Astoria Multifamily Investment
For Sale
$1,750,000
32-63 41St St, Astoria, NY 11103
Significant Income and Development Opportunity About 500 feet to Steinway Street Subways and Broadway!
Property Size2,400 SF
Price / SF$729.17
Days on Market204
Property Features for 32-63 41St St
General Information
Standard status
Active
Property type
Multifamily properties, Duplexes, Triplexes, Residential income properties
Size
2,400 SF
Total Parking Spaces
7
Elevators
No
Building Details
Year Built
1945
Year Renovated
1997
Buildings
1
Stories
3
Units
3
Listed By:
John Chong Hong
(718) 640-4431
Added: Mar 27
Changed: Apr 8
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Investment Insights
Based on property information with market context.
Located in Astoria, Long Island City, this two-family, three-story brick house offers a versatile investment opportunity. Built in 1945 and renovated in 1997, the property features approximately 2,400 square feet of living space and sits on a spacious 4,000 square foot lot with a 7-car private driveway and parking lot. The building is classified as a B1 Two family dwelling and is zoned R5, with 20 feet of street frontage and 40 feet of depth. The ground floor includes a one-bedroom, one-bathroom apartment of approximately 800 square feet, along with a garage used for storage and a boiler room. The second floor, also around 800 square feet, contains two bedrooms and one bathroom. The third floor, similar in size, features two bedrooms with ceiling fans and one bathroom. The property is conveniently located off Northern Boulevard and Broadway, approximately 500 feet from the Steinway Street and 34th Avenue E, F, M, R subway station. The property is delivered fully vacant and presents a community development tax opportunity zone for residential use up to 6,000 sq ft, with a maximum facility FAR up to 8,000 sq ft.
Key Highlights
- Significant versatile investment, land value appreciation and qualified federal, New york city community development tax opportunity zone! Spacious 4k square feet lot with a 7 car driveway and 20 feet of street frontage.
- About 500 feet to the Steinway street and 34th avenue E,F,M,R subways!
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$58,667
Cap Rate
3.35%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,173,340
$1.2M
Cap Rate 7%
$838,100
$838.1K
Cap Rate 9%
$651,856
$651.9K
Market Conditions
NOI Build-Up for 2,400 SF
Gross rent
$110.9K $46.20/SF
− Vacancy
−$4.2K −$1.76/SF
EGI
$106.7K $44.44/SF
− OpEx
−$48.0K −$20.00/SF
NOI
$58.7K $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%
$1,173,340
Cap Rate 7%
$838,100
Cap Rate 9%
$651,856
Alternative Uses
Best Use
Apartment 5plus
$838.1K
$733.3K – $977.8K
NOI $58,667 @ 7.0% cap · market cap 3.35%
Second Best
Multifamily LT 5
$567.5K
$496.6K – $662.1K
NOI $39,724 @ 7.0% cap · market cap 2.27%
Theoretical Best
Office A
$1.77M
$1.55M – $2.06M
NOI $123,852 @ 7.0% cap · market cap 7.08%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
6,597
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Multifamily property - Significant Income and Development Opportunity About 500 feet to Steinway Street Subways and Broadway!
Where is this multifamily property located?
The property is located at 32-63 41St St Astoria, NY.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: Significant versatile investment, land value appreciation and qualified federal, New york city community development tax opportunity zone! Spacious 4k square feet lot with a 7 car driveway and 20 feet of street frontage.; About 500 feet to the Steinway street and 34th avenue E,F,M,R subways!
