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 Market114
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:
Carlinwright
Added: Jun 29
Changed: Oct 19
Last Checked: Oct 19 at 12:47PM
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
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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 / Yr
$301,155
Cap Rate
9.13%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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Open Analytics
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
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
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
