Vacant Four-Unit Garden
For Sale
$2,498,000
47-16 39TH Avenue, Queens, NY 11104
Historic garden property with four residences, private outdoor areas, and flexible owner-occupancy or rental use.
Property Size3,174 SF
Lot Size0.05 Acres
Price / SF$787.02
Days on Market8
Property Features for 47-16 39TH Avenue
General Information
Standard status
Active
Size
3,174 SF
Lot size
0.05 Acres
Property subtype
Multi Family
Units
Unit Mix
1 x 3BR, 1 x 1BR, 1 x 2BR
Multifamily Units
4
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$13,140
Amenities
patio
backyard
sunroom
private balcony
laundry
Building Details
Building Size
3,174 SF
Year Built
1925
Listing Agency:
Corcoran Group
Listed By:
Lauren Renee Bennett · License #10301212820 (NY)
(718) 612-9922
Source:
Howardhannanyc
Added: Sep 8
Changed: Sep 13
Last Checked: Sep 15 at 11:28AM
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 Corcoran Group
Investment Insights
Based on property information with market context.
This four-unit residence includes a three-bedroom primary home on the first floor, a one-bedroom apartment and a two-bedroom apartment above, plus a fourth residence on the lower level. The main home connects to a brick sunroom, stone patio, and backyard, while the upper two-bedroom residence includes a private balcony. Laundry and utility areas are also located below grade.
Built as part of Roosevelt Court, the property sits within the Sunnyside Gardens Historic District and has three open exposures with views toward surrounding greenery. The residence offers approximately 2,100 square feet above grade and an approximately 1,044-square-foot lower level, with more than 600 square feet of private outdoor space across two levels. All four residences are to be delivered vacant, allowing an owner to occupy one unit while leasing the others, use the property for multigenerational living, or retain the full configuration as an income property.
Built as part of Roosevelt Court, the property sits within the Sunnyside Gardens Historic District and has three open exposures with views toward surrounding greenery. The residence offers approximately 2,100 square feet above grade and an approximately 1,044-square-foot lower level, with more than 600 square feet of private outdoor space across two levels. All four residences are to be delivered vacant, allowing an owner to occupy one unit while leasing the others, use the property for multigenerational living, or retain the full configuration as an income property.
Key Highlights
- Four residences delivered vacant
- Unit mix includes three‑bedroom, one‑bedroom, two‑bedroom, and lower‑level residences
- Approximately 2,100 square feet above grade plus an approximately 1,044‑square‑foot lower level
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
$77,587
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
3.11%
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%
$1,551,740
$1.6M
Cap Rate 7%
$1,108,386
$1.1M
Cap Rate 9%
$862,078
$862.1K
Market Conditions
NOI Build-Up for 3,174 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
$146.6K $46.20/SF
− Vacancy
−$5.6K −$1.76/SF
EGI
$141.1K $44.44/SF
− OpEx
−$63.5K −$20.00/SF
NOI
$77.6K $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%
$1,551,740
Cap Rate 7%
$1,108,386
Cap Rate 9%
$862,078
Alternative Uses
Best Use
Apartment 5plus
$1.11M
$969.8K – $1.29M
NOI $77,587 @ 7.0% cap · market cap 3.11%
Second Best
Multifamily LT 5
$750.5K
$656.7K – $875.6K
NOI $52,535 @ 7.0% cap · market cap 2.10%
Theoretical Best
Office A
$2.34M
$2.05M – $2.73M
NOI $163,794 @ 7.0% cap · market cap 6.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
5,505
Businesses Nearby
Explore this area
Business Placement
Demographics for 11104, NY
27,407
Population
13,224
Households
2.1
Avg Household Size
39
Median Age
51%
College-Educated
93%
High-School Grad
0.4 sq mi
ZIP Area
68,518
Density / Sq Mi
$84,716
Median Household Income
$60,346
Median Earnings
$1,924
Median Rent
$665,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Quadplex - Historic garden property with four residences, private outdoor areas, and flexible owner-occupancy or rental use.
Where is this quadplex located?
The property is located at 47-16 39TH Avenue Queens, NY.
What is the asking price?
The asking price for this property is $2,498,000.
What are key features of this property?
This property features: Four residences delivered vacant; Unit mix includes three‑bedroom, one‑bedroom, two‑bedroom, and lower‑level residences; Approximately 2,100 square feet above grade plus an approximately 1,044‑square‑foot lower level
