Detached Apartment Building with
For Sale
$5,500,000
94-20 Astoria Blvd, Queens, NY 11369
Rent-stabilized studios and income-producing parking create a multifamily asset with transit access and redevelopment-area proximity.
Property Size13,114 SF
Days on Market83
Property Features for 94-20 Astoria Blvd
General Information
Standard status
Active
Size
13,114 SF
Total Parking Spaces
12
Property subtype
Commercial
Zoning
R6B / C1-3
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
38 x studio
Multifamily Units
38
Additional Details
Cap Rate
6%
Taxes and HOA fees
Annual Taxes
$120,000
Building Details
Building Size
13,114 SF
Year Built
1963
Units
38
Listing Agency:
Realty Executives Today
Listed By:
Daniela Vlacich
(718) 932-3800
Source:
Elliman
Added: Jun 12
Changed: Aug 30
Last Checked: Sep 1 at 8:37PM
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 Realty Executives Today
Investment Insights
Based on property information with market context.
This detached apartment property contains 38 rent-stabilized studio apartments and 12 income-producing parking spaces. Built in 1963, the asset is zoned R6B / C1-3 and includes approximately 9,000+ SF of unused FAR. The property also carries a 6% cap rate, while its detached configuration provides operational flexibility.
Located at 94-20 Astoria Blvd in Queens, the building is minutes from the Willets Point redevelopment district, including planned soccer stadium, hotel, retail, and mixed-use components. Access to LaGuardia Airport and the Grand Central Parkway, Long Island Expressway, and Cross Island Parkway adds regional connectivity. The Q19, Q49, Q72, and Q47 bus lines serve the area, which has a Walk Score of 89, Transit Score of 85, and Bike Score of 70.
Located at 94-20 Astoria Blvd in Queens, the building is minutes from the Willets Point redevelopment district, including planned soccer stadium, hotel, retail, and mixed-use components. Access to LaGuardia Airport and the Grand Central Parkway, Long Island Expressway, and Cross Island Parkway adds regional connectivity. The Q19, Q49, Q72, and Q47 bus lines serve the area, which has a Walk Score of 89, Transit Score of 85, and Bike Score of 70.
Key Highlights
- 38 rent‑stabilized studio apartments
- 12 income‑producing parking spaces
- 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
$320,564
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
5.83%
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%
$6,411,280
$6.4M
Cap Rate 7%
$4,579,486
$4.6M
Cap Rate 9%
$3,561,822
$3.6M
Market Conditions
NOI Build-Up for 13,114 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
$605.9K $46.20/SF
− Vacancy
−$23.0K −$1.76/SF
EGI
$582.8K $44.44/SF
− OpEx
−$262.3K −$20.00/SF
NOI
$320.6K $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%
$6,411,280
Cap Rate 7%
$4,579,486
Cap Rate 9%
$3,561,822
Alternative Uses
Best Use
Apartment 5plus
$4.58M
$4.01M – $5.34M
NOI $320,564 @ 7.0% cap · market cap 5.83%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.67M
$8.46M – $11.28M
NOI $676,745 @ 7.0% cap · market cap 12.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
38
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
7,039
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 - Rent-stabilized studios and income-producing parking create a multifamily asset with transit access and redevelopment-area proximity.
Where is this apartment building located?
The property is located at 94-20 Astoria Blvd Queens, 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: 38 rent‑stabilized studio apartments; 12 income‑producing parking spaces; Approximately 9,000+ SF of unused FAR
