Four-Story 16-Unit Apartment
For Sale
$3,300,000
21-45 23rd Street, Queens, NY 11105
Four-story prewar walk-up with 16 income-producing apartments and 100% occupancy on a corner lot
Property Size12,320 SF
Price / SF$267.86
Days on Market33
Property Features for 21-45 23rd Street
General Information
Standard status
Active
Size
12,320 SF
Property subtype
Multi Family
Occupancy
100%
Additional Details
Multifamily Units
16
Building Details
Building Size
12,320 SF
Year Built
1928
Stories
4
Listing Agency:
Modern Spaces
(347) 326-3305
Listed By:
Jeremy Ruiz
(347) 326-3305
Source:
Howardhannanyc
Added: Jun 29
Changed: Jul 30
Last Checked: Jul 30 at 3:14AM
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 Modern Spaces
Investment Insights
Based on property information with market context.
21-45 23rd Street is a well-maintained, four-story, prewar walk-up apartment building featuring 16 income-producing residential apartments. The current ownership schedule reflects 100% occupancy across the full unit count.
The property is positioned on the corner of 21st Avenue and 23rd Street in Astoria’s Ditmars-Steinway neighborhood in Queens, NY. With an in-place tenant profile supported by full occupancy, the building offers a straightforward multifamily configuration for income-focused buyers.
Built in 1928, the building’s vintage walk-up design supports continued residential use as a compact, all-apartment asset with a consistent unit mix and fully occupied operations.
The property is positioned on the corner of 21st Avenue and 23rd Street in Astoria’s Ditmars-Steinway neighborhood in Queens, NY. With an in-place tenant profile supported by full occupancy, the building offers a straightforward multifamily configuration for income-focused buyers.
Built in 1928, the building’s vintage walk-up design supports continued residential use as a compact, all-apartment asset with a consistent unit mix and fully occupied operations.
Key Highlights
- Four‑story prewar walk‑up apartment building
- 16 income‑producing residential apartments
- 100% occupancy reflected in the current ownership schedule
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $569.2k | $46.20 |
| − Vacancy | −$21.6k | −$1.76 |
| EGI | $547.6k | $44.44 |
| − OpEx | −$246.4k | −$20.00 |
| NOI | $301.2k | $24.44 |
12,320 SF · lease $46.20/SF/yr · vacancy 3.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$4.30M
$3.76M – $5.02M
NOI $301,155 @ 7.0% cap · market cap 9.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.08M
$7.95M – $10.60M
NOI $635,771 @ 7.0% cap · market cap 19.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
16
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
2,612
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?
Apartment building - Four-story prewar walk-up with 16 income-producing apartments and 100% occupancy on a corner lot
Where is this apartment building located?
The property is located at 21-45 23rd Street Queens, NY.
What is the asking price?
The asking price for this property is $3,300,000.
What are key features of this property?
This property features: Four‑story prewar walk‑up apartment building; 16 income‑producing residential apartments; 100% occupancy reflected in the current ownership schedule
