Six-Family Apartment
For Sale
$1,450,000
3080 37th Street, Astoria, NY 11103
Renovated unit mix includes five two-bedroom apartments and one one-bedroom apartment.
Property Size3,600 SF
Days on Market264
Property Features for 3080 37th Street
General Information
Standard status
Active
Size
3,600 SF
Total Parking Spaces
3
Property subtype
Multi Family
Units
Unit Mix
5 x 2BR, 1 x 1BR
Multifamily Units
6
Additional Details
Gross Income
$135,000
Taxes and HOA fees
Annual Taxes
$17,383
Building Details
Building Size
3,600 SF
Year Built
1923
Listing Agency:
Signature Spaces NYC Corp
(718) 517-0379
Listed By:
Nicholas Vittorino
Source:
Serhant
Added: Dec 1, 2025
Changed: Aug 20
Last Checked: Aug 22 at 10:25AM
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 Signature Spaces NYC Corp
Investment Insights
Based on property information with market context.
This six-family apartment property, built in 1923, offers a unit mix of five two-bedroom apartments and one one-bedroom apartment. The apartments have been updated, along with the building’s boiler and roof. Three renovated garages are positioned at the rear of the building.
The property is located at 3080 37th Street in Astoria, at 37th Street and 30th Avenue. Current HCR paperwork is properly filed, supporting an organized multifamily ownership and management record.
The property is located at 3080 37th Street in Astoria, at 37th Street and 30th Avenue. Current HCR paperwork is properly filed, supporting an organized multifamily ownership and management record.
Key Highlights
- 6‑family apartment building constructed in 1923
- Unit mix includes 5 two‑bedroom units and 1 one‑bedroom unit
- Updated apartments, boiler, and roof
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
$88,000
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
6.07%
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%
$1,760,000
$1.8M
Cap Rate 7%
$1,257,143
$1.3M
Cap Rate 9%
$977,778
$977.8K
Market Conditions
NOI Build-Up for 3,600 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
$166.3K $46.20/SF
− Vacancy
−$6.3K −$1.76/SF
EGI
$160.0K $44.44/SF
− OpEx
−$72.0K −$20.00/SF
NOI
$88.0K $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%
$1,760,000
Cap Rate 7%
$1,257,143
Cap Rate 9%
$977,778
Alternative Uses
Best Use
Apartment 5plus
$1.26M
$1.10M – $1.47M
NOI $88,000 @ 7.0% cap · market cap 6.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.65M
$2.32M – $3.10M
NOI $185,777 @ 7.0% cap · market cap 12.81%
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
7,821
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?
Apartment building - Renovated unit mix includes five two-bedroom apartments and one one-bedroom apartment.
Where is this apartment building located?
The property is located at 3080 37th Street Astoria, NY.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: 6‑family apartment building constructed in 1923; Unit mix includes 5 two‑bedroom units and 1 one‑bedroom unit; Updated apartments, boiler, and roof
