Six-Family Apartment
For Sale
$1,700,000
3129 47th Street, Astoria, NY 11103
Renovated units, storage, garages, and nearby subway service support a practical multifamily property.
Property Size3,660 SF
Days on Market91
Property Features for 3129 47th Street
General Information
Standard status
Active
Size
3,660 SF
Total Parking Spaces
3
Property subtype
Commercial
Zoning
R5
Units
Unit Mix
5 x 2BR, 1 x 1BR
Multifamily Units
6
Additional Details
Cap Rate
7.5%
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$19,724
Amenities
basement storage
Building Details
Building Size
3,660 SF
Year Built
1928
Buildings
1
Units
6
Listing Agency:
Compass Greater NY LLC
(929) 519-0580
Listed By:
Oxana G. Skorniakova · License #10401344800
(929) 519-0580
Source:
Alexandermadisonhomes
Added: Jun 1
Changed: Aug 28
Last Checked: Aug 29 at 10:20AM
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 Compass Greater NY LLC
Investment Insights
Based on property information with market context.
Built in 1928, this six-family apartment building includes five renovated two-bedroom apartments and one one-bedroom apartment. A full basement provides storage, while three garages and a shared driveway add useful property features. The building produces a 7.5% cap rate.
The property is located at 3129 47th St in Astoria, NY, one block from the 46th Street subway station served by the M/R trains. Broadway restaurants, cafés, and shops are nearby, providing access to established neighborhood amenities.
The property is located at 3129 47th St in Astoria, NY, one block from the 46th Street subway station served by the M/R trains. Broadway restaurants, cafés, and shops are nearby, providing access to established neighborhood amenities.
Key Highlights
- Six‑family apartment building with five two‑bedroom apartments and one one‑bedroom apartment
- Five two‑bedroom apartments have been renovated
- Full basement available for storage
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
$89,467
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
5.26%
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%
$1,789,340
$1.8M
Cap Rate 7%
$1,278,100
$1.3M
Cap Rate 9%
$994,078
$994.1K
Market Conditions
NOI Build-Up for 3,660 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
$169.1K $46.20/SF
− Vacancy
−$6.4K −$1.76/SF
EGI
$162.7K $44.44/SF
− OpEx
−$73.2K −$20.00/SF
NOI
$89.5K $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%
$1,789,340
Cap Rate 7%
$1,278,100
Cap Rate 9%
$994,078
Alternative Uses
Best Use
Apartment 5plus
$1.28M
$1.12M – $1.49M
NOI $89,467 @ 7.0% cap · market cap 5.26%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.70M
$2.36M – $3.15M
NOI $188,874 @ 7.0% cap · market cap 11.11%
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
5,239
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 units, storage, garages, and nearby subway service support a practical multifamily property.
Where is this apartment building located?
The property is located at 3129 47th Street Astoria, NY.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: Six‑family apartment building with five two‑bedroom apartments and one one‑bedroom apartment; Five two‑bedroom apartments have been renovated; Full basement available for storage
