Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    24-14 21St St Queens, NY 11102

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Prime Astoria location, 9-unit apartment building.

    Property size:
    6,580 SF

    Property Features for 24-14 21St St

    General Information

    Property type
    Multifamily properties
    Square Feet
    6,580 SF
    Class
    A

    Building Details

    Year Built/Renovated
    1931/2017
    Buildings
    1
    Stories
    4
    Units
    9

    We can help!

    Listing Contact
    Romero Papp
    Romero Papp

    Listing Agency: Papp Realty Listing Agent: Romero Papp

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    This exceptional 9-unit apartment building presents a compelling investment opportunity in the desirable Astoria Park neighborhood of Queens, New York. The property, located at 24-14 21st St, boasts a substantial 7,499 square foot lot (approximately 50x150 feet) and a total building area of 6,580 square feet. Built in 1931 and extensively renovated in 2017, this Class A multifamily property offers a blend of classic charm and modern updates. The building comprises eight 2-bedroom units and one 1-bedroom unit, currently operating at 100% occupancy. Ample parking is provided with 5 garages and an additional 10 parking spaces. A full basement adds further utility. The property features a new roof and a gas boiler, along with a separate 100-gallon water heater. The building's strong financial performance is highlighted by a Net Operating Income (NOI) of $123,642, derived from a gross annual income of $185,588 and total yearly expenses of $61,946. The property is zoned R5B, offering 3,500 square feet of unused floor area ratio (FAR), presenting potential for future expansion or development. This stabilized investment is offered at $3,399,000 and is suitable for a 1031 exchange.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Gym & Fitness 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
    -73.9221354
    Latitude
    40.7763984

    Nearby Similar for Sale

    • New
      $483,800
      415 SF

      Flushing Office Condo For Sale

      Professional office condo in central Flushing location.
      133 41St Rd, Flushing, NY 11355
      View Details
    • New
      $859,000
      Pending

      Medical Office in Flushing, NY

      Doctor's office in medical building with parking included.
      136-25 Maple Ave, Flushing, NY 11355
      View Details
    • $845,000
      1,600 SF

      Flushing Medical Condo For Sale

      1,600 SF medical condo in Downtown Flushing near transportation.
      133-47 Sanford Ave, Flushing, NY 11355
      View Details
    • New
      $190,000
      800 SF

      Flushing Commercial Coop Opportunity

      800 SF coop suitable for various uses in Flushing.
      141-05 Northern Boulevard, Flushing, NY 11354
      View Details
    • $749,000
      1,000 SF

      Retail Property in Jamaica, Queens

      Prime retail space with high visibility in a thriving commercial corridor.
      14703 Guy R Brewer Blvd, Jamaica, NY 11434
      View Details
    • New
      $1,100,000
      1,381 SF

      Flushing Office Condo For Sale

      Adaptable office condo in new building, prime Flushing location.
      142-38 37Th Ave, Flushing, NY 11354
      View Details
    • New
      $30,000
      2.10 Acres

      Storefront on Kissena Boulevard, Flushing

      High-visibility storefront, ideal for cafe or fast-food concept.
      4125 Kissena Blvd, Flushing, NY 11355
      View Details
    • $371,000

      Flushing Retail Business For Sale

      Established nail supply business with exclusive wholesale rights.
      5904 Kissena Blvd, Flushing, NY 11355
      View Details
    • $1,350,000
      861 SF

      Spacious Condo in Prime Location

      Well-maintained condo suitable for various community facilities and professional uses.
      144-38 35Th Ave, Flushing, NY 11354
      View Details
    • $3,000,000
      1,630 SF

      Flushing Office Condo For Sale

      Turnkey 1,630 SF office condo in Downtown Flushing.
      38-25 Main St, Flushing, NY 11354
      View Details
    • $298,000
      912 SF

      Renovated Office Space in Flushing

      Spacious, renovated office space with updated HVAC and low maintenance.
      12215 25Th Rd, Flushing, NY 11354
      View Details
    • $1,390,000
      1,731 SF

      Flushing Commercial Property For Sale

      Commercial property in Flushing, NY, ideal for various professional uses.
      14627 Beech Ave, Flushing, NY 11355
      View Details

    FAQs

    What type of property is this?
    Multifamily property - Prime Astoria location, 9-unit apartment building.
    Where is this multifamily property located?
    The property is located at 24-14 21St St Queens, NY.
    What is the asking price?
    The asking price for this property is $3,399,000.
    What are key features of this property?
    This property features: $3,399,000 asking price for a stabilized Class A multifamily investment.; Nine-unit apartment building in prime Astoria Park, Queens, NY.; 6,580 square feet, 100% occupancy, with a Net Operating Income (NOI) of $123,642.
    (718) 204-2828 Call to check price and availability
    Request Owner's contact information
    24-14 21St St Queens, NY 11102
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    24-14 21St St
    Queens, NY 11102
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    24-14 21St St Queens, NY 11102
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Romero Papp
    Romero Papp
    Real Estate License ID: 10311206337
    (718) 204-2828
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!