Building Details

Building Size 5,340 SF

Year Built 2019

Buildings 1

Stories 4

Units 8

Listing Agency: NY Space Finders Inc l***@nyspacefinders.com

Listed By: Devin Navarro · License #10401349847 Show Phone

Source: Croninreale

Added: Jul 1 Changed: Oct 23 Last Checked: Oct 23 at 9:51AM

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Investment Insights

Based on property information with market context.

This Astoria apartment property contains seven units and an additional community facility. The building was constructed in 2019 and measures 5,340 square feet. Residential features include private balconies, herringbone wood flooring, and double-height windows in the penthouse duplex, which has 22-foot ceilings. A first-floor duplex has two full bathrooms and a 1,000-square-foot private backyard.

The property is zoned R6B and is located on 38th Street in Astoria, Queens. It is partially finished.

Key Highlights

• Seven apartment units plus a community facility
• 5,340‑square‑foot building completed in 2019
• Private balconies for each residence

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$130,533

Cap Rate

3.53%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,610,660 $2.6M

Cap Rate 7%

$1,864,757 $1.9M

Cap Rate 9%

$1,450,367 $1.5M

Is this asking price fair?

Market Conditions

NOI Build-Up for 5,340 SF

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 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 (±1% cap)

NOI $130,533 @ 7.0% cap · market cap 3.53%

Second Best

Mixed Use

$981.8K

$859.1K – $1.15M (±1% cap)

NOI $68,726 @ 7.0% cap · market cap 1.86%

Theoretical Best

Office A

$3.94M

$3.44M – $4.59M (±1% cap)

NOI $275,570 @ 7.0% cap · market cap 7.45%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Apartment buildings

Suggested Use

Top Pick Law Firm Nursing Home Parking Lot & Garage Garden Center Pet Grooming Service Adult Day Care

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

7

Residential units

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

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Apartment building - The property also includes a community facility alongside residential space with private balconies.

Where is this apartment building located?

The property is located at 3128 38th Street #BLDG Astoria, 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: Seven apartment units plus a community facility; 5,340‑square‑foot building completed in 2019; Private balconies for each residence