Long Island City Multifamily
For Sale
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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 Market1000
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,
(347) 242-0353
Listed By:
LUCA DICIERO · License #10351202702
Source:
Crexi
Added: Nov 28, 2023
Changed: Aug 19
Last Checked: Aug 22 at 6:52AM
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 = 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
$147,155
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
3.77%
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%
$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
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
$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 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%
$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
Property Profile
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
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.
