Long Island City Multifamily
For Sale
Contact for pricing
40-29 23rd St, Queens, NY 11101
Turnkey, fully leased 8-unit multifamily building in Long Island City.
Property Size6,020 SF
Price / SF$647.84
Days on Market1045
Property Features for 40-29 23rd St
General Information
Standard status
Active
Size
6,020 SF
Property subtype
Multifamily
Zoning
M1-2/R5B
Investment Type
Sale/Leaseback
Building Details
Year Built
1940
Buildings
1
Stories
4
Units
8
Listing Agency:
NY SPACE FINDERS INC,
Listed By:
LUCA DICIERO · License #10351202702
(347) 242-0353
Source:
Crexi
Added: Nov 28, 2023
Changed: Oct 6
Last Checked: Oct 7 at 12:01PM
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 NY SPACE FINDERS INC,
Investment Insights
Based on property information with market context.
Located in Long Island City, this investment property features a recently renovated, fully leased 8-unit multifamily building. The property offers a unique opportunity to own a 90% free market building with tenants already in place, providing immediate income. All eight units are currently leased, ensuring a stable and consistent income stream. The property size is 6,020 square feet. The property is located in the thriving Long Island City rental market. The zoning is M1-2/R5B. The annual property tax is $19,382.
Key Highlights
- Turnkey, fully leased 8‑unit multi‑family building for immediate income generation.
- 90% free market property, offering significant investment upside.
- Recently renovated, ensuring minimal maintenance and high tenant appeal.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$147,155
Cap Rate
3.77%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,943,100
$2.9M
Cap Rate 7%
$2,102,214
$2.1M
Cap Rate 9%
$1,635,056
$1.6M
Market Conditions
NOI Build-Up for 6,020 SF
Gross rent
$278.1K $46.20/SF
− Vacancy
−$10.6K −$1.76/SF
EGI
$267.6K $44.44/SF
− OpEx
−$120.4K −$20.00/SF
NOI
$147.2K $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%
$2,943,100
Cap Rate 7%
$2,102,214
Cap Rate 9%
$1,635,056
Alternative Uses
Best Use
Apartment 5plus
$2.10M
$1.84M – $2.45M
NOI $147,155 @ 7.0% cap · market cap 3.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.44M
$3.88M – $5.18M
NOI $310,661 @ 7.0% cap · market cap 7.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,987
Businesses Nearby
Explore this area
Business Placement
Demographics for 11101, NY
48,867
Population
27,093
Households
1.8
Avg Household Size
33
Median Age
65%
College-Educated
90%
High-School Grad
2.6 sq mi
ZIP Area
18,795
Density / Sq Mi
$116,807
Median Household Income
$83,892
Median Earnings
$2,740
Median Rent
$995,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Turnkey, fully leased 8-unit multifamily building in Long Island City.
Where is this apartment building 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: Turnkey, fully leased 8‑unit multi‑family building for immediate income generation.; 90% free market property, offering significant investment upside.; Recently renovated, ensuring minimal maintenance and high tenant appeal.
