Long Island City Investment
For Sale
$1,100,000
Pending
2123 33rd Ave, Queens, NY 11106
Three-family property with potential in a growing NYC neighborhood.
Property Size2,938 SF
Days on Market105
Property Features for 2123 33rd Ave
General Information
Standard status
Pending
Size
2,938 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$7,947
Building Details
Building Size
2,938 SF
Year Built
1920
Units
3
Listing Agency:
Compass Greater NY LLC
(646) 643-2334
Listed By:
Jagmeet S. Bedi · License #40BE1170282
(646) 643-2334
Source:
Elliman
Added: May 19
Changed: Aug 22
Last Checked: Aug 30 at 6:46PM
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 Compass Greater NY LLC
Investment Insights
Based on property information with market context.
Located in Long Island City, New York, this property features two separate homes on one lot, including a single-family home and a two-family home, both with basements. The property is currently tenant-occupied, with limited interior access. The property requires renovation. Situated in a growing neighborhood, this property offers potential for rental income, redevelopment, or long-term appreciation. The location is near transportation, shops, restaurants, and major highways. The bike score is 80, making it very bikeable. The walk score is 97, indicating it is a walker's paradise, and the transit score is 99, signifying it is a rider's paradise.
Key Highlights
- Prime investment opportunity in Long Island City.
- Excellent transit score (99) and walk score (97).**
- Two separate homes (single‑family and two‑family) on one lot.
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
$71,818
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
6.53%
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%
$1,436,360
$1.4M
Cap Rate 7%
$1,025,971
$1.0M
Cap Rate 9%
$797,978
$798.0K
Market Conditions
NOI Build-Up for 2,938 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
$135.7K $46.20/SF
− Vacancy
−$5.2K −$1.76/SF
EGI
$130.6K $44.44/SF
− OpEx
−$58.8K −$20.00/SF
NOI
$71.8K $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%
$1,436,360
Cap Rate 7%
$1,025,971
Cap Rate 9%
$797,978
Alternative Uses
Best Use
Apartment 5plus
$1.03M
$897.7K – $1.20M
NOI $71,818 @ 7.0% cap · market cap 6.53%
Second Best
Multifamily LT 5
$694.7K
$607.9K – $810.5K
NOI $48,629 @ 7.0% cap · market cap 4.42%
Theoretical Best
Office A
$2.17M
$1.90M – $2.53M
NOI $151,615 @ 7.0% cap · market cap 13.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,508
Businesses Nearby
Explore this area
Business Placement
Demographics for 11106, NY
41,722
Population
21,681
Households
1.9
Avg Household Size
37
Median Age
52%
College-Educated
89%
High-School Grad
0.9 sq mi
ZIP Area
46,358
Density / Sq Mi
$85,573
Median Household Income
$62,254
Median Earnings
$2,032
Median Rent
$639,200
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 - Three-family property with potential in a growing NYC neighborhood.
Where is this triplex located?
The property is located at 2123 33rd Ave Queens, NY.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Prime investment opportunity in Long Island City.; Excellent transit score (99) and walk score (97).**; Two separate homes (single‑family and two‑family) on one lot.
