Six-Family Building Near
For Sale
$2,500,000
Pending
31-74 33rd St, Queens, NY 11106
Fully leased six-family building near N/W Broadway subway station.
Property Size5,320 SF
Lot Size0.06 Acres
Days on Market164
Property Features for 31-74 33rd St
General Information
Standard status
Pending
Size
5,320 SF
Lot size
0.06 Acres
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$21,408
Building Details
Building Size
5,320 SF
Year Built
1923
Stories
3
Units
6
Listing Agency:
Compass
(917) 848-6823
Listed By:
Marie Claire Martineau
(917) 848-6823
Source:
Elliman
Added: Mar 11
Changed: Aug 8
Last Checked: Aug 21 at 8:31AM
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 Compass
Investment Insights
Based on property information with market context.
This six-family building is located two blocks from the N/W Broadway subway station and 33rd Street. The property is fully leased and contains six apartments. Five apartments are market rate, and one is rent stabilized. The building is well-maintained. Each apartment features two bedrooms. The surrounding area includes shopping and dining options. This property is positioned for investors seeking rental income and long-term value.
Key Highlights
- Prime location: Just two blocks from the N/W Broadway subway station and 33rd Street.
- Fully leased 6‑family building: Provides immediate rental income.
- Excellent income potential: Featuring 5 market‑rate and 1 rent‑stabilized apartment.
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
$130,044
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
5.20%
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%
$2,600,880
$2.6M
Cap Rate 7%
$1,857,771
$1.9M
Cap Rate 9%
$1,444,933
$1.4M
Market Conditions
NOI Build-Up for 5,320 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
$245.8K $46.20/SF
− Vacancy
−$9.3K −$1.76/SF
EGI
$236.4K $44.44/SF
− OpEx
−$106.4K −$20.00/SF
NOI
$130.0K $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%
$2,600,880
Cap Rate 7%
$1,857,771
Cap Rate 9%
$1,444,933
Alternative Uses
Best Use
Apartment 5plus
$1.86M
$1.63M – $2.17M
NOI $130,044 @ 7.0% cap · market cap 5.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.92M
$3.43M – $4.58M
NOI $274,538 @ 7.0% cap · market cap 10.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,039
Businesses Nearby
Explore this area
Business Placement
Demographics for 11106, NY
41,722
Population
21,681
Households
1.9
Avg Household Size
37
Median Age
52%
College-Educated
89%
High-School Grad
0.9 sq mi
ZIP Area
46,358
Density / Sq Mi
$85,573
Median Household Income
$62,254
Median Earnings
$2,032
Median Rent
$639,200
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 - Fully leased six-family building near N/W Broadway subway station.
Where is this apartment building located?
The property is located at 31-74 33rd St Queens, NY.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: Prime location: Just two blocks from the N/W Broadway subway station and 33rd Street.; Fully leased 6‑family building: Provides immediate rental income.; Excellent income potential: Featuring 5 market‑rate and 1 rent‑stabilized apartment.
