Church and Community Facility
For Sale
Contact for pricing
32-71 41st St, Astoria, NY 11103
Includes worship, classroom, childcare, gymnasium, and residential components across multiple buildings.
Property Size21,730 SF
Price / SF$515.42
Days on Market213
Property Features for 32-71 41st St
General Information
Standard status
Active
Size
21,730 SF
Total Parking Spaces
7
Elevators
Yes
Property subtype
Multifamily, Office, Special Purpose
Zoning
Zoning C1-2 in R5
Site & Location
Road Access
Yes
Public Transit
Yes
Additional Details
Opportunity Zone
Yes
Sprinkler System
Yes
Building Details
Year Built
1931
Year Renovated
1998
Buildings
3
Stories
3
Units
9
Listing Agency:
Hanmi Realty
Listed By:
John Chong Hong · License #37HO0334498
Source:
Crexi
Added: Jan 30
Changed: Aug 30
Last Checked: Aug 30 at 3:19PM
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 Hanmi Realty
Investment Insights
Based on property information with market context.
This multi-building religious and community facility portfolio includes a worship building with a finished cellar, fellowship space, chapel areas, kitchen, classrooms, nursery, storage, boiler room, elevator, and basketball gymnasium. A separate three-story concrete block building provides additional classrooms and offices, along with a superintendent’s apartment. The two-family brick residence adds a full basement with an apartment, multiple bedrooms, bathrooms, and a private driveway.
The portfolio encompasses approximately 21,730 square feet across the commercial buildings and includes roughly 11,000 square feet of combined lot area, plus an adjacent residential lot of about 4,000 square feet. The property has 110 feet of commercial street frontage, sprinkler systems, and multiple entrances with wheelchair-accessible ground-floor areas. Located near Northern Boulevard, Broadway, Steinway Street subway service, Q101 and Q104 bus stops, and the Ed Koch Queensboro Bridge, the properties will be delivered vacant at closing as one package.
The portfolio encompasses approximately 21,730 square feet across the commercial buildings and includes roughly 11,000 square feet of combined lot area, plus an adjacent residential lot of about 4,000 square feet. The property has 110 feet of commercial street frontage, sprinkler systems, and multiple entrances with wheelchair-accessible ground-floor areas. Located near Northern Boulevard, Broadway, Steinway Street subway service, Q101 and Q104 bus stops, and the Ed Koch Queensboro Bridge, the properties will be delivered vacant at closing as one package.
Key Highlights
- Approximately 21,730 square feet across two commercial buildings
- 110 feet of commercial street frontage with sign visibility
- Worship building includes chapels, fellowship space, classrooms, kitchen, gymnasium, elevator, and finished cellar
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
$531,177
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
4.74%
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%
$10,623,540
$10.6M
Cap Rate 7%
$7,588,243
$7.6M
Cap Rate 9%
$5,901,967
$5.9M
Market Conditions
NOI Build-Up for 21,730 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
$1.00M $46.20/SF
− Vacancy
−$38.1K −$1.76/SF
EGI
$965.8K $44.44/SF
− OpEx
−$434.6K −$20.00/SF
NOI
$531.2K $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%
$10,623,540
Cap Rate 7%
$7,588,243
Cap Rate 9%
$5,901,967
Alternative Uses
Best Use
Apartment 5plus
$7.59M
$6.64M – $8.85M
NOI $531,177 @ 7.0% cap · market cap 4.74%
Second Best
Multifamily LT 5
$5.14M
$4.50M – $5.99M
NOI $359,667 @ 7.0% cap · market cap 3.21%
Theoretical Best
Office A
$16.02M
$14.02M – $18.69M
NOI $1,121,372 @ 7.0% cap · market cap 10.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Sprinkler system
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,465
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?
Church & religious facility - Includes worship, classroom, childcare, gymnasium, and residential components across multiple buildings.
Where is this church & religious facility located?
The property is located at 32-71 41st St Astoria, NY.
What is the asking price?
The asking price for this property is $11,200,000.
What are key features of this property?
This property features: Approximately 21,730 square feet across two commercial buildings; 110 feet of commercial street frontage with sign visibility; Worship building includes chapels, fellowship space, classrooms, kitchen, gymnasium, elevator, and finished cellar
