Apartment Building with Renovated
For Sale
$3,800,000
21-51 27th Street, Astoria, NY 11105
Multifamily property in Astoria with updated building components and renovated apartments.
Property Size11,000 SF
Days on Market116
Property Features for 21-51 27th Street
General Information
Standard status
Active
Size
11,000 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
16
Taxes and HOA fees
Annual Taxes
$64,734
Building Details
Building Size
11,000 SF
Year Built
1927
Listing Agency:
Citi Zone Realty LLC
(718) 482-7100
Listed By:
Mario Tsikis CBR
Source:
Serhant
Added: Apr 18
Changed: Aug 11
Last Checked: Aug 11 at 12:54PM
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 Citi Zone Realty LLC
Investment Insights
Based on property information with market context.
This 16-unit apartment building at 21-51 27th Street in Astoria, Queens, was constructed in 1927 and includes 12 renovated apartments. The property has also received a roof update and is described as well maintained overall.
The building is located in Astoria, New York, at 21-51 27th Street, providing an established multifamily setting for residential rental use. Its combination of apartment renovations and an updated roof gives the property several completed improvements within the existing building.
The building is located in Astoria, New York, at 21-51 27th Street, providing an established multifamily setting for residential rental use. Its combination of apartment renovations and an updated roof gives the property several completed improvements within the existing building.
Key Highlights
- 16‑unit apartment building in Astoria, Queens
- 12 renovated apartments
- Updated roof
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
$268,889
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
7.08%
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%
$5,377,780
$5.4M
Cap Rate 7%
$3,841,271
$3.8M
Cap Rate 9%
$2,987,656
$3.0M
Market Conditions
NOI Build-Up for 11,000 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
$508.2K $46.20/SF
− Vacancy
−$19.3K −$1.76/SF
EGI
$488.9K $44.44/SF
− OpEx
−$220.0K −$20.00/SF
NOI
$268.9K $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%
$5,377,780
Cap Rate 7%
$3,841,271
Cap Rate 9%
$2,987,656
Alternative Uses
Best Use
Apartment 5plus
$3.84M
$3.36M – $4.48M
NOI $268,889 @ 7.0% cap · market cap 7.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.11M
$7.10M – $9.46M
NOI $567,653 @ 7.0% cap · market cap 14.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16
Residential units
Location Intelligence
Trade Area within ½ mile
4,839
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 - Multifamily property in Astoria with updated building components and renovated apartments.
Where is this apartment building located?
The property is located at 21-51 27th Street Astoria, NY.
What is the asking price?
The asking price for this property is $3,800,000.
What are key features of this property?
This property features: 16‑unit apartment building in Astoria, Queens; 12 renovated apartments; Updated roof
