Mixed-Use Building with
For Sale
$2,950,000
46-15 48th Avenue, Woodside, NY 11377
Renovated residential units complement a ground-floor storefront in a mixed-use configuration.
Property Size4,800 SF
Days on Market185
Property Features for 46-15 48th Avenue
General Information
Standard status
Active
Size
4,800 SF
Property subtype
Mixed Use
Additional Details
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$17,249
Building Details
Building Size
4,800 SF
Year Built
1928
Buildings
1
Listing Agency:
NY Space Finders Inc
(347) 242-0353
Listed By:
Luca DiCiero · License #10351202702
Source:
Serhant
Added: Feb 6
Changed: Aug 5
Last Checked: Aug 9 at 11:13AM
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 NY Space Finders Inc
Investment Insights
Based on property information with market context.
This 1928 mixed-use building combines five residential apartments with one ground-floor retail store. The apartments have been renovated with engineered hardwood flooring, recessed lighting, quartz countertops, paneled appliances, custom cabinetry, ceramic-tile bathrooms, and split-unit HVAC systems. The property carries New York tax class 2B status.
Located on 48th Avenue in Woodside, Queens, the building is positioned near transportation, shopping, and major roadways. Its setting also provides proximity to Long Island City, Sunnyside, and Midtown Manhattan. The rent-regulation status of the residential units has not been verified by the seller, so purchasers should complete their own due diligence with appropriate professionals.
Located on 48th Avenue in Woodside, Queens, the building is positioned near transportation, shopping, and major roadways. Its setting also provides proximity to Long Island City, Sunnyside, and Midtown Manhattan. The rent-regulation status of the residential units has not been verified by the seller, so purchasers should complete their own due diligence with appropriate professionals.
Key Highlights
- Five residential apartments plus one ground‑floor retail store
- Residential units renovated with engineered hardwood floors, recessed lighting, and quartz countertops
- Custom kitchen cabinetry, paneled appliances, and ceramic‑tile bathrooms
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
$117,333
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
3.98%
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%
$2,346,660
$2.3M
Cap Rate 7%
$1,676,186
$1.7M
Cap Rate 9%
$1,303,700
$1.3M
Market Conditions
NOI Build-Up for 4,800 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
$221.8K $46.20/SF
− Vacancy
−$8.4K −$1.76/SF
EGI
$213.3K $44.44/SF
− OpEx
−$96.0K −$20.00/SF
NOI
$117.3K $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%
$2,346,660
Cap Rate 7%
$1,676,186
Cap Rate 9%
$1,303,700
Alternative Uses
Best Use
Apartment 5plus
$1.68M
$1.47M – $1.96M
NOI $117,333 @ 7.0% cap · market cap 3.98%
Second Best
Retail
$1.22M
$1.07M – $1.43M
NOI $85,680 @ 7.0% cap · market cap 2.90%
Theoretical Best
Office A
$3.54M
$3.10M – $4.13M
NOI $247,703 @ 7.0% cap · market cap 8.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
6,486
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?
Mixed-use property - Renovated residential units complement a ground-floor storefront in a mixed-use configuration.
Where is this mixed-use property located?
The property is located at 46-15 48th Avenue Woodside, NY.
What is the asking price?
The asking price for this property is $2,950,000.
What are key features of this property?
This property features: Five residential apartments plus one ground‑floor retail store; Residential units renovated with engineered hardwood floors, recessed lighting, and quartz countertops; Custom kitchen cabinetry, paneled appliances, and ceramic‑tile bathrooms
