Three-Story Brick
For Sale
$1,750,000
Pending
32-63 41st Street, Astoria, NY 11103
Residential Income, Astoria, NY
Property Size2,400 SF
Lot Size0.09 Acres
Days on Market193
Property Features for 32-63 41st Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Multi-Family
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bedroom 1, Bedroom 5, Bathroom 1, Bedroom 4, Bathroom 3, Bedroom 2, Bathroom 2
Parking features
Driveway
Subdivision
Long Island City
High school district
NEW YORK CITY GEOGRAPHIC DISTRICT #30
Directions
Three blocks north of Northern blvd next to Broadway and Steinway street. About 20 blocks east of Brooklyn Queens expressway.
Standard status
Pending
APN
000000-000.000-0677-012.000
Size
2,400 SF
Lot size
0.09 Acres
Utilities
Water source
Public
Building Details
Year built
1945
Floors in Building
3
Building materials
Masonite, Brick
Architectural style
Other
Listing Agency:
HANMI REALTY
Listed By:
Chong Hong
(718) 961-8801
Added: Mar 17
Changed: Sep 21
Last Checked: Sep 25 at 6:06AM
MLS# 11675145
Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This three-story brick duplex contains approximately 2,400 square feet and is configured as a two-family residence. The ground-floor apartment offers one bedroom, one bathroom, a garage used for storage, and a boiler room. The second floor has two bedrooms and one bathroom, while the third floor provides two bedrooms, one bathroom, and ceiling fans. The property was built in 1945, renovated in 1997, and is being delivered fully vacant.
The lot measures approximately 0.0918 acres, with 20 feet of street frontage and 40 feet of depth. A private driveway and parking area accommodate up to seven cars. Public water serves the property, which carries R5 zoning and a B1 two-family building classification. The residence is located near Northern Boulevard and Broadway, approximately 500 feet from the Steinway Street and 34th Avenue E, F, M, and R subway station, with Q101 and Q104 bus service nearby.
The lot measures approximately 0.0918 acres, with 20 feet of street frontage and 40 feet of depth. A private driveway and parking area accommodate up to seven cars. Public water serves the property, which carries R5 zoning and a B1 two-family building classification. The residence is located near Northern Boulevard and Broadway, approximately 500 feet from the Steinway Street and 34th Avenue E, F, M, and R subway station, with Q101 and Q104 bus service nearby.
Key Highlights
- Approximately 2,400 square feet across three stories
- Two‑family B1 building classification with R5 zoning
- Seven‑car private driveway and parking area
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
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Open Analytics
Current Use
Lease Details
Yes
Paved road access
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
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Vacant two-family residence with separate floor layouts, private parking, and R5 zoning.
Where is this duplex located?
The property is located at 32-63 41st Street 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: Approximately 2,400 square feet across three stories; Two‑family B1 building classification with R5 zoning; Seven‑car private driveway and parking area
