaces
2
Property subtype
Investment
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$10,339
Building Details
Building Size
2,280 SF
Year Built
1935
Units
3
Listing Agency:
Halvatzis Realty Inc
(917) 364-1220
Listed By:
Pavlos Milonakis · License #10401254988
(917) 364-1220
Source:
Elliman
Added: Jun 3
Changed: Aug 13
Last Checked: Aug 22 at 9:07AM
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 Halvatzis Realty Inc
Investment Insights
Based on property information with market context.
This legal three-family residential income property is configured with two one-bedroom apartments and one expansive two-bedroom apartment. A full basement provides additional storage and additional utility for the building. The first-floor unit includes direct access to a private backyard, offering outdoor space from the residence.
All tenants are currently on month-to-month leases, providing flexibility for the next owner. The property is described as having updated kitchens and maintained interiors, along with mature landscaping and curb appeal.
For parking and outdoor convenience, the private rear outdoor space connects to a two-car carport. The area is also noted for walkability and proximity to transit, with the N/W subway line identified as nearby.
All tenants are currently on month-to-month leases, providing flexibility for the next owner. The property is described as having updated kitchens and maintained interiors, along with mature landscaping and curb appeal.
For parking and outdoor convenience, the private rear outdoor space connects to a two-car carport. The area is also noted for walkability and proximity to transit, with the N/W subway line identified as nearby.
Key Highlights
- Legal three‑family home built in 1935 with two 1‑bedroom units and one 2‑bedroom unit
- Full basement provides additional storage and extra possibilities
- First‑floor unit has direct access to a private backyard
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
$55,733
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
3.72%
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%
$1,114,660
$1.1M
Cap Rate 7%
$796,186
$796.2K
Cap Rate 9%
$619,256
$619.3K
Market Conditions
NOI Build-Up for 2,280 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
$105.3K $46.20/SF
− Vacancy
−$4.0K −$1.76/SF
EGI
$101.3K $44.44/SF
− OpEx
−$45.6K −$20.00/SF
NOI
$55.7K $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%
$1,114,660
Cap Rate 7%
$796,186
Cap Rate 9%
$619,256
Alternative Uses
Best Use
Apartment 5plus
$796.2K
$696.7K – $928.9K
NOI $55,733 @ 7.0% cap · market cap 3.72%
Second Best
Multifamily LT 5
$539.1K
$471.7K – $629.0K
NOI $37,738 @ 7.0% cap · market cap 2.52%
Theoretical Best
Office A
$1.68M
$1.47M – $1.96M
NOI $117,659 @ 7.0% cap · market cap 7.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,869
Businesses Nearby
Explore this area
Business Placement
Demographics for 11105, NY
38,001
Population
17,518
Households
2.2
Avg Household Size
37
Median Age
55%
College-Educated
91%
High-School Grad
1.6 sq mi
ZIP Area
23,751
Density / Sq Mi
$100,306
Median Household Income
$62,464
Median Earnings
$2,211
Median Rent
$1,089,000
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?
Triplex - Legal three-family property with two 1-bedroom units, one 2-bedroom unit, and a full basement for additional storage.
Where is this triplex located?
The property is located at 2310 21st Ave Queens, NY.
What is the asking price?
The asking price for this property is $1,499,000.
What are key features of this property?
This property features: Legal three‑family home built in 1935 with two 1‑bedroom units and one 2‑bedroom unit; Full basement provides additional storage and extra possibilities; First‑floor unit has direct access to a private backyard
