Turnkey Four-Family Near Astoria
For Sale
$1,795,000
18-44 21st Drive 1F, Queens, NY 11105
Meticulously maintained four-family residence in the Ditmars–Astoria Park corridor.
Property Size2,720 SF
Price / SF$659.93
Days on Market149
Property Features for 18-44 21st Drive 1F
General Information
Standard status
Active
Size
2,720 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$19,704
Building Details
Building Size
2,720 SF
Year Built
1925
Listing Agency:
DGSIR Realty
Listed By:
Antipas Dimakopoulos
(917) 721-6056
Source:
Miradorrealestate
Added: Apr 21
Changed: Sep 14
Last Checked: Sep 15 at 10:17AM
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 DGSIR Realty
Investment Insights
Based on property information with market context.
Located at 18-44 21st Drive, this four-family residence is situated in the Ditmars–Astoria Park corridor. The property is move-in ready, with the majority of units recently renovated. One unit is delivered vacant, allowing for immediate market-rate leasing or owner-occupancy. A two-car garage is included. The location is near Astoria Park’s waterfront, dining options, and transportation to Manhattan. The building is well-preserved, requiring no immediate capital expenditures. The property has a bike score of 56, indicating it is bikeable. The walk score is 79, classifying it as very walkable, and the transit score is 64, indicating good transit options.
Key Highlights
- Move‑in ready with recently renovated units and one vacant unit for immediate leasing or owner‑occupancy.
- Prime location near Astoria Park, trendy dining, and Manhattan access.
- Rare two‑car garage in a high‑demand neighborhood.
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
$66,489
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
3.70%
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%
$1,329,780
$1.3M
Cap Rate 7%
$949,843
$949.8K
Cap Rate 9%
$738,767
$738.8K
Market Conditions
NOI Build-Up for 2,720 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
$125.7K $46.20/SF
− Vacancy
−$4.8K −$1.76/SF
EGI
$120.9K $44.44/SF
− OpEx
−$54.4K −$20.00/SF
NOI
$66.5K $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%
$1,329,780
Cap Rate 7%
$949,843
Cap Rate 9%
$738,767
Alternative Uses
Best Use
Apartment 5plus
$949.8K
$831.1K – $1.11M
NOI $66,489 @ 7.0% cap · market cap 3.70%
Second Best
Multifamily LT 5
$643.1K
$562.8K – $750.3K
NOI $45,020 @ 7.0% cap · market cap 2.51%
Theoretical Best
Office A
$2.01M
$1.75M – $2.34M
NOI $140,365 @ 7.0% cap · market cap 7.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,888
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Quadplex - Meticulously maintained four-family residence in the Ditmars–Astoria Park corridor.
Where is this quadplex located?
The property is located at 18-44 21st Drive 1F Queens, NY.
What is the asking price?
The asking price for this property is $1,795,000.
What are key features of this property?
This property features: Move‑in ready with recently renovated units and one vacant unit for immediate leasing or owner‑occupancy.; Prime location near Astoria Park, trendy dining, and Manhattan access.; Rare two‑car garage in a high‑demand neighborhood.
