Renovated Three-Family
For Sale
$2,299,999
21-63 45th St, Queens, NY 11105
A two-level duplex is paired with two one-bedroom apartments and parking for four vehicles.
Property Size3,509 SF
Days on Market114
Property Features for 21-63 45th St
General Information
Standard status
Active
Size
3,509 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$13,188
Building Details
Building Size
3,509 SF
Year Built
1920
Units
3
Listing Agency:
(347) 776-8697
Listed By:
Thomas Caramanno
(347) 776-8697
Source:
Elliman
Added: May 10
Changed: Aug 31
Last Checked: Aug 31 at 12:03AM
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 Thomas Caramanno
Investment Insights
Based on property information with market context.
This legal three-family property, built in 1920, contains a duplex spanning the first floor and basement plus two separate second-floor apartments. The duplex includes three bedrooms, two full bathrooms, two kitchens, living and dining areas, custom storage, laundry, and private front-patio access. The upper residences contain one bedroom and one bathroom each, with open kitchens, stainless steel appliances, oak flooring, separate thermostats, and central air conditioning and heat.
Recent improvements include renovated brick exterior work, courtyard pavers, the front staircase, and new double-hung Anderson windows. Interior finishes include shaker cabinetry, quartzite, granite, customized tile, heated bathroom floors, and Mitsubishi split heating and cooling in the basement. An indoor two-car garage is supplemented by capacity for two outdoor vehicles. The property is located at 21-63 45th St in Queens, near Ditmars Boulevard, the N/W train on 31st Street, Q-31 and Q-31A bus service, shopping, restaurants, and nightlife.
Recent improvements include renovated brick exterior work, courtyard pavers, the front staircase, and new double-hung Anderson windows. Interior finishes include shaker cabinetry, quartzite, granite, customized tile, heated bathroom floors, and Mitsubishi split heating and cooling in the basement. An indoor two-car garage is supplemented by capacity for two outdoor vehicles. The property is located at 21-63 45th St in Queens, near Ditmars Boulevard, the N/W train on 31st Street, Q-31 and Q-31A bus service, shopping, restaurants, and nightlife.
Key Highlights
- Legal three‑family property at 21‑63 45th St, Queens, NY 11105
- Duplex includes a 1,500 square feet first floor and 830 square feet basement
- Two second‑floor apartments measure 668 and 511 square feet
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
$85,775
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
3.73%
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%
$1,715,500
$1.7M
Cap Rate 7%
$1,225,357
$1.2M
Cap Rate 9%
$953,056
$953.1K
Market Conditions
NOI Build-Up for 3,509 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
$162.1K $46.20/SF
− Vacancy
−$6.2K −$1.76/SF
EGI
$156.0K $44.44/SF
− OpEx
−$70.2K −$20.00/SF
NOI
$85.8K $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%
$1,715,500
Cap Rate 7%
$1,225,357
Cap Rate 9%
$953,056
Alternative Uses
Best Use
Apartment 5plus
$1.23M
$1.07M – $1.43M
NOI $85,775 @ 7.0% cap · market cap 3.73%
Second Best
Multifamily LT 5
$829.7K
$726.0K – $968.0K
NOI $58,080 @ 7.0% cap · market cap 2.53%
Theoretical Best
Office A
$2.59M
$2.26M – $3.02M
NOI $181,081 @ 7.0% cap · market cap 7.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,096
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?
Triplex - A two-level duplex is paired with two one-bedroom apartments and parking for four vehicles.
Where is this triplex located?
The property is located at 21-63 45th St Queens, NY.
What is the asking price?
The asking price for this property is $2,299,999.
What are key features of this property?
This property features: Legal three‑family property at 21‑63 45th St, Queens, NY 11105; Duplex includes a 1,500 square feet first floor and 830 square feet basement; Two second‑floor apartments measure 668 and 511 square feet
