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

    33Rd Ave Queens, NY 11372

    Sponsored
    For Sale
    $28,000,000

    62-Unit Multifamily, High ROI Potential

    Property size:
    55,000 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    426
    This exceptional Queens, NY multifamily property presents a unique value-add opportunity. Priced at $28,000,000, this 62-unit condominium building (56 residential, 6 commercial) boasts 55,000 square feet on a 50,000 square foot lot. Built in 1920 and renovated in 2010, the property features two four-story buildings with a current 100% occupancy rate (as of May 1, 2024). The current NOI is $1,500,000, with a pro-forma NOI projected at $3,000,000, resulting in a pro-forma cap rate of 10.71%. A significant advantage is the existing $17.1 million assumable loan at a low 3.724% interest rate, offering a 30-year amortization with over 7 years remaining. The property has received Attorney General Approval (CPS-11) for an "as-is" condo conversion, eliminating the need for further architectural drawings or permits. This streamlined process, coupled with the high projected condo sell-out value of over $40 million, positions this investment for a substantial cash-on-cash return within two years. The current occupancy allows for a quick transition to condo sales, with 20 of 29 potential buyers already signed. The property's location in Jackson Heights, Queens (11372), offers strong rental demand and significant upside potential. The price per unit is $451,613, and the land value is $450 per square foot.

    Property Features for 0 33Rd Ave

    General Information

    Property type
    Multifamily properties
    Square Feet
    55,000 SF
    Class
    B

    Building Details

    Year Built/Renovated
    1920/2010
    Buildings
    2
    Stories
    4
    Units
    62

    We can help!

    Listing Contact
    Simon Lou

    Learn more

    HighLights

    • $28,000,000 asking price for this value‑add, stabilized income multifamily condominium building in Jackson Heights, Queens.
    • 55,000 square feet, 50,000 net rentable square feet, with 62 units (56 residential, 6 commercial) in two, four‑story buildings.
    • Currently 100% occupied, generating a $1,500,000 NOI, with a 5.36% cap rate. Pro‑forma NOI is $3,000,000, and pro‑forma cap rate is 10.71%.
    • Built in 1920, renovated in 2010, situated on a 50,000 square foot lot. $450/SF land value.
    • Includes a $17.1 million assumable loan at 3.724% interest, with over 7 years remaining on a 30‑year amortization. Condo conversion in process with Attorney General approval (CPS‑11).
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Map

    City
    Queens
    County
    Queens
    State
    New York
    Longitude
    -73.8801301
    Latitude
    40.7527924

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    FAQs

    What type of property is this?
    Multifamily property - 62-Unit Multifamily, High ROI Potential
    Where is this multifamily property located?
    The property is located at 33Rd Ave Queens, NY.
    What is the asking price?
    The asking price for this property is $28,000,000.
    What are key features of this property?
    This property features: $28,000,000 asking price for this value-add, stabilized income multifamily condominium building in Jackson Heights, Queens.; 55,000 square feet, 50,000 net rentable square feet, with 62 units (56 residential, 6 commercial) in two, four-story buildings.; Currently 100% occupied, generating a $1,500,000 NOI, with a 5.36% cap rate. Pro-forma NOI is $3,000,000, and pro-forma cap rate is 10.71%.
    Request Owner's contact information
    33Rd Ave Queens, NY 11372
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    Queens, NY 11372
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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
    33Rd Ave Queens, NY 11372
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    We can help!
    Listing Contact
    Simon Lou
    Real Estate License ID: NY10311206078
    Learn more
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