Mixed-Use Property with Two
New
For Sale
$1,999,000
3049 32nd St, Queens, NY 11102
The property sits one block from the N/W subway and includes a walk-in level with a certificate of occupancy for a doctor’s office.
Property Size2,568 SF
Days on Market5
Property Features for 3049 32nd St
General Information
Standard status
Active
Size
2,568 SF
Property subtype
Investment
Zoning
R6B
Site & Location
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Office Units
1
Additional Details
Floor
Walk-in Level
Taxes and HOA fees
Annual Taxes
$12,371
Amenities
finished basement
backyard
balcony
dishwasher
in-unit washer/dryer
Building Details
Building Size
2,568 SF
Year Built
1955
Buildings
1
Units
2
Construction
brick
Listing Agency:
Blue Brick Real Estate
Listed By:
Antonino Lo Verme · License #10491211001
(917) 837-2072
Source:
Elliman
Added: Oct 1
Last Checked: Oct 4 at 10:50AM
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 Blue Brick Real Estate
Investment Insights
Based on property information with market context.
This attached brick property contains two residences, each with two bedrooms and one bathroom, above a walk-in level. The middle-floor apartment has a balcony, dining area, hardwood floors, and a renovated kitchen with stainless steel appliances and a dishwasher; a stacked washer and dryer is also included. The top-floor apartment features a dining area, hardwood flooring, a renovated kitchen with a dishwasher, and a washer/dryer combo. The walk-in level has a renovated bathroom, connects to a full finished basement, and opens to the backyard. Its certificate of occupancy allows use as a doctor’s office. The property also has air rights under R6B zoning.
Located just off 30th Avenue in Astoria, the property is one block from the N/W subway. Cafés, restaurants, shops, and everyday services are in the surrounding area.
Located just off 30th Avenue in Astoria, the property is one block from the N/W subway. Cafés, restaurants, shops, and everyday services are in the surrounding area.
Key Highlights
- Two two‑bedroom, one‑bathroom residences
- Walk‑in level with a certificate of occupancy permitting doctor’s office use
- Walk‑in level connects to a full finished basement and backyard
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
$62,773
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
3.14%
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%
$1,255,460
$1.3M
Cap Rate 7%
$896,757
$896.8K
Cap Rate 9%
$697,478
$697.5K
Market Conditions
NOI Build-Up for 2,568 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
$118.6K $46.20/SF
− Vacancy
−$4.5K −$1.76/SF
EGI
$114.1K $44.44/SF
− OpEx
−$51.4K −$20.00/SF
NOI
$62.8K $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%
$1,255,460
Cap Rate 7%
$896,757
Cap Rate 9%
$697,478
Alternative Uses
Best Use
Apartment 5plus
$896.8K
$784.7K – $1.05M
NOI $62,773 @ 7.0% cap · market cap 3.14%
Second Best
Mixed Use
$472.1K
$413.1K – $550.8K
NOI $33,050 @ 7.0% cap · market cap 1.65%
Theoretical Best
Office A
$1.89M
$1.66M – $2.21M
NOI $132,521 @ 7.0% cap · market cap 6.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
1
Office units
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
7,703
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - The property sits one block from the N/W subway and includes a walk-in level with a certificate of occupancy for a doctor’s office.
Where is this mixed-use property located?
The property is located at 3049 32nd St Queens, NY.
What is the asking price?
The asking price for this property is $1,999,000.
What are key features of this property?
This property features: Two two‑bedroom, one‑bathroom residences; Walk‑in level with a certificate of occupancy permitting doctor’s office use; Walk‑in level connects to a full finished basement and backyard
