Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Two Multifamily Buildings with Parking Title is generated by Realmo AI

    35-49 Crescent Street, Queens, NY 11106

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $2,500,000

    Two connected multifamily properties with parking in Astoria, Queens.

    Type:MF
    Property size:
    8,750 SF
    Price / SF:
    $285/SF
    Added:
    Jul 5, 2025
    Days on Market:
    324
    Last Refresh:
    Apr 3 at 5:01 am

    Property Features for 35-49 Crescent Street

    General Information

    Standard status
    Active
    Size
    8,750 SF
    Property subtype
    MF

    Building Details

    Year Built
    1941

    We can help!

    Listing Contact
    Edward Kalisvaart
    Edward Kalisvaart

    Listing agent Edward Kalisvaart License ## 10301210475, NY

    Listing office KW Commercial | NYC | 360 Madison Avenue

    Listing date Jul 5, 2025

    Source Realnex

    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 KW Commercial | NYC | 360 Madison Avenue

    HighLights

    • Two side‑by‑side multifamily properties (12 units total) offer significant investment potential.
    • Includes a gated parking lot with 6 indoor parking spaces, a valuable amenity in Astoria.
    • Attractive unit mix of 5 one‑bedroom and 7 two‑bedroom apartments caters to a diverse tenant base.
    • Each unit is separately metered for gas and electric, simplifying utility management.
    • Located at 35‑45 and 35‑49 Crescent Street, Astoria NY 11106.
    • Protected tax class 2A.

    Overview

    Two connected multifamily properties, located at 35-45 and 35-49 Crescent Street in Astoria, Queens, New York, offer an investment opportunity. Constructed in 1941, these three-story apartment buildings comprise a total of 12 residential units. The unit mix includes five one-bedroom apartments and seven two-bedroom apartments. The combined properties have a total area of 8,750 square feet. A gated parking lot at the rear of the buildings provides six indoor parking spaces. Each unit is separately metered for gas and electric. The properties are classified under tax class 2A.

    Financial Insights

    Value Estimation Calculated for Apartment 5plus

    Conservative
    $2.38M
    NOI $213,889 @ 9.00% cap · cautious / downside scenario
    Moderate
    $3.06M
    NOI $213,889 @ 7.00% cap · market / base-case scenario
    Aggressive
    $4.28M
    NOI $213,889 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Apartment 5plus

    Component $ $/SF
    Gross rent $404.3k $46.20
    − Vacancy −$15.4k −$1.76
    EGI $388.9k $44.44
    − OpEx −$175.0k −$20.00
    NOI $213.9k $24.44
    8,750 SF · lease $46.20/SF/yr · vacancy 3.80% · expense 45.00%

    Alternative Use Scenarios

    Best Use
    Apartment 5plus
    $3.06M
    $2.67M – $3.56M (±1% cap)
    NOI $213,889 @ 7.0% cap · market cap 8.56%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $6.45M
    $5.64M – $7.53M (±1% cap)
    NOI $451,542 @ 7.0% cap · market cap 18.06%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Queens
    County
    Queens
    State
    New York
    Longitude
    -73.910143
    Latitude
    40.781981

    Nearby Similar for Sale

    • $1,449,999
      2,631 SF

      Spacious Multifamily Home with Pool

      Multifamily home in Queens with pool and ample parking.
      125-11 7th Avenue, Queens, NY 11356
      View Details
    • $38,000
      700 SF

      Turnkey Bakery Business in Queens

      Bakery business for sale in high-traffic College Point location.
      20-15 College Point Boulevard, Queens, NY 11356
      View Details
    • $900,000
      2,206 SF

      Renovated Triplex in Queens, NY

      Newly renovated triplex with versatile living spaces in Queens.
      341 Beach 67th Street, Queens, NY 11692
      View Details
    • $15,000,000
      21,445 SF

      NYU Medical Investment Opportunity

      Fully leased medical office building in Queens, NY.
      228-02 Merrick Boulevard, Queens, NY 11413
      View Details
    • $1,500,000
      1,440 SF

      Queens Village Multifamily Investment Property

      Fully rented, renovated four-family house in Queens Village.
      99-02 212th Street, Queens, NY 11429
      View Details
    • $1,788,000
      2,650 SF

      Desirable Jackson Heights Multi-Family Home

      Well-maintained triplex in Jackson Heights with tenant or vacant options.
      77-16 25th Avenue, Queens, NY 11370
      View Details
    • $5,500,000
      5,190 SF

      Mixed-Use Building in Long Island

      Mixed-use building with retail, studio, and residential units.
      5-46 50th Avenue, Queens, NY 11101
      View Details
    • $1,500,000
      1,210 SF

      Renovated Two-Family Home in Queens

      Semi-attached, renovated two-family home with parking and finished basement.
      140-14 Charles Lane, Queens, NY 11413
      View Details
    • $1,680,000
      4,300 SF

      Upgraded Six-Family Residence, Queens

      Income-producing six-family property with recent upgrades and private parking.
      22-08 120th Street, Queens, NY 11356
      View Details
    • $450,000
      5,000 SF

      Turnkey Japanese Restaurant in Forest Hills

      Profitable, established restaurant for sale in prime Forest Hills location.
      111-16 Queens Blvd, Queens, NY 11375
      View Details
    • $1,250,000
      2,178 SF

      Queens Two-Family Home Value-Add Opportunity

      Two-family home on a 48' x 100' lot.
      23-40 124th Street, Queens, NY 11356
      View Details
    • $1,250,000
      3,250 SF

      Two-Family Home in Belle Harbor

      Two spacious apartments near the beach, shopping, and transportation.
      128-19 Cronston Avenue, Queens, NY 11694
      View Details

    FAQs

    What type of property is this?
    Apartment building - Two connected multifamily properties with parking in Astoria, Queens.
    Where is this apartment building located?
    The property is located at 35-49 Crescent Street Queens, NY.
    What is the asking price?
    The asking price for this property is $2,500,000.
    What are key features of this property?
    This property features: Two side‑by‑side multifamily properties (12 units total) offer significant investment potential.; Includes a gated parking lot with 6 indoor parking spaces, a valuable amenity in Astoria.; Attractive unit mix of 5 one‑bedroom and 7 two‑bedroom apartments caters to a diverse tenant base.
    (646) 321-4311
    We can help!
    Listing Contact
    Edward Kalisvaart
    Edward Kalisvaart
    Real Estate License ID: # 10301210475, NY
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    35-49 Crescent Street, Queens, NY 11106
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!