6-Family Apartment Building with
For Sale
$1,788,000
47-15 47th Street, Woodside, NY 11377
Woodside multifamily property with a five-bedroom-unit and one-bedroom-unit mix, plus two apartments delivered vacant.
Property Size5,040 SF
Days on Market81
Property Features for 47-15 47th Street
General Information
Standard status
Active
Size
5,040 SF
Property subtype
Commercial
Zoning
R5
Net Operating Income
$106,000
Financials
Asking Price
$1,798,000
Cap Rate
5.91%
Gross Income
$146,000
Units
Unit Mix
5 x 2BR, 1 x 1BR
Multifamily Units
6
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$23,010
Building Details
Building Size
5,040 SF
Year Built
1923
Stories
3
Units
6
Construction
brick
Listing Agency:
C21/Sunny Gardens Realty Inc
(718) 507-4200
Listed By:
Nilo A. DeLaTorre
Source:
Maurafinnegan
Added: Jun 11
Changed: Aug 29
Last Checked: Aug 25 at 9:23AM
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 C21/Sunny Gardens Realty Inc
Investment Insights
Based on property information with market context.
This 6-family apartment property at 47-15 47th Street in Woodside was built in 1923 and is zoned R5. The unit mix includes five 2-bedroom apartments and one 1-bedroom apartment, with two units transferring vacant. The building is served by gas heat and includes a new gas boiler and two hot water tanks. The roof is 1 year old.
The property is positioned in the Sunnyside-Woodside area, approximately 0.4 from the 46th St–Bliss St 7 train station. Retail is located along Queens Boulevard and Greenpoint Avenue, while the 7 train provides direct access to Hudson Yards, Grand Central, and Long Island City.
Walk Score, Transit Score, and Bike Score are 76, 86, and 82, respectively. The property is offered for sale with confidentiality required for financial information and access.
The property is positioned in the Sunnyside-Woodside area, approximately 0.4 from the 46th St–Bliss St 7 train station. Retail is located along Queens Boulevard and Greenpoint Avenue, while the 7 train provides direct access to Hudson Yards, Grand Central, and Long Island City.
Walk Score, Transit Score, and Bike Score are 76, 86, and 82, respectively. The property is offered for sale with confidentiality required for financial information and access.
Key Highlights
- 6‑family apartment property with five 2‑bedroom units and one 1‑bedroom unit
- Two apartments delivered vacant
- R5 zoning
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
$123,200
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
6.89%
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%
$2,464,000
$2.5M
Cap Rate 7%
$1,760,000
$1.8M
Cap Rate 9%
$1,368,889
$1.4M
Market Conditions
NOI Build-Up for 5,040 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
$232.8K $46.20/SF
− Vacancy
−$8.8K −$1.76/SF
EGI
$224.0K $44.44/SF
− OpEx
−$100.8K −$20.00/SF
NOI
$123.2K $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%
$2,464,000
Cap Rate 7%
$1,760,000
Cap Rate 9%
$1,368,889
Alternative Uses
Best Use
Apartment 5plus
$1.76M
$1.54M – $2.05M
NOI $123,200 @ 7.0% cap · market cap 6.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.72M
$3.25M – $4.33M
NOI $260,088 @ 7.0% cap · market cap 14.55%
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
3,561
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 - Woodside multifamily property with a five-bedroom-unit and one-bedroom-unit mix, plus two apartments delivered vacant.
Where is this apartment building located?
The property is located at 47-15 47th Street Woodside, NY.
What is the asking price?
The asking price for this property is $1,788,000.
What are key features of this property?
This property features: 6‑family apartment property with five 2‑bedroom units and one 1‑bedroom unit; Two apartments delivered vacant; R5 zoning
