Brick Multifamily
For Sale
$1,275,000
47-44 44TH Street, Queens, NY 11377
Brick construction, updated exterior masonry, and a newer oil burner define this Queens multifamily property.
Property Size1,716 SF
Price / SF$743.01
Days on Market21
Property Features for 47-44 44TH Street
General Information
Standard status
Active
Size
1,716 SF
Property subtype
Multi Family
Zoning
R5D
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$23,076
Building Details
Building Size
1,716 SF
Year Built
1928
Construction
brick
Listing Agency:
Corcoran Group
(347) 558-0584
Listed By:
Efstathios Lelekidis
(347) 558-0584
Source:
Howardhannanyc
Added: Jul 26
Changed: Aug 5
Last Checked: Aug 14 at 1:21PM
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.
Built in 1928, this brick multifamily property contains approximately 5,200 square feet within a building measuring 22 by 78 feet. The parcel measures 27 by 95 feet, providing a compact urban configuration for the existing residential asset. Recent work includes brick pointing and stucco improvements, along with installation of a new oil burner.
The property is located at 47-44 44th Street in Queens, NY 11377, within Sunnyside. Access to the 7 train provides a transit connection toward Midtown Manhattan. The property carries R5D zoning, and its location, masonry construction, documented building dimensions, and recent capital improvements provide the core physical profile for evaluation.
The property is located at 47-44 44th Street in Queens, NY 11377, within Sunnyside. Access to the 7 train provides a transit connection toward Midtown Manhattan. The property carries R5D zoning, and its location, masonry construction, documented building dimensions, and recent capital improvements provide the core physical profile for evaluation.
Key Highlights
- Approximately 5,200sqft building on a 27x95 lot
- 22x78 building dimensions
- R5D 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
$41,947
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
3.29%
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%
$838,940
$838.9K
Cap Rate 7%
$599,243
$599.2K
Cap Rate 9%
$466,078
$466.1K
Market Conditions
NOI Build-Up for 1,716 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
$79.3K $46.20/SF
− Vacancy
−$3.0K −$1.76/SF
EGI
$76.3K $44.44/SF
− OpEx
−$34.3K −$20.00/SF
NOI
$41.9K $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%
$838,940
Cap Rate 7%
$599,243
Cap Rate 9%
$466,078
Alternative Uses
Best Use
Apartment 5plus
$599.2K
$524.3K – $699.1K
NOI $41,947 @ 7.0% cap · market cap 3.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.27M
$1.11M – $1.48M
NOI $88,554 @ 7.0% cap · market cap 6.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3,575
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?
Multifamily property - Brick construction, updated exterior masonry, and a newer oil burner define this Queens multifamily property.
Where is this multifamily property located?
The property is located at 47-44 44TH Street Queens, NY.
What is the asking price?
The asking price for this property is $1,275,000.
What are key features of this property?
This property features: Approximately 5,200sqft building on a 27x95 lot; 22x78 building dimensions; R5D zoning
