Renovated Multifamily
For Sale
$1,190,000
28-30 43rd Street, Queens, NY 11103
Renovated interiors feature a new air-conditioning unit, updated kitchen, fresh flooring, and extensive closet storage.
Property Size2,200 SF
Price / SF$540.91
Days on Market40
Property Features for 28-30 43rd Street
General Information
Standard status
Active
Size
2,200 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$6,654
Building Details
Building Size
2,200 SF
Year Built
1890
Listing Agency:
Weichert Properties
(917) 885-5900
Listed By:
Kathy Arjang-Makani
(917) 885-5900
Source:
Howardhannanyc
Added: Jul 13
Changed: Aug 18
Last Checked: Aug 20 at 12:11PM
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 Weichert Properties
Investment Insights
Based on property information with market context.
This multifamily property contains 2,200 square feet and was built in 1890. The interior has undergone renovation, including installation of a new air-conditioning unit, updated flooring, fresh paint, and a redesigned kitchen with ample counter space. Large windows bring natural light into the living areas, while generous closet capacity adds practical storage.
The property is located at 28-30 43rd Street in Astoria, Queens, NY 11103. Its setting provides access to local cafes, restaurants, shops, and transportation options within Astoria.
The property is located at 28-30 43rd Street in Astoria, Queens, NY 11103. Its setting provides access to local cafes, restaurants, shops, and transportation options within Astoria.
Key Highlights
- 2,200‑square‑foot multifamily property in Astoria
- Renovated interior with fresh paint and new flooring
- New air‑conditioning unit
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
$53,778
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
4.52%
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%
$1,075,560
$1.1M
Cap Rate 7%
$768,257
$768.3K
Cap Rate 9%
$597,533
$597.5K
Market Conditions
NOI Build-Up for 2,200 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
$101.6K $46.20/SF
− Vacancy
−$3.9K −$1.76/SF
EGI
$97.8K $44.44/SF
− OpEx
−$44.0K −$20.00/SF
NOI
$53.8K $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%
$1,075,560
Cap Rate 7%
$768,257
Cap Rate 9%
$597,533
Alternative Uses
Best Use
Apartment 5plus
$768.3K
$672.2K – $896.3K
NOI $53,778 @ 7.0% cap · market cap 4.52%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.62M
$1.42M – $1.89M
NOI $113,531 @ 7.0% cap · market cap 9.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,076
Businesses Nearby
Explore this area
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
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 - Renovated interiors feature a new air-conditioning unit, updated kitchen, fresh flooring, and extensive closet storage.
Where is this multifamily property located?
The property is located at 28-30 43rd Street Queens, NY.
What is the asking price?
The asking price for this property is $1,190,000.
What are key features of this property?
This property features: 2,200‑square‑foot multifamily property in Astoria; Renovated interior with fresh paint and new flooring; New air‑conditioning unit
