38-Unit Rent-Stabilized Apartment
For Sale
$5,500,000
94-20 Astoria Boulevard E, Elmhurst, NY 11369
Detached multifamily building with 38 rent-stabilized studios and 12 income-producing parking spaces, plus unused FAR.
Property Size8,448 SF
Days on Market68
Property Features for 94-20 Astoria Boulevard E
General Information
Standard status
Active
Size
8,448 SF
Total Parking Spaces
12
Property subtype
Commercial
Zoning
R6B / C1-3
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Cap Rate
6%
Multifamily Units
38
Taxes and HOA fees
Annual Taxes
$120,000
Building Details
Building Size
8,448 SF
Year Built
1963
Tenancy
Multi
Listing Agency:
Carmela Homes Corp
(718) 274-2400
Listed By:
Carmela Vlacich (office@carmelahomes.com) · License #4OVL0647854
Source:
Edifyny
Added: Jun 17
Changed: Aug 23
Last Checked: Aug 23 at 5:42AM
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 Carmela Homes Corp
Investment Insights
Based on property information with market context.
This detached multifamily property contains 38 rent-stabilized studio apartments. The asset also includes 12 income-producing parking spaces and offers approximately 9,000+ square feet of unused FAR, with zoning identified as R6B / C1-3.
The property is located at 94-20 Astoria Boulevard in East Elmhurst, New York. The public remarks cite proximity to the Willets Point redevelopment area and note service by bus lines Q19, Q49, Q72, and Q47.
As a 38-unit residential income building, it provides an operational configuration centered on studio apartments and parking, alongside redevelopment-related floor area opportunities referenced in the listing materials.
The property is located at 94-20 Astoria Boulevard in East Elmhurst, New York. The public remarks cite proximity to the Willets Point redevelopment area and note service by bus lines Q19, Q49, Q72, and Q47.
As a 38-unit residential income building, it provides an operational configuration centered on studio apartments and parking, alongside redevelopment-related floor area opportunities referenced in the listing materials.
Key Highlights
- Detached multifamily building built in 1963 featuring 38 rent‑stabilized studio apartments
- Includes 12 income‑producing parking spaces
- Zoned R6B / C1‑3 with approximately 9,000+ SF of unused FAR
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
$206,506
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
3.75%
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%
$4,130,120
$4.1M
Cap Rate 7%
$2,950,086
$3.0M
Cap Rate 9%
$2,294,511
$2.3M
Market Conditions
NOI Build-Up for 8,448 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
$390.3K $46.20/SF
− Vacancy
−$14.8K −$1.76/SF
EGI
$375.5K $44.44/SF
− OpEx
−$169.0K −$20.00/SF
NOI
$206.5K $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%
$4,130,120
Cap Rate 7%
$2,950,086
Cap Rate 9%
$2,294,511
Alternative Uses
Best Use
Apartment 5plus
$2.95M
$2.58M – $3.44M
NOI $206,506 @ 7.0% cap · market cap 3.75%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.23M
$5.45M – $7.27M
NOI $435,957 @ 7.0% cap · market cap 7.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
38
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,915
Businesses Nearby
Explore this area
Business Placement
Demographics for 11369, NY
40,805
Population
13,893
Households
2.9
Avg Household Size
37
Median Age
24%
College-Educated
79%
High-School Grad
1.1 sq mi
ZIP Area
37,095
Density / Sq Mi
$80,577
Median Household Income
$40,089
Median Earnings
$1,983
Median Rent
$734,900
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 - Detached multifamily building with 38 rent-stabilized studios and 12 income-producing parking spaces, plus unused FAR.
Where is this apartment building located?
The property is located at 94-20 Astoria Boulevard E Elmhurst, NY.
What is the asking price?
The asking price for this property is $5,500,000.
What are key features of this property?
This property features: Detached multifamily building built in 1963 featuring 38 rent‑stabilized studio apartments; Includes 12 income‑producing parking spaces; Zoned R6B / C1‑3 with approximately 9,000+ SF of unused FAR
