Renovated Six-Unit Apartment
For Sale
$1,799,000
429 27th Avenue, Astoria, NY 11102
Three-story brick property with updated kitchens, bathrooms, flooring, and roofing.
Property Size4,080 SF
Days on Market147
Property Features for 429 27th Avenue
General Information
Standard status
Active
Size
4,080 SF
Property subtype
Commercial
Zoning
R6
Taxes and HOA fees
Annual Taxes
$26,252
Building Details
Building Size
4,080 SF
Year Built
1931
Units
6
Listing Agency:
Vision Homes Real Estate LLC
(718) 480-1231
Listed By:
Avnish Kumar · License #10491209469
(917) 957-9969
Source:
Cornerstonemyhome
Added: Apr 10
Changed: Aug 30
Last Checked: Aug 31 at 5:12PM
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 Vision Homes Real Estate LLC
Investment Insights
Based on property information with market context.
This three-story brick apartment building was constructed in 1931 and contains six residential units within 4,080 square feet. Improvements include a replacement roof, renovated kitchens and bathrooms, and new flooring. The property occupies a 0.046-acre lot and is zoned R6.
The building is located at 429 27th Avenue in Astoria, Queens, New York 11102. Its six-unit configuration and completed improvements provide a defined multifamily asset profile for evaluation by residential income property buyers.
The building is located at 429 27th Avenue in Astoria, Queens, New York 11102. Its six-unit configuration and completed improvements provide a defined multifamily asset profile for evaluation by residential income property buyers.
Key Highlights
- Six residential units in a three‑story apartment building
- 4,080 square feet on a 0.046‑acre lot
- Brick construction completed in 1931
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
$99,733
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
5.54%
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%
$1,994,660
$2.0M
Cap Rate 7%
$1,424,757
$1.4M
Cap Rate 9%
$1,108,144
$1.1M
Market Conditions
NOI Build-Up for 4,080 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
$188.5K $46.20/SF
− Vacancy
−$7.2K −$1.76/SF
EGI
$181.3K $44.44/SF
− OpEx
−$81.6K −$20.00/SF
NOI
$99.7K $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%
$1,994,660
Cap Rate 7%
$1,424,757
Cap Rate 9%
$1,108,144
Alternative Uses
Best Use
Apartment 5plus
$1.42M
$1.25M – $1.66M
NOI $99,733 @ 7.0% cap · market cap 5.54%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.01M
$2.63M – $3.51M
NOI $210,548 @ 7.0% cap · market cap 11.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,646
Businesses Nearby
Explore this area
Business Placement
Demographics for 11102, NY
37,468
Population
19,431
Households
1.9
Avg Household Size
36
Median Age
58%
College-Educated
90%
High-School Grad
0.7 sq mi
ZIP Area
53,526
Density / Sq Mi
$102,996
Median Household Income
$70,557
Median Earnings
$2,248
Median Rent
$779,800
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 - Three-story brick property with updated kitchens, bathrooms, flooring, and roofing.
Where is this apartment building located?
The property is located at 429 27th Avenue Astoria, NY.
What is the asking price?
The asking price for this property is $1,799,000.
What are key features of this property?
This property features: Six residential units in a three‑story apartment building; 4,080 square feet on a 0.046‑acre lot; Brick construction completed in 1931
