6-Unit Apartment Building with
New
For Sale
$1,500,000
48-41 45th Street, Sunnyside, NY 11377
COMMERCIAL - Sunnyside, NY
Property Size3,660 SF
Price / SF$409.84
Days on Market3
Property Features for 48-41 45th Street
General Information
Property type
Commercial Sale
Property subtype
Other
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 1, Bathroom 5, Bathroom 6, Bathroom 4, Bathroom 3, Bathroom 2
Subdivision
Sunnyside
Standard status
Active
Size
3,660 SF
Taxes and HOA fees
Tax Annual Amount
20918
Listing Agency:
GRAVITY REAL ESTATE ADVISORS LLC
Listed By:
Dimitrios Kapelonis
Added: Aug 18
Changed: Aug 19
Last Checked: Aug 20 at 12:06PM
MLS# 11939922
Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Located at 48-41 45th Street in Sunnyside, this six-family walk-up contains six one-bedroom apartments of approximately 600 square feet each. The unit mix includes three free-market apartments and three rent-stabilized apartments, with all units identified as lead exempt. The property is fully rented and includes three ground-level parking garages that generate additional income.
Transit access includes the 7 train stations at 46th St-Bliss St and 52nd St, with approximately 10 minutes to Grand Central. The combination of residential occupancy, regulated and free-market units, and on-site garage space creates a clearly defined multifamily configuration in Queens.
Transit access includes the 7 train stations at 46th St-Bliss St and 52nd St, with approximately 10 minutes to Grand Central. The combination of residential occupancy, regulated and free-market units, and on-site garage space creates a clearly defined multifamily configuration in Queens.
Key Highlights
- Six one‑bedroom apartments, each approximately 600 square feet
- Three free‑market units and three rent‑stabilized units
- Three ground‑level parking garages provide additional income
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
$89,467
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
5.96%
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%
$1,789,340
$1.8M
Cap Rate 7%
$1,278,100
$1.3M
Cap Rate 9%
$994,078
$994.1K
Market Conditions
NOI Build-Up for 3,660 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
$169.1K $46.20/SF
− Vacancy
−$6.4K −$1.76/SF
EGI
$162.7K $44.44/SF
− OpEx
−$73.2K −$20.00/SF
NOI
$89.5K $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%
$1,789,340
Cap Rate 7%
$1,278,100
Cap Rate 9%
$994,078
Alternative Uses
Best Use
Apartment 5plus
$1.28M
$1.12M – $1.49M
NOI $89,467 @ 7.0% cap · market cap 5.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.70M
$2.36M – $3.15M
NOI $188,874 @ 7.0% cap · market cap 12.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,458
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 - Fully occupied walk-up property with a mix of free-market and rent-stabilized one-bedroom apartments.
Where is this apartment building located?
The property is located at 48-41 45th 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 one‑bedroom apartments, each approximately 600 square feet; Three free‑market units and three rent‑stabilized units; Three ground‑level parking garages provide additional income
