Astoria Multifamily Apartment
For Sale
Contact for pricing
23-74 29th Street, Astoria, NY 11105
Four-story multifamily building with 21 residential units and 50 feet of frontage on 29th Street.
Property Size13,000 SF
Lot Size0.11 Acres
Price / SF$280.77
Days on Market106
Property Features for 23-74 29th Street
General Information
Standard status
Active
Size
13,000 SF
Lot size
0.11 Acres
Property subtype
Retail, Multifamily
Additional Details
Road Access
Yes
Multifamily Units
21
Building Details
Stories
4
Tenancy
Multi
Listing Agency:
Northgate Real Estate Group
(917) 406-0406
Listed By:
Greg Corbin · License #10491213060
Source:
Crexi
Added: Apr 29
Changed: Aug 7
Last Checked: Aug 11 at 8:52AM
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 Northgate Real Estate Group
Investment Insights
Based on property information with market context.
This four-story multifamily apartment building contains 21 residential units within a 13,000-square-foot structure on a 50-foot by 100-foot lot. The property offers 50 feet of frontage along 29th Street in Astoria.
Located near retail corridors on 23rd Avenue and 31st Street, the building is within a short walk to the Astoria Boulevard Subway Station at Hoyt Avenue (N, W) and the Astoria-Ditmars Boulevard Subway Station at 23rd Avenue (N, W). The surrounding area includes neighborhood retail and dining options such as Macoletta, Elias Corner, Telly’s Taverna, Under Pressure Coffee, Mosaic, Bar Dalia, and Athena Gourmet Market.
This is being offered as a bankruptcy auction, with a bid deadline Tuesday, July 7th at 5:00 PM and an auction date Thursday, July 9th at 2:30 PM.
Located near retail corridors on 23rd Avenue and 31st Street, the building is within a short walk to the Astoria Boulevard Subway Station at Hoyt Avenue (N, W) and the Astoria-Ditmars Boulevard Subway Station at 23rd Avenue (N, W). The surrounding area includes neighborhood retail and dining options such as Macoletta, Elias Corner, Telly’s Taverna, Under Pressure Coffee, Mosaic, Bar Dalia, and Athena Gourmet Market.
This is being offered as a bankruptcy auction, with a bid deadline Tuesday, July 7th at 5:00 PM and an auction date Thursday, July 9th at 2:30 PM.
Key Highlights
- Four‑story multifamily building in Astoria, Queens at 29th Street
- 21 residential units in a 13,000 SF building
- 50 ft x 100 ft lot with 50 ft of frontage along 29th Street
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
$317,777
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
8.71%
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%
$6,355,540
$6.4M
Cap Rate 7%
$4,539,671
$4.5M
Cap Rate 9%
$3,530,856
$3.5M
Market Conditions
NOI Build-Up for 13,000 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
$600.6K $46.20/SF
− Vacancy
−$22.8K −$1.76/SF
EGI
$577.8K $44.44/SF
− OpEx
−$260.0K −$20.00/SF
NOI
$317.8K $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%
$6,355,540
Cap Rate 7%
$4,539,671
Cap Rate 9%
$3,530,856
Alternative Uses
Best Use
Apartment 5plus
$4.54M
$3.97M – $5.30M
NOI $317,777 @ 7.0% cap · market cap 8.71%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.58M
$8.39M – $11.18M
NOI $670,862 @ 7.0% cap · market cap 18.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
21
Residential units
Multi-tenant
Tenancy
Yes
Paved road access
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 - Four-story multifamily building with 21 residential units and 50 feet of frontage on 29th Street.
Where is this apartment building located?
The property is located at 23-74 29th Street Astoria, NY.
What is the asking price?
The asking price for this property is $3,650,000.
What are key features of this property?
This property features: Four‑story multifamily building in Astoria, Queens at 29th Street; 21 residential units in a 13,000 SF building; 50 ft x 100 ft lot with 50 ft of frontage along 29th Street
