Sunnyside Multifamily Investment
For Sale
$1,798,000
41-15 48th St, Queens, NY 11104
Fully occupied six-family building in the heart of Sunnyside.
Property Size5,895 SF
Days on Market268
Property Features for 41-15 48th St
General Information
Standard status
Active
Size
5,895 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$19,382
Building Details
Building Size
5,895 SF
Year Built
1928
Units
6
Listing Agency:
REALTY EXECUTIVES TODAY
(718) 274-2400
Listed By:
Evangelia Kontis · License #914047
Source:
Elliman
Added: Nov 27, 2025
Changed: Aug 8
Last Checked: Aug 21 at 11:04AM
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 REALTY EXECUTIVES TODAY
Investment Insights
Based on property information with market context.
This legal six-family building is located in the heart of Sunnyside. The building features six spacious units, each with 2 bedrooms and 1 bathroom. All units are rent-stabilized and currently occupied by tenants. The building size is 27.17 x 68, and the lot size is 27.17 x 100. The zoning is R5D. The property includes a full basement. The building is situated just two blocks from Queens Blvd, with convenient access to the 7 Train at 46th Street & 52nd Street Stations, and the Q104, Q60, and Q32 buses. The location provides access to shops, dining, and parks.
Key Highlights
- Prime Sunnyside location, close to transportation, shops, dining, and parks
- Legal 6‑family building offering a steady income stream
- Fully occupied with dependable tenants
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
$144,100
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
8.01%
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%
$2,882,000
$2.9M
Cap Rate 7%
$2,058,571
$2.1M
Cap Rate 9%
$1,601,111
$1.6M
Market Conditions
NOI Build-Up for 5,895 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
$272.3K $46.20/SF
− Vacancy
−$10.3K −$1.76/SF
EGI
$262.0K $44.44/SF
− OpEx
−$117.9K −$20.00/SF
NOI
$144.1K $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%
$2,882,000
Cap Rate 7%
$2,058,571
Cap Rate 9%
$1,601,111
Alternative Uses
Best Use
Apartment 5plus
$2.06M
$1.80M – $2.40M
NOI $144,100 @ 7.0% cap · market cap 8.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.35M
$3.80M – $5.07M
NOI $304,210 @ 7.0% cap · market cap 16.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,339
Businesses Nearby
Explore this area
Business Placement
Demographics for 11104, NY
27,407
Population
13,224
Households
2.1
Avg Household Size
39
Median Age
51%
College-Educated
93%
High-School Grad
0.4 sq mi
ZIP Area
68,518
Density / Sq Mi
$84,716
Median Household Income
$60,346
Median Earnings
$1,924
Median Rent
$665,700
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 six-family building in the heart of Sunnyside.
Where is this apartment building located?
The property is located at 41-15 48th St Queens, NY.
What is the asking price?
The asking price for this property is $1,798,000.
What are key features of this property?
This property features: Prime Sunnyside location, close to transportation, shops, dining, and parks; Legal 6‑family building offering a steady income stream; Fully occupied with dependable tenants
