Six-Unit Apartment Building with
For Sale
$1,600,000
23-13 28th Avenue, Queens, NY 11102
Brick multifamily property with a six-unit layout, full basement, fenced grounds, and public transportation nearby.
Property Size3,960 SF
Price / SF$404.04
Days on Market1306
Property Features for 23-13 28th Avenue
General Information
Standard status
Active
Size
3,960 SF
Property subtype
Multi Family
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
2 x 1BR, 4 x 2BR
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$19,376
Amenities
Full
Contemporary, Fenced, Near Public Transportation, Park, Public
18
No Common Walls
Square Feet
Near Public Transportation, Fenced, Fenced Yard
Fenced
Public Maintained Road
No
Brick
Private, Detached, 1 Car Detached, On Street, Fenced, Park, Near Public Transportation, Level, Near Public Transit
Building Details
Year Built
1923
Buildings
1
Listing Agency:
Signature Premier Properties
Listed By:
Stephan Mahabir · License #10301215874
(516) 546-6300
Source:
Compass
Added: Feb 6, 2023
Changed: Sep 2
Last Checked: Sep 1 at 11:16PM
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 Signature Premier Properties
Investment Insights
Based on property information with market context.
This brick apartment building contains 3,960 square feet and was constructed in 1923. The six-unit configuration includes two one-bedroom apartments and four two-bedroom apartments. A full basement, fenced grounds, and a detached one-car garage are also part of the property. Parking includes the garage and on-street options.
The property is located at 23-13 28th Avenue in Queens, with access to public transportation and nearby neighborhood amenities. The 30th Avenue N and W subway station is approximately 7 minutes away, while the Q69 bus line is approximately 2 minutes away. Restaurants and shopping along 30th Avenue are a short distance from the building, with access to major highways and parkways also noted.
The property is located at 23-13 28th Avenue in Queens, with access to public transportation and nearby neighborhood amenities. The 30th Avenue N and W subway station is approximately 7 minutes away, while the Q69 bus line is approximately 2 minutes away. Restaurants and shopping along 30th Avenue are a short distance from the building, with access to major highways and parkways also noted.
Key Highlights
- Six residential units: two 1‑bedroom apartments and four 2‑bedroom apartments
- 3,960 square feet on a 0.091‑acre lot
- Detached 1‑car garage with additional on‑street parking
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
$96,800
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
6.05%
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%
$1,936,000
$1.9M
Cap Rate 7%
$1,382,857
$1.4M
Cap Rate 9%
$1,075,556
$1.1M
Market Conditions
NOI Build-Up for 3,960 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
$183.0K $46.20/SF
− Vacancy
−$7.0K −$1.76/SF
EGI
$176.0K $44.44/SF
− OpEx
−$79.2K −$20.00/SF
NOI
$96.8K $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%
$1,936,000
Cap Rate 7%
$1,382,857
Cap Rate 9%
$1,075,556
Alternative Uses
Best Use
Apartment 5plus
$1.38M
$1.21M – $1.61M
NOI $96,800 @ 7.0% cap · market cap 6.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.92M
$2.55M – $3.41M
NOI $204,355 @ 7.0% cap · market cap 12.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
4,029
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 - Brick multifamily property with a six-unit layout, full basement, fenced grounds, and public transportation nearby.
Where is this apartment building located?
The property is located at 23-13 28th Avenue Queens, NY.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: Six residential units: two 1‑bedroom apartments and four 2‑bedroom apartments; 3,960 square feet on a 0.091‑acre lot; Detached 1‑car garage with additional on‑street parking
