6-Unit Apartment
2446 38th St, Astoria, NY 11103
For Sale
$1,499,000
Six residences include eat-in kitchens, with five rent-stabilized apartments and one free-market unit.
Property Size4,620 SF
Price / SF$324.46
Days on Market15
Property Features for 2446 38th St
General Information
Standard status
Size
Property subtype
Units
Unit Mix
Multifamily Units
Additional Details
Tenant in Place
Amenities
eat-in kitchens
Building Details
Year Built
Buildings
Listing Agency:
Astor Realty
Listed By:
Nicholas Drivakos
(718) 545-3000
Source:
Searchhomesinlongisland
Added: Oct 25
Changed: Nov 7
Last Checked: Nov 7 at 12:44PM
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 Astor Realty
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Investment Insights
Based on property information with market context.
This three-story apartment building contains six residences: five two-bedroom apartments and one one-bedroom apartment, with two units on each floor. Every apartment has an eat-in kitchen. Most units have been renovated within the past 10 years, and DHCR documents are available upon request.
The building was constructed in 1920 and contains 4,620 square feet. Five apartments are rent-stabilized, while one first-floor apartment is free market.
The building was constructed in 1920 and contains 4,620 square feet. Five apartments are rent-stabilized, while one first-floor apartment is free market.
Key Highlights
- Six apartments: five two‑bedroom units and one one‑bedroom unit
- Two apartments per floor across three stories
- Eat‑in kitchens in all units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$112,933
Cap Rate
7.53%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,258,660
$2.3M
Cap Rate 7%
$1,613,329
$1.6M
Cap Rate 9%
$1,254,811
$1.3M
Market Conditions
NOI Build-Up for 4,620 SF
Gross rent
$213.4K $46.20/SF
− Vacancy
−$8.1K −$1.76/SF
EGI
$205.3K $44.44/SF
− OpEx
−$92.4K −$20.00/SF
NOI
$112.9K $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 Rate 5%
$2,258,660
Cap Rate 7%
$1,613,329
Cap Rate 9%
$1,254,811
Alternative Uses
Best Use
Apartment 5plus
$1.61M
$1.41M – $1.88M
NOI $112,933 @ 7.0% cap · market cap 7.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.41M
$2.98M – $3.97M
NOI $238,414 @ 7.0% cap · market cap 15.90%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
Who owns this building?
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Open Analytics
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
6,426
Businesses Nearby
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Business Placement
Demographics for 11103, NY
37,362
Population
18,833
Households
2
Avg Household Size
36
Median Age
52%
College-Educated
89%
High-School Grad
0.7 sq mi
ZIP Area
53,374
Density / Sq Mi
$92,787
Median Household Income
$59,050
Median Earnings
$2,120
Median Rent
$1,003,500
Median Home Value
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Market
Properties on Market for Apartment buildings in Astoria
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Six residences include eat-in kitchens, with five rent-stabilized apartments and one free-market unit.
Where is this apartment building located?
The property is located at 2446 38th St Astoria, NY.
What is the asking price?
The asking price for this property is $1,499,000.
What are key features of this property?
This property features: Six apartments: five two‑bedroom units and one one‑bedroom unit; Two apartments per floor across three stories; Eat‑in kitchens in all units
