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
Days on Market68
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
Taxes and HOA fees
Annual Taxes
$43,380
Building Details
Building Size
12,320 SF
Year Built
1928
Stories
4
Listing Agency:
Modern Spaces
Listed By:
Jeremy Ruiz
(347) 326-3305
Source:
Serhant
Added: Jun 29
Changed: Sep 2
Last Checked: Sep 1 at 11:37PM
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
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
$301,155
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
9.13%
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%
$6,023,100
$6.0M
Cap Rate 7%
$4,302,214
$4.3M
Cap Rate 9%
$3,346,167
$3.3M
Market Conditions
NOI Build-Up for 12,320 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
$569.2K $46.20/SF
− Vacancy
−$21.6K −$1.76/SF
EGI
$547.6K $44.44/SF
− OpEx
−$246.4K −$20.00/SF
NOI
$301.2K $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%
$6,023,100
Cap Rate 7%
$4,302,214
Cap Rate 9%
$3,346,167
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
Property Profile
Current Use
Lease Details
16
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,987
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
