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    The Largest CRE Database in the US with Over 1 Million Listings

    40-29 23Rd St Queens, NY 11101

    Sponsored
    For Sale
    $3,900,000

    8-Unit Building, High Demand Location

    Property size:
    6,020 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    419
    This exceptional 8-unit multifamily building presents a compelling investment opportunity in the heart of Long Island City, Queens. Boasting 6,020 square feet across four stories, this 1940-built property is situated at 40-29 23rd St, zip code 11101, and benefits from a protected Tax Class 2B. Seven of the eight units are free-market, offering significant upside potential for rental income. The property features modern interior appliances and equipment throughout, ensuring immediate returns for the new owner. Its prime location near the Ed Koch Bridge and Queens & Queensboro Plaza station provides easy access to public transportation (N, W, R, E, 7, M, F lines), and proximity to the vibrant retail corridor of Long Island City further enhances its appeal. The building's M1-2/R5B zoning allows for various potential uses and future development. The current annual property tax is $19,382. This turnkey investment property offers a stable income stream from day one, making it an ideal acquisition for discerning investors seeking a high-return, low-risk opportunity in a rapidly appreciating market. The building's strong occupancy rate and modern amenities contribute to its exceptional value proposition. Don't miss this chance to secure a piece of prime Long Island City real estate.

    Property Features for 40-29 23Rd St

    General Information

    Property type
    Multifamily properties
    Square Feet
    6,020 SF

    Building Details

    Year Built
    1940
    Buildings
    1
    Stories
    4
    Units
    8

    We can help!

    Listing Contact
    Luca Diciero
    Luca Diciero

    Learn more

    HighLights

    • $3,900,000 asking price for an 8‑unit multifamily building.
    • Modern interior appliances and equipment.
    • Seven of eight units are free market; one is rent‑controlled.
    • Excellent location near Ed Koch Bridge and Queens & Queensboro Plaza subway stations.
    • Close proximity to Long Island City's retail corridor.
    • Easy access to N, W, R, E, 7, M, and F subway lines.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Queens
    County
    Queens
    State
    New York
    Longitude
    -73.940103646935
    Latitude
    40.753595007667

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    FAQs

    What type of property is this?
    Multifamily property - 8-Unit Building, High Demand Location
    Where is this multifamily property located?
    The property is located at 40-29 23Rd St Queens, NY.
    What is the asking price?
    The asking price for this property is $3,900,000.
    What are key features of this property?
    This property features: $3,900,000 asking price for an 8-unit multifamily building.; Modern interior appliances and equipment.; Seven of eight units are free market; one is rent-controlled.
    (347) 242-0353
    Request Owner's contact information
    40-29 23Rd St Queens, NY 11101
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    Queens, NY 11101
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    40-29 23Rd St Queens, NY 11101
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    We can help!
    Listing Contact
    Luca Diciero
    Luca Diciero
    Real Estate License ID: 10351202702
    (347) 242-0353
    Learn more
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