8-Unit Apartment
For Sale
$1,770,000
3312 29th St, Astoria, NY 11106
Fully occupied property offering a mix of two- and three-bedroom apartments in Astoria.
Property Size6,508 SF
Lot Size0.06 Acres
Price / SF$271.97
Days on Market162
Property Features for 3312 29th St
General Information
Standard status
Active
Size
6,508 SF
Lot size
0.06 Acres
Property subtype
Commercial
Zoning
R5
Occupancy
100%
Units
Unit Mix
5 x 2BR/1BA, 3 x 3BR/1BA
Multifamily Units
8
Building Details
Year Built
1925
Buildings
1
Listing Agency:
Bizzarro Agency, LLC
(917) 979-2259
Listed By:
Matthew J. Bizzarro
Source:
Searchhomesinlongisland
Added: Mar 24
Changed: Aug 31
Last Checked: Sep 1 at 7:57PM
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 Bizzarro Agency, LLC
Investment Insights
Based on property information with market context.
Built in 1925, this eight-unit apartment property contains five two-bedroom, one-bath apartments and three three-bedroom, one-bath apartments. The building is fully rented and configured as a residential income property.
The property is located at 3312 29th St in Astoria, New York. The 25 x 100.83-foot lot is zoned R5, supporting the property's established multifamily use.
The property is located at 3312 29th St in Astoria, New York. The 25 x 100.83-foot lot is zoned R5, supporting the property's established multifamily use.
Key Highlights
- Eight‑unit apartment building in Astoria
- Five 2BR/1BA apartments and three 3BR/1BA apartments
- Fully rented residential property
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
$159,084
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
8.99%
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%
$3,181,680
$3.2M
Cap Rate 7%
$2,272,629
$2.3M
Cap Rate 9%
$1,767,600
$1.8M
Market Conditions
NOI Build-Up for 6,508 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
$300.7K $46.20/SF
− Vacancy
−$11.4K −$1.76/SF
EGI
$289.2K $44.44/SF
− OpEx
−$130.2K −$20.00/SF
NOI
$159.1K $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%
$3,181,680
Cap Rate 7%
$2,272,629
Cap Rate 9%
$1,767,600
Alternative Uses
Best Use
Apartment 5plus
$2.27M
$1.99M – $2.65M
NOI $159,084 @ 7.0% cap · market cap 8.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.80M
$4.20M – $5.60M
NOI $335,844 @ 7.0% cap · market cap 18.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
7,192
Businesses Nearby
Explore this area
Business Placement
Demographics for 11106, NY
41,722
Population
21,681
Households
1.9
Avg Household Size
37
Median Age
52%
College-Educated
89%
High-School Grad
0.9 sq mi
ZIP Area
46,358
Density / Sq Mi
$85,573
Median Household Income
$62,254
Median Earnings
$2,032
Median Rent
$639,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied property offering a mix of two- and three-bedroom apartments in Astoria.
Where is this apartment building located?
The property is located at 3312 29th St Astoria, NY.
What is the asking price?
The asking price for this property is $1,770,000.
What are key features of this property?
This property features: Eight‑unit apartment building in Astoria; Five 2BR/1BA apartments and three 3BR/1BA apartments; Fully rented residential property
