Six-Unit Apartment
New
For Sale
$2,000,000
10-47 47TH Ave, Queens, NY 11101
Three-story multifamily property with stabilized apartments, a landscaped rear yard, basement space, and recent building-system upgrades.
Property Size4,500 SF
Lot Size0.06 Acres
Price / SF$444.44
Days on Market5
Property Features for 10-47 47TH Ave
General Information
Standard status
Active
Size
4,500 SF
Lot size
0.06 Acres
Property subtype
Multi Family
Zoning
M1-4/R6B
Units
Unit Mix
6 x 1BR/1BA
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$14,196
Amenities
landscaped backyard
Building Details
Building Size
4,500 SF
Year Built
1931
Buildings
1
Stories
3
Units
6
Listing Agency:
(347) 863-6175
Listed By:
Yan Gladkov
(347) 863-6175
Source:
Elliman
Added: Aug 5
Changed: Aug 6
Last Checked: Aug 9 at 9:05AM
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 Yan Gladkov
Investment Insights
Based on property information with market context.
This three-story apartment building contains 4,500 square feet and six legal one-bedroom, one-bath residences currently arranged in railroad-style two-bedroom layouts. Built in 1931, the property has been maintained for more than 60 years and includes a walkable basement, landscaped backyard, new roof, and new boiler. All apartments are rent stabilized and the building will be delivered fully occupied. Inspections are current, with compliance reported under local and state requirements.
The property is located at 10-47 47TH Ave in Long Island City, just off Vernon Boulevard and within the Long Island City Mixed Use District. It is zoned M1-4/R6B with an FAR of 2.0 and approximately 500 square feet of unused air rights. WalkScore, BikeScore, and TransitScore are 97, 85, and 100, respectively.
The property is located at 10-47 47TH Ave in Long Island City, just off Vernon Boulevard and within the Long Island City Mixed Use District. It is zoned M1-4/R6B with an FAR of 2.0 and approximately 500 square feet of unused air rights. WalkScore, BikeScore, and TransitScore are 97, 85, and 100, respectively.
Key Highlights
- 4,500 sq ft, 6‑unit apartment building constructed in 1931
- Six legal one‑bedroom, one‑bath apartments arranged as railroad‑style two‑bedroom layouts
- Rent stabilized apartments; delivered fully occupied
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
$110,000
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
5.50%
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%
$2,200,000
$2.2M
Cap Rate 7%
$1,571,429
$1.6M
Cap Rate 9%
$1,222,222
$1.2M
Market Conditions
NOI Build-Up for 4,500 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
$207.9K $46.20/SF
− Vacancy
−$7.9K −$1.76/SF
EGI
$200.0K $44.44/SF
− OpEx
−$90.0K −$20.00/SF
NOI
$110.0K $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%
$2,200,000
Cap Rate 7%
$1,571,429
Cap Rate 9%
$1,222,222
Alternative Uses
Best Use
Apartment 5plus
$1.57M
$1.38M – $1.83M
NOI $110,000 @ 7.0% cap · market cap 5.50%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.32M
$2.90M – $3.87M
NOI $232,222 @ 7.0% cap · market cap 11.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
4,970
Businesses Nearby
Explore this area
Business Placement
Demographics for 11101, NY
48,867
Population
27,093
Households
1.8
Avg Household Size
33
Median Age
65%
College-Educated
90%
High-School Grad
2.6 sq mi
ZIP Area
18,795
Density / Sq Mi
$116,807
Median Household Income
$83,892
Median Earnings
$2,740
Median Rent
$995,500
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 - Three-story multifamily property with stabilized apartments, a landscaped rear yard, basement space, and recent building-system upgrades.
Where is this apartment building located?
The property is located at 10-47 47TH Ave Queens, NY.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: 4,500 sq ft, 6‑unit apartment building constructed in 1931; Six legal one‑bedroom, one‑bath apartments arranged as railroad‑style two‑bedroom layouts; Rent stabilized apartments; delivered fully occupied
