Six-Unit Apartment
New
For Sale
$2,875,000
14-18 31st St, Queens, NY 11106
Contemporary multifamily asset with hardwood floors, quartz kitchens, and video intercom security.
Property Size4,591 SF
Days on Market6
Property Features for 14-18 31st St
General Information
Standard status
Active
Size
4,591 SF
Property subtype
Commercial
Additional Details
Public Transit
Yes
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$712
Amenities
video intercom security system
Building Details
Building Size
4,591 SF
Year Built
2015
Buildings
1
Units
6
Listing Agency:
AZURE REALTY NY LLC
(347) 484-9965
Listed By:
Christina M. Cricenti · License #10491209546
(347) 484-9965
Source:
Elliman
Added: Aug 18
Changed: Aug 19
Last Checked: Aug 23 at 9:45AM
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 AZURE REALTY NY LLC
Investment Insights
Based on property information with market context.
This six-unit apartment property offers contemporary residential improvements completed by the original developer, including quartz-finished kitchens, designer bathrooms, hardwood floors, oversized windows, and video intercom security. The building includes a cellar with 8-foot height that may support a future tenant-storage conversion, along with potential for a coin-operated laundry room and an outdoor resident lounge.
The property is in Astoria, Queens, near dining and entertainment along 30th Avenue and Broadway. N and W subway stations are within walking distance, with transit access toward Manhattan. The asset is described as fully stabilized and benefits from Tax Class 2A treatment and an active 421-a tax abatement through 2032. The reported cap rate is near 6%, and the apartments are expected to revert to Free Market status after the abatement period.
The property is in Astoria, Queens, near dining and entertainment along 30th Avenue and Broadway. N and W subway stations are within walking distance, with transit access toward Manhattan. The asset is described as fully stabilized and benefits from Tax Class 2A treatment and an active 421-a tax abatement through 2032. The reported cap rate is near 6%, and the apartments are expected to revert to Free Market status after the abatement period.
Key Highlights
- Six‑unit multifamily property with contemporary apartment finishes
- Quartz kitchens, designer bathrooms, hardwood floors, and oversized windows
- 8‑foot‑high cellar offers potential for tenant storage conversion
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
$112,224
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
3.90%
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%
$2,244,480
$2.2M
Cap Rate 7%
$1,603,200
$1.6M
Cap Rate 9%
$1,246,933
$1.2M
Market Conditions
NOI Build-Up for 4,591 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
$212.1K $46.20/SF
− Vacancy
−$8.1K −$1.76/SF
EGI
$204.0K $44.44/SF
− OpEx
−$91.8K −$20.00/SF
NOI
$112.2K $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%
$2,244,480
Cap Rate 7%
$1,603,200
Cap Rate 9%
$1,246,933
Alternative Uses
Best Use
Apartment 5plus
$1.60M
$1.40M – $1.87M
NOI $112,224 @ 7.0% cap · market cap 3.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.38M
$2.96M – $3.95M
NOI $236,918 @ 7.0% cap · market cap 8.24%
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
2,590
Businesses Nearby
Explore this area
Business Placement
Demographics for 11106, NY
41,722
Population
21,681
Households
1.9
Avg Household Size
37
Median Age
52%
College-Educated
89%
High-School Grad
0.9 sq mi
ZIP Area
46,358
Density / Sq Mi
$85,573
Median Household Income
$62,254
Median Earnings
$2,032
Median Rent
$639,200
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 - Contemporary multifamily asset with hardwood floors, quartz kitchens, and video intercom security.
Where is this apartment building located?
The property is located at 14-18 31st St Queens, NY.
What is the asking price?
The asking price for this property is $2,875,000.
What are key features of this property?
This property features: Six‑unit multifamily property with contemporary apartment finishes; Quartz kitchens, designer bathrooms, hardwood floors, and oversized windows; 8‑foot‑high cellar offers potential for tenant storage conversion
