Astoria Multifamily Building with
For Sale
Contact for pricing
24-14 21st St, Queens, NY 11102
Nine-unit building in Astoria with income potential and garages.
Property Size6,580 SF
Lot Size0.17 Acres
Price / SF$486.32
Days on Market1695
Property Features for 24-14 21st St
General Information
Standard status
Active
Size
6,580 SF
Class
A
Total Parking Spaces
10
Lot size
0.17 Acres
Property subtype
Multifamily
Zoning
R5B
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$123,642
Building Details
Year Built
1931
Year Renovated
2017
Buildings
1
Stories
4
Units
9
Listing Agency:
Papp Realty
(718) 278-2450
Listed By:
Romero Papp · License #NY 10311206337
Source:
Crexi
Added: Jan 2, 2022
Changed: Aug 23
Last Checked: Aug 20 at 6:09PM
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 Papp Realty
Investment Insights
Based on property information with market context.
This nine-family building in Astoria features eight two-bedroom apartments and one one-bedroom apartment. The building has a total area of 3,525 square feet with 5,062 square feet of unused FAR. It includes a full basement, a new roof, a gas boiler, and a separate 100-gallon water heater. There are five garages with space for an additional 10 cars. The property is situated in an ideal location near the subway, highways, and with access to Manhattan. The gross annual income is $185,588, with yearly total expenses of $61,946, resulting in a net operating income of $123,642. The lot size is 50 x 150, and the zoning is R5B. The property must be purchased with adjacent land.
Key Highlights
- High Net Operating Income: $123,642 annually
- Nine‑family building featuring a mix of 8 two‑bedroom and 1 one‑bedroom apartments
- Significant unused FAR: 5,062 SqFt available for expansion
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
$160,844
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
5.03%
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%
$3,216,880
$3.2M
Cap Rate 7%
$2,297,771
$2.3M
Cap Rate 9%
$1,787,156
$1.8M
Market Conditions
NOI Build-Up for 6,580 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
$304.0K $46.20/SF
− Vacancy
−$11.6K −$1.76/SF
EGI
$292.4K $44.44/SF
− OpEx
−$131.6K −$20.00/SF
NOI
$160.8K $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%
$3,216,880
Cap Rate 7%
$2,297,771
Cap Rate 9%
$1,787,156
Alternative Uses
Best Use
Apartment 5plus
$2.30M
$2.01M – $2.68M
NOI $160,844 @ 7.0% cap · market cap 5.03%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.85M
$4.24M – $5.66M
NOI $339,560 @ 7.0% cap · market cap 10.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,869
Businesses Nearby
Explore this area
Business Placement
Demographics for 11102, NY
37,468
Population
19,431
Households
1.9
Avg Household Size
36
Median Age
58%
College-Educated
90%
High-School Grad
0.7 sq mi
ZIP Area
53,526
Density / Sq Mi
$102,996
Median Household Income
$70,557
Median Earnings
$2,248
Median Rent
$779,800
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 - Nine-unit building in Astoria with income potential and garages.
Where is this apartment building located?
The property is located at 24-14 21st St Queens, NY.
What is the asking price?
The asking price for this property is $3,200,000.
What are key features of this property?
This property features: High Net Operating Income: $123,642 annually; Nine‑family building featuring a mix of 8 two‑bedroom and 1 one‑bedroom apartments; Significant unused FAR: 5,062 SqFt available for expansion
