Brick Six-Family Apartment
For Sale
$1,998,000
41-07 54th Street, Queens, NY 11377
Semi-detached multifamily property near Roosevelt Avenue and the 7th train station.
Property Size6,075 SF
Price / SF$328.89
Days on Market1279
Property Features for 41-07 54th Street
General Information
Standard status
Active
Size
6,075 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$20,773
Amenities
No, No, None
Square Feet, 27x92.42
Finished
Other, Public
24
No Common Walls
Square Feet
Other/See Remarks
No
Brick
Building Details
Year Built
1928
Listing Agency:
Century Homes Realty Group LLC
Listed By:
Khalid Rafey · License #10301212671
(718) 886-6800
Source:
Compass
Added: Mar 5, 2023
Changed: Sep 2
Last Checked: Sep 1 at 10:57PM
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 Century Homes Realty Group LLC
Investment Insights
Based on property information with market context.
Located at 41-07 54th Street in Woodside, this semi-detached apartment building contains six family units within 6,075 square feet. The property features brick construction and dates to 1928.
The building is situated minutes from Roosevelt Avenue and the 7th train station, providing access to nearby transit service. Its six-family configuration offers a clearly defined multifamily layout for residential ownership and operation.
The building is situated minutes from Roosevelt Avenue and the 7th train station, providing access to nearby transit service. Its six-family configuration offers a clearly defined multifamily layout for residential ownership and operation.
Key Highlights
- Six‑family apartment building
- 6,075 square feet of property size
- Semi‑detached brick construction
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
$148,500
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
7.43%
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%
$2,970,000
$3.0M
Cap Rate 7%
$2,121,429
$2.1M
Cap Rate 9%
$1,650,000
$1.7M
Market Conditions
NOI Build-Up for 6,075 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
$280.7K $46.20/SF
− Vacancy
−$10.7K −$1.76/SF
EGI
$270.0K $44.44/SF
− OpEx
−$121.5K −$20.00/SF
NOI
$148.5K $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%
$2,970,000
Cap Rate 7%
$2,121,429
Cap Rate 9%
$1,650,000
Alternative Uses
Best Use
Apartment 5plus
$2.12M
$1.86M – $2.48M
NOI $148,500 @ 7.0% cap · market cap 7.43%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.48M
$3.92M – $5.22M
NOI $313,499 @ 7.0% cap · market cap 15.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3,752
Businesses Nearby
Explore this area
Business Placement
Demographics for 11377, NY
91,512
Population
34,928
Households
2.6
Avg Household Size
39
Median Age
33%
College-Educated
82%
High-School Grad
2.5 sq mi
ZIP Area
36,605
Density / Sq Mi
$73,292
Median Household Income
$45,978
Median Earnings
$1,802
Median Rent
$670,300
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 - Semi-detached multifamily property near Roosevelt Avenue and the 7th train station.
Where is this apartment building located?
The property is located at 41-07 54th Street Queens, NY.
What is the asking price?
The asking price for this property is $1,998,000.
What are key features of this property?
This property features: Six‑family apartment building; 6,075 square feet of property size; Semi‑detached brick construction
