Multifamily Property with Detached
For Sale
$1,448,000
50-38 47TH St, Queens, NY 11377
The property includes two entrances, solar panels, separate utility meters, and a detached garage with additional storage capacity.
Property Size2,276 SF
Days on Market14
Property Features for 50-38 47TH St
General Information
Standard status
Active
Size
2,276 SF
Elevators
No
Property subtype
Multi Family
Site & Location
Highway Access
No
Road Access
No
Utilities to Site
No
Additional Details
Furnished
No
Opportunity Zone
No
Sprinkler System
No
Taxes and HOA fees
Annual Taxes
$9,240
Building Details
Building Size
2,276 SF
Year Built
1930
Abandoned
No
Listing Agency:
(516) 728-1920
Listed By:
Nikita Idiri
(516) 728-1920
Source:
Elliman
Added: Aug 8
Changed: Aug 18
Last Checked: Aug 21 at 12:03PM
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 Nikita Idiri
Investment Insights
Based on property information with market context.
This multifamily property at 50-38 47th St in Queens occupies a 25-by-100-foot lot with a 19-by-54-foot building constructed in 1930. The layout provides front and side access, while the driveway extends to a detached garage that can accommodate parking or storage. The property is offered in its current condition and includes solar panels, three electric meters, and two gas meters.
Public transportation access includes the 7 Train and B24/Q67 bus routes. The surrounding area also includes local eateries and convenience stores. Walk Score and bikeScore are each 80, while transitScore is 78.
Public transportation access includes the 7 Train and B24/Q67 bus routes. The surrounding area also includes local eateries and convenience stores. Walk Score and bikeScore are each 80, while transitScore is 78.
Key Highlights
- 25x100 lot with a 19x54 building
- Detached garage with driveway access for parking or storage
- Three electric meters and two gas meters
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
$55,635
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
3.84%
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%
$1,112,700
$1.1M
Cap Rate 7%
$794,786
$794.8K
Cap Rate 9%
$618,167
$618.2K
Market Conditions
NOI Build-Up for 2,276 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
$105.2K $46.20/SF
− Vacancy
−$4.0K −$1.76/SF
EGI
$101.2K $44.44/SF
− OpEx
−$45.5K −$20.00/SF
NOI
$55.6K $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%
$1,112,700
Cap Rate 7%
$794,786
Cap Rate 9%
$618,167
Alternative Uses
Best Use
Apartment 5plus
$794.8K
$695.4K – $927.3K
NOI $55,635 @ 7.0% cap · market cap 3.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.68M
$1.47M – $1.96M
NOI $117,453 @ 7.0% cap · market cap 8.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,339
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 - The property includes two entrances, solar panels, separate utility meters, and a detached garage with additional storage capacity.
Where is this multifamily property located?
The property is located at 50-38 47TH St Queens, NY.
What is the asking price?
The asking price for this property is $1,448,000.
What are key features of this property?
This property features: 25x100 lot with a 19x54 building; Detached garage with driveway access for parking or storage; Three electric meters and two gas meters
