Astoria Multifamily Investment
For Sale
Contact for pricing
24-14 43rd St, Queens, NY 11103
Income-producing, six-unit multifamily property in the heart of Astoria, Queens.
Property Size3,780 SF
Price / SF$410.05
Days on Market665
Property Features for 24-14 43rd St
General Information
Standard status
Active
Size
3,780 SF
Class
C
Property subtype
Multifamily
Zoning
R5
Occupancy
100%
Investment Type
Institutional
Net Operating Income
$82,400
Building Details
Year Built
1929
Buildings
1
Stories
3
Units
6
Listing Agency:
EAST COAST NEW YORK
(917) 968-8990
Listed By:
Christos Lolis · License #10991229709
Source:
Crexi
Added: Oct 18, 2024
Changed: Aug 8
Last Checked: May 13 at 8:11PM
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 EAST COAST NEW YORK
Investment Insights
Based on property information with market context.
This is a structurally sound, solid brick, detached, income-producing multifamily property with six units located in Astoria, Queens, New York. The building is in good condition with a solid brick exterior and a stucco finish on the lower front portion. The roof is in good condition. There are seven new gas meters. Two fuel tanks are located in the basement, one of which is relatively new. The property is conveniently located off I-278, offering a 30-minute commute to Manhattan and 10 minutes to LaGuardia Airport. It is also within walking distance to the train and directly across the street from the M42 bus stop. Nearby amenities include delis, restaurants, laundromats, places of worship, and supermarkets. All apartments are in good condition and have been well maintained with one-year leases. The unit mix comprises four two-bedroom apartments and two two-bedroom apartments. The gross annual income is approximately $126,000, with a net income of about $83,000 per year after expenses. The property size is 3,780 square feet.
Key Highlights
- Income‑producing multifamily property netting approximately $83,000 annually.
- Six‑unit building with a mix of well‑maintained two‑bedroom apartments, all currently leased.
- Prime Astoria location with excellent access to amenities (delis, restaurants, supermarkets, etc.).
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
$92,400
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
5.96%
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%
$1,848,000
$1.8M
Cap Rate 7%
$1,320,000
$1.3M
Cap Rate 9%
$1,026,667
$1.0M
Market Conditions
NOI Build-Up for 3,780 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
$174.6K $46.20/SF
− Vacancy
−$6.6K −$1.76/SF
EGI
$168.0K $44.44/SF
− OpEx
−$75.6K −$20.00/SF
NOI
$92.4K $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%
$1,848,000
Cap Rate 7%
$1,320,000
Cap Rate 9%
$1,026,667
Alternative Uses
Best Use
Apartment 5plus
$1.32M
$1.16M – $1.54M
NOI $92,400 @ 7.0% cap · market cap 5.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.79M
$2.44M – $3.25M
NOI $195,066 @ 7.0% cap · market cap 12.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,376
Businesses Nearby
Explore this area
Business Placement
Demographics for 11103, NY
37,362
Population
18,833
Households
2
Avg Household Size
36
Median Age
52%
College-Educated
89%
High-School Grad
0.7 sq mi
ZIP Area
53,374
Density / Sq Mi
$92,787
Median Household Income
$59,050
Median Earnings
$2,120
Median Rent
$1,003,500
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 - Income-producing, six-unit multifamily property in the heart of Astoria, Queens.
Where is this apartment building located?
The property is located at 24-14 43rd St Queens, NY.
What is the asking price?
The asking price for this property is $1,550,000.
What are key features of this property?
This property features: Income‑producing multifamily property netting approximately $83,000 annually.; Six‑unit building with a mix of well‑maintained two‑bedroom apartments, all currently leased.; Prime Astoria location with excellent access to amenities (delis, restaurants, supermarkets, etc.).
