Vacant Two-Unit
For Sale
$1,388,000
48-48 45th Street, Sunnyside, NY 11377
Each residence has its own gas, hot water, and utility meters, with delivery vacant at closing.
Property Size1,632 SF
Price / SF$850.49
Days on Market60
Property Features for 48-48 45th Street
General Information
Standard status
Active
Size
1,632 SF
Property subtype
Duplex
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$10,223
Building Details
Building Size
1,632 SF
Year Built
1940
Listing Agency:
Winzone Realty Inc
(718) 899-7000
Listed By:
Xiao Feng Pan CBR · License #31PA0929296
Source:
Cbwarburg
Added: Jun 15
Changed: Aug 9
Last Checked: Aug 12 at 2:42PM
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 Winzone Realty Inc
Investment Insights
Based on property information with market context.
This two-unit residential property contains a total of 7 beds and 5 bathrooms, including a legal full bathroom in the basement. Separate gas, hot water, and utility meters serve each unit. Built in 1940, the property will be delivered vacant at closing.
The building is located at 48-48 45th Street in Sunnyside, NY 11377, near the 7 train with transit access toward Manhattan. Its two-unit configuration and vacant delivery provide a straightforward basis for occupancy planning.
The building is located at 48-48 45th Street in Sunnyside, NY 11377, near the 7 train with transit access toward Manhattan. Its two-unit configuration and vacant delivery provide a straightforward basis for occupancy planning.
Key Highlights
- Two‑unit dwelling with 7 total beds and 5 bathrooms
- Basement includes one legal full bathroom
- Separate gas, hot water, and utility meters for each unit
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
$39,893
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
2.87%
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%
$797,860
$797.9K
Cap Rate 7%
$569,900
$569.9K
Cap Rate 9%
$443,256
$443.3K
Market Conditions
NOI Build-Up for 1,632 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
$75.4K $46.20/SF
− Vacancy
−$2.9K −$1.76/SF
EGI
$72.5K $44.44/SF
− OpEx
−$32.6K −$20.00/SF
NOI
$39.9K $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%
$797,860
Cap Rate 7%
$569,900
Cap Rate 9%
$443,256
Alternative Uses
Best Use
Apartment 5plus
$569.9K
$498.7K – $664.9K
NOI $39,893 @ 7.0% cap · market cap 2.87%
Second Best
Multifamily LT 5
$385.9K
$337.7K – $450.2K
NOI $27,012 @ 7.0% cap · market cap 1.95%
Theoretical Best
Office A
$1.20M
$1.05M – $1.40M
NOI $84,219 @ 7.0% cap · market cap 6.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
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?
Duplex - Each residence has its own gas, hot water, and utility meters, with delivery vacant at closing.
Where is this duplex located?
The property is located at 48-48 45th Street Sunnyside, NY.
What is the asking price?
The asking price for this property is $1,388,000.
What are key features of this property?
This property features: Two‑unit dwelling with 7 total beds and 5 bathrooms; Basement includes one legal full bathroom; Separate gas, hot water, and utility meters for each unit
