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    23-59 32Nd St Queens, NY 11105
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    23-59 32Nd St Queens, NY 11105

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    • Apartment buildings
    • 1,800 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Apartment buildings

    Property Details for 23-59 32Nd St

    Property size
    1,800 SF
    Property type
    Apartment buildings

    Description

    This turnkey, fully detached legal three-family home in Astoria's Ditmars area presents a compelling investment opportunity. The property boasts three renovated one-bedroom apartments, each offering comfortable living spaces. Situated on a 1,625 square foot lot, the building is a three-story structure with approximately 1,800 to 2,000 square feet of living space. Its prime location offers convenient access to Ditmars Boulevard, a vibrant hub of Astoria's business district, placing residents within walking distance of a diverse array of amenities including bars, restaurants, supermarkets, and fitness centers. The property's potential is further enhanced by an additional 390 square feet of available air rights, presenting opportunities for expansion or increased rental income. The asking price for this exceptional investment property is $1,535,000. Proof of funds or pre-approval is required for showings. This is a rare opportunity to acquire a well-maintained multifamily property in a highly desirable and rapidly appreciating neighborhood. The property is located at 23-59 32nd Street, Queens, NY 11105, in Queens County.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Queens
    County
    Queens
    State
    New York
    Longitude
    -73.9137
    Latitude
    40.7726

    Comparable in this City

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      6,648 SF

      21-05 21st St

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    • Value Estimation
      $1,350,000
      5,920 SF

      2243 28th St

      APARTMENT HOUSE (5+ UNITS) • 5,920 SF
      2243 28th St, Long Island City, NY 11105-2763
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    • Value Estimation
      $1,150,000
      4,905 SF

      2384 29th St

      APARTMENT HOUSE (5+ UNITS) • 4,905 SF
      2384 29th St, Long Island City, NY 11105-2863
      View Details
    • Value Estimation
      $1,005,000
      4,270 SF

      2312 29th St

      APARTMENT HOUSE (5+ UNITS) • 4,270 SF
      2312 29th St, Long Island City, NY 11105-2870
      View Details
    • Value Estimation
      $2,540,000
      15,680 SF

      2357 33rd St

      APARTMENT HOUSE (5+ UNITS) • 15,680 SF
      2357 33rd St, Long Island City, NY 11105-2458
      View Details
    • Value Estimation
      $1,195,000
      5,100 SF

      2385 Cres St

      APARTMENT HOUSE (5+ UNITS) • 5,100 SF
      2385 Cres St, Long Island City, NY 11105-3104
      View Details

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      Acropolis Astoria Top-Floor Co-op

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    • $3,800,000
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      Astoria Multifamily Investment Opportunity

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    • $1,589,000
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      Astoria Multifamily Building with Storefront

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    Similar Nearby for Lease

    • $12 SF/Yr

      Renovated Astoria Apartment with Washer/Dryer

      Two-bedroom apartment in Astoria with modern renovations and in-unit laundry.
      20-44 23Rd St, Queens, NY 11105
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      Modern Astoria Apartment with Laundry

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      4,750 SF

      Turnkey Restaurant and Event Space

      Fully built pizza restaurant and event space with storefront.
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    • Contact for pricing
      1,688 SF

      Astoria Retail Space For Rent

      Retail space available in Astoria, with 99 residential units above.
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      2,750 SF

      Agora Plaza Retail Space Available

      Retail space with 45' frontage and parking available for rent.
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      View Details
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    23-59 32Nd St
    Queens, NY 11105
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    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.

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    23-59 32Nd St, Queens, NY, 11105
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