Brick Multifamily
For Sale
$2,650,000
23-16 29th Avenue, Queens, NY 11102
Brick construction with attached parking and convenient access to public transportation.
Property Size3,540 SF
Price / SF$748.59
Days on Market1406
Property Features for 23-16 29th Avenue
General Information
Standard status
Active
Size
3,540 SF
Property subtype
Multi Family
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$35,000
Amenities
Near Public Transit, Near Public Transit, Square Feet, 50 x100
Unfinished
Apartment, Public
48
No Common Walls
Square Feet
No
Brick
Private, Attached, 3 Car Attached, Near Public Transit
Building Details
Year Built
1927
Listing Agency:
Keller Williams Rlty Landmark
Listed By:
Helen Arapis · License #10401313886
(718) 475-2700
Source:
Compass
Added: Oct 30, 2022
Changed: Sep 3
Last Checked: Sep 2 at 11:29PM
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 Keller Williams Rlty Landmark
Investment Insights
Based on property information with market context.
This multifamily property at 23-16 29th Avenue offers 3,540 square feet within a brick building constructed in 1927. Interior details identify unfinished space and an apartment configuration, providing a basis for planning future improvements or occupancy arrangements.
The property includes private attached parking for three cars and is located near public transit. The sale includes the neighboring building at 23-20 29 Avenue, creating an opportunity to acquire both properties together. The asset is situated in Astoria, Queens, near shops, transportation, and New York City.
The property includes private attached parking for three cars and is located near public transit. The sale includes the neighboring building at 23-20 29 Avenue, creating an opportunity to acquire both properties together. The asset is situated in Astoria, Queens, near shops, transportation, and New York City.
Key Highlights
- 3,540‑square‑foot multifamily property
- Brick building constructed in 1927
- Private attached parking for 3 cars
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
$86,533
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
3.27%
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%
$1,730,660
$1.7M
Cap Rate 7%
$1,236,186
$1.2M
Cap Rate 9%
$961,478
$961.5K
Market Conditions
NOI Build-Up for 3,540 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
$163.5K $46.20/SF
− Vacancy
−$6.2K −$1.76/SF
EGI
$157.3K $44.44/SF
− OpEx
−$70.8K −$20.00/SF
NOI
$86.5K $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%
$1,730,660
Cap Rate 7%
$1,236,186
Cap Rate 9%
$961,478
Alternative Uses
Best Use
Apartment 5plus
$1.24M
$1.08M – $1.44M
NOI $86,533 @ 7.0% cap · market cap 3.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.61M
$2.28M – $3.04M
NOI $182,681 @ 7.0% cap · market cap 6.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,397
Businesses Nearby
Explore this area
Business Placement
Demographics for 11102, NY
37,468
Population
19,431
Households
1.9
Avg Household Size
36
Median Age
58%
College-Educated
90%
High-School Grad
0.7 sq mi
ZIP Area
53,526
Density / Sq Mi
$102,996
Median Household Income
$70,557
Median Earnings
$2,248
Median Rent
$779,800
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?
Multifamily property - Brick construction with attached parking and convenient access to public transportation.
Where is this multifamily property located?
The property is located at 23-16 29th Avenue Queens, NY.
What is the asking price?
The asking price for this property is $2,650,000.
What are key features of this property?
This property features: 3,540‑square‑foot multifamily property; Brick building constructed in 1927; Private attached parking for 3 cars
