Astoria Multifamily Investment
24-14 43rd St, Queens, NY 11103
Income-producing, six-unit multifamily property in the heart of Astoria, Queens.
Type:Multifamily
Property size:
3,780 SFPrice / SF:
$410/SF- Added:
- Oct 18, 2024
- Days on Market:
- 594
- Last Refresh:
- May 13 at 8:11 pm
Property Features for 24-14 43rd St
General Information
- Standard status
- Active
- Size
- 3,780 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1929
Listing agent Christos Lolis License #10991229709
Listing office EAST COAST NEW YORK
Listing date Oct 18, 2024
Source Crexi
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
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.).
- Convenient transportation options: close to I‑278, 30‑minute commute to Manhattan, 10 minutes to LaGuardia Airport, near train, and across from M42 bus stop.
- Structurally sound, solid brick, detached building in good condition.
- Seven new gas meters installed.
Overview
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.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $174.6k | $46.20 |
| − Vacancy | −$6.6k | −$1.76 |
| EGI | $168.0k | $44.44 |
| − OpEx | −$75.6k | −$20.00 |
| NOI | $92.4k | $24.44 |
3,780 SF · lease $46.20/SF/yr · vacancy 3.80% · expense 45.00%
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 local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Queens
- County
- Queens
- State
- New York
- Longitude
- -73.900531
- Latitude
- 40.7744209
Nearby Similar for Sale
FAQs
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.).
