Building Details

Floors in Building 3

Listing Agency: GRAVITY REAL ESTATE ADVISORS LLC

Listed By: Dimitrios Kapelonis Show Phone

Added: Aug 18 Changed: Sep 16 Last Checked: Oct 16 at 2:06AM

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MLS# 11939928

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Investment Insights

Based on property information with market context.

This 3,960-square-foot, six-unit walk-up apartment building occupies a 25 x 100 lot in Sunnyside, Queens. The unit mix includes five two-bedroom apartments and one one-bedroom apartment, with two free-market units and four rent-stabilized units. The property is fully rented and carries R5 / C1-2 zoning.

Located at 48-14 48th Street, the building is near the 46th St-Bliss St and 52nd St stations on the 7 train. Service provides access to Grand Central in roughly 10 minutes. The surrounding area includes established pre-war walk-up housing and a working-renter population connected to employment in Manhattan and Long Island City.

Key Highlights

• Six‑unit apartment building with 3,960 square feet
• Five 2‑bedroom apartments and one 1‑bedroom apartment
• Two free‑market units and four rent‑stabilized units

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$96,800

Cap Rate

6.45%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,936,000 $1.9M

Cap Rate 7%

$1,382,857 $1.4M

Cap Rate 9%

$1,075,556 $1.1M

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,960 SF

Gross rent

$183.0K $46.20/SF

− Vacancy

−$7.0K −$1.76/SF

EGI

$176.0K $44.44/SF

− OpEx

−$79.2K −$20.00/SF

NOI

$96.8K $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 Rate 5%

$1,936,000

Cap Rate 7%

$1,382,857

Cap Rate 9%

$1,075,556

Alternative Uses

Best Use

Apartment 5plus

$1.38M

$1.21M – $1.61M (±1% cap)

NOI $96,800 @ 7.0% cap · market cap 6.45%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$2.92M

$2.55M – $3.41M (±1% cap)

NOI $204,355 @ 7.0% cap · market cap 13.62%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

1031 exchange properties

Suggested Use

Top Pick Law Firm Real Estate Agency Parking Lot & Garage Gym & Fitness Center Skin Care Clinic Nursing Home

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

6

Residential units

100%

Occupancy

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

3,409

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

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Apartment building - Fully rented walk-up with five two-bedroom apartments and one one-bedroom apartment.

Where is this apartment building located?

The property is located at 48-14 48th Street Sunnyside, NY.

What is the asking price?

The asking price for this property is $1,500,000.

What are key features of this property?

This property features: Six‑unit apartment building with 3,960 square feet; Five 2‑bedroom apartments and one 1‑bedroom apartment; Two free‑market units and four rent‑stabilized units