Seven-Unit Multifamily with Community
For Sale
$3,698,888
3128 38th St BLDG, Queens, NY 11103
Partially finished seven-unit apartment building with community facility and balconies, including a penthouse duplex with double-height windows.
Property Size5,340 SF
Days on Market41
Property Features for 3128 38th St BLDG
General Information
Standard status
Active
Size
5,340 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$26,939
Building Details
Building Size
5,340 SF
Year Built
2019
Stories
4
Units
8
Listing Agency:
NY SPACE FINDERS INC,
(718) 440-8162
Listed By:
Devin Navarro · License #10351202702
(718) 440-8162
Source:
Elliman
Added: Jul 4
Changed: Aug 10
Last Checked: Aug 12 at 9:13AM
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 partially finished seven-unit apartment building includes an additional community facility. Interiors are described as condo-grade, with a premium window package and herringbone wood floors throughout. Each residence features a private balcony, and the top-floor penthouse duplex includes double-height windows and 22-foot ceilings. The first-floor duplex is described as having two full bathrooms and an expansive private backyard.
Located in Astoria, the property is surrounded by restaurants, cafés, shops, and entertainment, with walkScore 97 and transitScore 99 (Rider’s Paradise) noted for the area.
Arranged as a mix of duplex residences within a seven-unit multifamily structure, the building offers a distinctive configuration with private outdoor space across units.
Located in Astoria, the property is surrounded by restaurants, cafés, shops, and entertainment, with walkScore 97 and transitScore 99 (Rider’s Paradise) noted for the area.
Arranged as a mix of duplex residences within a seven-unit multifamily structure, the building offers a distinctive configuration with private outdoor space across units.
Key Highlights
- Year built 2019: partially finished seven‑unit apartment building with an additional community facility
- Penthouse duplex includes double‑height windows and 22‑foot ceilings
- Each residence has a private balcony
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
$130,533
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
3.53%
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%
$2,610,660
$2.6M
Cap Rate 7%
$1,864,757
$1.9M
Cap Rate 9%
$1,450,367
$1.5M
Market Conditions
NOI Build-Up for 5,340 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
$246.7K $46.20/SF
− Vacancy
−$9.4K −$1.76/SF
EGI
$237.3K $44.44/SF
− OpEx
−$106.8K −$20.00/SF
NOI
$130.5K $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%
$2,610,660
Cap Rate 7%
$1,864,757
Cap Rate 9%
$1,450,367
Alternative Uses
Best Use
Apartment 5plus
$1.86M
$1.63M – $2.18M
NOI $130,533 @ 7.0% cap · market cap 3.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.94M
$3.44M – $4.59M
NOI $275,570 @ 7.0% cap · market cap 7.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
7,691
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 - Partially finished seven-unit apartment building with community facility and balconies, including a penthouse duplex with double-height windows.
Where is this apartment building located?
The property is located at 3128 38th St BLDG Queens, NY.
What is the asking price?
The asking price for this property is $3,698,888.
What are key features of this property?
This property features: Year built 2019: partially finished seven‑unit apartment building with an additional community facility; Penthouse duplex includes double‑height windows and 22‑foot ceilings; Each residence has a private balcony
