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 Market158
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
Listing Agency:
(718) 640-4431
Listed By:
John Chong
(718) 640-4431
Added: Mar 27
Changed: Apr 8
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 = 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
$58,667
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
3.35%
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%
$1,173,340
$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
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
$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 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%
$1,173,340
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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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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!
