Renovated Six-Unit Apartment
For Sale
$1,799,000
429 27th Avenue, Astoria, NY 11102
Commercial Sale, Astoria, NY
Property Size4,080 SF
Lot Size0.05 Acres
Price / SF$440.93
Days on Market136
Property Features for 429 27th Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
R6
Rooms
Basement
Basement
Finished, Full
Directions
google.com
Standard status
Active
APN
00909-0059
Lot size
0.05 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
26252
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Electric (Heating)
Cooling system
Wall/Window Unit(s), Ductless, Window Unit(s)
Water source
Public
Building Details
Year built
1931
Number of units
6
Building materials
Brick
Listing Agency:
Vision Homes Real Estate LLC
(718) 480-1231
Listed By:
Avnish Kumar · License #10491209469
(917) 957-9969
Added: Apr 10
Changed: Aug 20
Last Checked: Aug 23 at 6:06AM
MLS# 983529
Copyright © 2026 OneKey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This three-story brick apartment property at 429 27th Avenue contains 4,080 square feet and was built in 1931. The building includes six residential units, a basement, and recent improvements such as new roofing, kitchens, bathrooms, and flooring. Heating is provided through natural gas and electric systems, while cooling includes wall or window units and ductless equipment.
The property occupies a 0.0459-acre lot in Astoria, Queens, with public water and public sewer service. R6 zoning is identified for the site. Its address is 429 27th Avenue, Astoria, NY 11102.
The property occupies a 0.0459-acre lot in Astoria, Queens, with public water and public sewer service. R6 zoning is identified for the site. Its address is 429 27th Avenue, Astoria, NY 11102.
Key Highlights
- Six residential units in a three‑story apartment building
- 4,080 square feet on a 0.0459‑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
Lease Details
6
Residential units
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Three-story brick construction combines updated kitchens, bathrooms, flooring, and roofing with a six-unit residential layout.
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 0.0459‑acre lot; Brick construction completed in 1931
