Six-Family Apartment
For Sale
$1,320,000
24-56 29TH Street, Queens, NY 11102
Semi-detached multifamily property in Astoria with residential income potential and access to subway stations and nearby parks.
Property Size1,700 SF
Price / SF$266.67
Days on Market252
Property Features for 24-56 29TH Street
General Information
Standard status
Active
Size
1,700 SF
Property subtype
Multi Family
Additional Details
Public Transit
Yes
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$24,000
Building Details
Building Size
1,700 SF
Year Built
1931
Listing Agency:
Corcoran Group
(718) 644-9848
Listed By:
Alex Giannikas · License #10301219826 (NY)
(718) 644-9848
Source:
Tricialee
Added: Dec 2, 2025
Changed: Aug 3
Last Checked: Aug 10 at 9:34AM
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 Corcoran Group
Investment Insights
Based on property information with market context.
This semi-detached six-family apartment building in Astoria contains 12 bedrooms and 6 bathrooms across 4,950 square feet of living space. Constructed in 1931, the property offers a substantial residential configuration with the flexibility to support an owner-occupant alongside rental income, as described in the offering materials.
The property is positioned near the Astoria Blvd. and Ditmars Blvd. N/W subway stations, providing access to New York City transportation. Hoyt Playground is directly across the street, while Astoria Park is also nearby. The surrounding Astoria area includes dining, cultural, and community amenities, adding established neighborhood context for residents and investors.
The property is positioned near the Astoria Blvd. and Ditmars Blvd. N/W subway stations, providing access to New York City transportation. Hoyt Playground is directly across the street, while Astoria Park is also nearby. The surrounding Astoria area includes dining, cultural, and community amenities, adding established neighborhood context for residents and investors.
Key Highlights
- Six‑family semi‑detached apartment building
- 12 bedrooms and 6 bathrooms
- 4,950 square feet of living space
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
$121,000
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
9.17%
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%
$2,420,000
$2.4M
Cap Rate 7%
$1,728,571
$1.7M
Cap Rate 9%
$1,344,444
$1.3M
Market Conditions
NOI Build-Up for 4,950 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
$228.7K $46.20/SF
− Vacancy
−$8.7K −$1.76/SF
EGI
$220.0K $44.44/SF
− OpEx
−$99.0K −$20.00/SF
NOI
$121.0K $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%
$2,420,000
Cap Rate 7%
$1,728,571
Cap Rate 9%
$1,344,444
Alternative Uses
Best Use
Apartment 5plus
$1.73M
$1.51M – $2.02M
NOI $121,000 @ 7.0% cap · market cap 9.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.65M
$3.19M – $4.26M
NOI $255,444 @ 7.0% cap · market cap 19.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
5,903
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?
Apartment building - Semi-detached multifamily property in Astoria with residential income potential and access to subway stations and nearby parks.
Where is this apartment building located?
The property is located at 24-56 29TH Street Queens, NY.
What is the asking price?
The asking price for this property is $1,320,000.
What are key features of this property?
This property features: Six‑family semi‑detached apartment building; 12 bedrooms and 6 bathrooms; 4,950 square feet of living space
