Two-Family Home with Finished
For Sale
$999,000
10-37 BAY 31ST Street, Queens, NY 11691
Residential, Queens, NY
Property Size2,880 SF
Lot Size0.07 Acres
Price / SF$346.88
Days on Market85
Property Features for 10-37 BAY 31ST Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
7
Bathrooms
4
Full bathrooms
2
Half bathrooms
2
Rooms
Bathroom 4, Bedroom 5, Bedroom 2, Bedroom 3, Bathroom 2, Bedroom 1, Bedroom 7, Bedroom 6, Bathroom 3, Bathroom 1, Bedroom 4
Subdivision
Bayswater
High school
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Elementary school district
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Middle school district
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High school district
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Standard status
Active
Size
2,880 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Annual Amount
7632
Amenities
finished basement
huge backyard
Building Details
Year built
1965
Floors in Building
2
Listing Agency:
Serhant LLC
(646) 480-7665
Listed By:
Ryan Serhant
(646) 480-7665
Added: May 31
Changed: Aug 20
Last Checked: Aug 23 at 4:06AM
MLS# 1006940
Copyright © 2026 OneKey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This semi-detached two-family property contains 2,880 square feet across a four-bedroom, one-and-a-half-bath unit and a three-bedroom, one-and-a-half-bath unit. Both residences include eat-in kitchens, separate dining rooms, spacious living rooms, and primary bedrooms with en-suite half baths. The finished basement has high ceilings, interior access, and a separate entrance, with space for recreation, an office, a gym, media use, storage, or additional living space.
The property also includes a large backyard, private parking, and a detached two-car garage. Built in 1965 on a 30' x 106' lot, the building measures 22' x 65'. Transportation options include the A train, the LIRR Far Rockaway Branch with free station parking, the QM17 Express Bus to Midtown Manhattan, and the NYC Ferry. The property also offers access to Brooklyn, Queens, Long Island, and JFK Airport.
The property also includes a large backyard, private parking, and a detached two-car garage. Built in 1965 on a 30' x 106' lot, the building measures 22' x 65'. Transportation options include the A train, the LIRR Far Rockaway Branch with free station parking, the QM17 Express Bus to Midtown Manhattan, and the NYC Ferry. The property also offers access to Brooklyn, Queens, Long Island, and JFK Airport.
Key Highlights
- Two‑family layout with 4‑bedroom and 3‑bedroom units
- 2,880 square feet in a building measuring 22' x 65'
- Finished basement with high ceilings, interior access, and a separate entrance
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
$70,400
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
7.05%
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%
$1,408,000
$1.4M
Cap Rate 7%
$1,005,714
$1.0M
Cap Rate 9%
$782,222
$782.2K
Market Conditions
NOI Build-Up for 2,880 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
$133.1K $46.20/SF
− Vacancy
−$5.1K −$1.76/SF
EGI
$128.0K $44.44/SF
− OpEx
−$57.6K −$20.00/SF
NOI
$70.4K $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%
$1,408,000
Cap Rate 7%
$1,005,714
Cap Rate 9%
$782,222
Alternative Uses
Best Use
Apartment 5plus
$1.01M
$880.0K – $1.17M
NOI $70,400 @ 7.0% cap · market cap 7.05%
Second Best
Multifamily LT 5
$681.0K
$595.9K – $794.5K
NOI $47,669 @ 7.0% cap · market cap 4.77%
Theoretical Best
Office A
$2.12M
$1.86M – $2.48M
NOI $148,622 @ 7.0% cap · market cap 14.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
513
Businesses Nearby
Explore this area
Business Placement
Demographics for 11691, NY
64,673
Population
23,400
Households
2.8
Avg Household Size
34
Median Age
23%
College-Educated
78%
High-School Grad
2.7 sq mi
ZIP Area
23,953
Density / Sq Mi
$57,027
Median Household Income
$40,366
Median Earnings
$1,444
Median Rent
$649,400
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?
Duplex - Semi-detached duplex with flexible living areas, private parking, and a detached garage.
Where is this duplex located?
The property is located at 10-37 BAY 31ST Street Queens, NY.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: Two‑family layout with 4‑bedroom and 3‑bedroom units; 2,880 square feet in a building measuring 22' x 65'; Finished basement with high ceilings, interior access, and a separate entrance
