Twelve-Unit Multifamily
For Sale
$3,350,000
41-32 53rd Street, Flushing, NY 11377
Twelve well-maintained units include 6 large studios and 6 one-bedrooms with updated kitchens and baths.
Property Size7,560 SF
Price / SF$443.12
Days on Market38
Property Features for 41-32 53rd Street
General Information
Standard status
Active
Size
7,560 SF
Property subtype
Commercial
Zoning
R5,R5D and C1-4
Additional Details
Multifamily Units
12
Taxes and HOA fees
Annual Taxes
$29,704
Building Details
Year Built
1931
Listing Agency:
Get Listed Realty
(516) 992-2888
Listed By:
Kris J. Lippi (hello@isoldmyhouse.com)
Source:
Iaquintarealestate
Added: Jul 17
Changed: Aug 16
Last Checked: Aug 22 at 7:32AM
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 Get Listed Realty
Investment Insights
Based on property information with market context.
This well-maintained twelve-unit multifamily building offers a mix of 6 one-bedroom apartments and 6 large studios. The units feature high ceilings, wood floors, custom insulated windows, abundant natural light, and updated kitchens and baths. The building is described as lead free and has gas heat and hot water. There is also a usable full unfinished basement with walk-out access. In addition, the property includes approximately 1,381 square feet of additional buildable space that could support additional residential dwellings, retail, professional space, or a combination.
The property is located in Sunnyside-Woodside, with walking distance to the LIRR and approximately 15 minutes to Manhattan per the public remarks. The lot is described as multi-zoned, with zoning listed as R5, R5D, and C1-4, supporting residential or mixed residential/commercial use.
According to the public remarks, the super supports easy self-management, and the building has high legal rents with reasonable expenses. The public remarks also state a cap rate above 7%.
The property is located in Sunnyside-Woodside, with walking distance to the LIRR and approximately 15 minutes to Manhattan per the public remarks. The lot is described as multi-zoned, with zoning listed as R5, R5D, and C1-4, supporting residential or mixed residential/commercial use.
According to the public remarks, the super supports easy self-management, and the building has high legal rents with reasonable expenses. The public remarks also state a cap rate above 7%.
Key Highlights
- 12‑family building (built 1931) with 6 large studios and 6 one‑bedrooms
- Updated kitchens and baths; high ceilings and wood floors in all apartments
- Custom insulated windows for abundant natural light; gas heat and gas hot water
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
$184,800
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
5.52%
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%
$3,696,000
$3.7M
Cap Rate 7%
$2,640,000
$2.6M
Cap Rate 9%
$2,053,333
$2.1M
Market Conditions
NOI Build-Up for 7,560 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
$349.3K $46.20/SF
− Vacancy
−$13.3K −$1.76/SF
EGI
$336.0K $44.44/SF
− OpEx
−$151.2K −$20.00/SF
NOI
$184.8K $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%
$3,696,000
Cap Rate 7%
$2,640,000
Cap Rate 9%
$2,053,333
Alternative Uses
Best Use
Apartment 5plus
$2.64M
$2.31M – $3.08M
NOI $184,800 @ 7.0% cap · market cap 5.52%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.57M
$4.88M – $6.50M
NOI $390,132 @ 7.0% cap · market cap 11.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
4,276
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 - Twelve well-maintained units include 6 large studios and 6 one-bedrooms with updated kitchens and baths.
Where is this apartment building located?
The property is located at 41-32 53rd Street Flushing, NY.
What is the asking price?
The asking price for this property is $3,350,000.
What are key features of this property?
This property features: 12‑family building (built 1931) with 6 large studios and 6 one‑bedrooms; Updated kitchens and baths; high ceilings and wood floors in all apartments; Custom insulated windows for abundant natural light; gas heat and gas hot water
