Astoria Multifamily Investment
For Sale
$4,999,999
Pending
31-23 47th St, Queens, NY 11103
24-unit building in prime Astoria location near subway.
Property Size14,680 SF
Lot Size0.17 Acres
Days on Market165
Property Features for 31-23 47th St
General Information
Standard status
Pending
Size
14,680 SF
Lot size
0.17 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$130,453
Building Details
Building Size
14,680 SF
Year Built
1953
Units
24
Listing Agency:
NY SPACE FINDERS INC,
(925) 285-3075
Listed By:
Faisal Gilani · License #10351202702
(925) 285-3075
Source:
Elliman
Added: Mar 11
Changed: Aug 16
Last Checked: Aug 21 at 9:20AM
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 NY SPACE FINDERS INC,
Investment Insights
Based on property information with market context.
This 24-unit multifamily building is situated in the Astoria neighborhood of Queens. Constructed in 1953, this three-story walk-up building has 14,680 square feet of space and is located on a 75' x 100' (7,500 square feet) lot. The property offers a stable, income-producing investment. The building features layouts with hardwood floors, high ceilings, and natural light. The property is located on a residential block near the M and R subway lines, providing access to Manhattan and other parts of Queens. Broadway, Newtown Road, and 30th Avenue are within walking distance, offering a variety of dining, shopping, and neighborhood amenities.
Key Highlights
- Prime Astoria location: Situated in a vibrant, rapidly growing neighborhood.
- Stable, income‑producing investment: Offers immediate returns.
- Convenient transportation: Steps from M and R subway lines, providing direct access to Manhattan and Queens.
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
$358,844
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
7.18%
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%
$7,176,880
$7.2M
Cap Rate 7%
$5,126,343
$5.1M
Cap Rate 9%
$3,987,156
$4.0M
Market Conditions
NOI Build-Up for 14,680 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
$678.2K $46.20/SF
− Vacancy
−$25.8K −$1.76/SF
EGI
$652.4K $44.44/SF
− OpEx
−$293.6K −$20.00/SF
NOI
$358.8K $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%
$7,176,880
Cap Rate 7%
$5,126,343
Cap Rate 9%
$3,987,156
Alternative Uses
Best Use
Apartment 5plus
$5.13M
$4.49M – $5.98M
NOI $358,844 @ 7.0% cap · market cap 7.18%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$10.82M
$9.47M – $12.63M
NOI $757,558 @ 7.0% cap · market cap 15.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,339
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 - 24-unit building in prime Astoria location near subway.
Where is this apartment building located?
The property is located at 31-23 47th St Queens, NY.
What is the asking price?
The asking price for this property is $4,999,999.
What are key features of this property?
This property features: Prime Astoria location: Situated in a vibrant, rapidly growing neighborhood.; Stable, income‑producing investment: Offers immediate returns.; Convenient transportation: Steps from M and R subway lines, providing direct access to Manhattan and Queens.
