Fully Occupied Six-Unit
For Sale
Contact for pricing
34-32 33rd Street, Astoria, NY 11106
Six-unit building with rent-stabilized and free-market apartments, including washer-dryer amenities in three units.
Property Size4,560 SF
Price / SF$482.46
Days on Market65
Property Features for 34-32 33rd Street
General Information
Standard status
Active
Size
4,560 SF
Property subtype
Multifamily
Zoning
R5
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$143,000
Building Details
Year Built
1926
Buildings
1
Units
6
Tenancy
Multi
Listing Agency:
Marcus & Millichap - Manhattan
Listed By:
Sean Fopeano · License #10401348819
Source:
Crexi
Added: Jun 9
Changed: Aug 8
Last Checked: Aug 12 at 4:50AM
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 Marcus & Millichap - Manhattan
Investment Insights
Based on property information with market context.
This fully occupied six-unit multifamily building offers a mix of rent-stabilized and free-market units. Three of the apartments include washer-dryer amenities, providing in-unit convenience for residents. The property is sited on a 2,500 square foot lot and is governed by R5 zoning with a 1.5 FAR.
Located in Astoria, Queens, the building is presented as a turnkey rental asset with existing income streams. The current financing profile referenced in the remarks shows a 6.5% current cap rate, with pro forma upside targeting a 6.7% cap rate.
For buyers seeking residential income in a small, manageable footprint, this asset combines stabilized and market-rate components within the same building. In-unit washer-dryer availability across half of the units may support tenant satisfaction and day-to-day livability. With occupancy already in place at the time of sale, the building is structured for an operator or investor looking to assume operations with the existing tenant base.
Located in Astoria, Queens, the building is presented as a turnkey rental asset with existing income streams. The current financing profile referenced in the remarks shows a 6.5% current cap rate, with pro forma upside targeting a 6.7% cap rate.
For buyers seeking residential income in a small, manageable footprint, this asset combines stabilized and market-rate components within the same building. In-unit washer-dryer availability across half of the units may support tenant satisfaction and day-to-day livability. With occupancy already in place at the time of sale, the building is structured for an operator or investor looking to assume operations with the existing tenant base.
Key Highlights
- Fully occupied six‑unit multifamily building in Astoria, Queens, NY
- Unit mix includes rent‑stabilized and free‑market apartments
- Washer/dryer amenities available in three of the six units
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
$111,467
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
5.07%
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%
$2,229,340
$2.2M
Cap Rate 7%
$1,592,386
$1.6M
Cap Rate 9%
$1,238,522
$1.2M
Market Conditions
NOI Build-Up for 4,560 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
$210.7K $46.20/SF
− Vacancy
−$8.0K −$1.76/SF
EGI
$202.7K $44.44/SF
− OpEx
−$91.2K −$20.00/SF
NOI
$111.5K $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%
$2,229,340
Cap Rate 7%
$1,592,386
Cap Rate 9%
$1,238,522
Alternative Uses
Best Use
Apartment 5plus
$1.59M
$1.39M – $1.86M
NOI $111,467 @ 7.0% cap · market cap 5.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.36M
$2.94M – $3.92M
NOI $235,318 @ 7.0% cap · market cap 10.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,856
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Six-unit building with rent-stabilized and free-market apartments, including washer-dryer amenities in three units.
Where is this apartment building located?
The property is located at 34-32 33rd Street Astoria, NY.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: Fully occupied six‑unit multifamily building in Astoria, Queens, NY; Unit mix includes rent‑stabilized and free‑market apartments; Washer/dryer amenities available in three of the six units
