Detached Two-Family
For Sale
$1,398,000
Pending
103-22 123rd Street, Richmond Hill, NY 11419
MULTI_FAMILY - Richmond Hill, NY
Property Size2,640 SF
Lot Size0.09 Acres
Days on Market69
Property Features for 103-22 123rd Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
10
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 6, Bedroom 9, Bedroom 4, Bedroom 10, Bathroom 1, Bathroom 2, Basement, Bedroom 3, Bedroom 1, Bedroom 5, Bedroom 7, Bedroom 2, Bedroom 8, Bathroom 3
Parking features
Driveway, Garage
Interior features
Eat-in Kitchen
Basement
Finished, Full
Elementary school
Ps 108 Capt Vincent G Fowler
Middle school
Jhs 226 Virgil I Grisson
High school
Richmond Hill High School
Elementary school district
Queens 27
Middle school district
Queens 27
High school district
Queens 27
Standard status
Pending
APN
09559-0018
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
9983
Utilities
Utilities
Natural Gas Available
Sewer type
Public Sewer
Heating system
Natural Gas
Water source
Public
Building Details
Year built
1915
Number of units
2
Building materials
Vinyl Siding
Listing Agency:
Mitra Hakimi Realty Group LLC
(718) 268-5588
Listed By:
Mitra Hakimi · License #49HA1019118
(718) 268-5588
Added: Jun 9
Changed: Aug 12
Last Checked: Aug 16 at 4:06PM
MLS# 1009318
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.
Detached two-family home built in 1915 on a 35x114 lot (3,990 square feet) with an approximately 22x48 building footprint (about 2,640 square feet). The first-floor apartment has a front porch, a spacious living room, three bedrooms, an eat-in kitchen, and a full bathroom, with approximately 1,019 square feet of living space.
The second-floor apartment offers a living room, four bedrooms, an eat-in kitchen, a full bathroom, and a private balcony, spanning approximately 1,106 square feet. The third floor adds additional living space with three bedrooms, a sitting area, and a full bathroom totaling approximately 814 square feet. A fully finished basement provides about 813 square feet of bonus space with a large recreation room, two additional rooms, a full bathroom, and a dedicated boiler area.
Outside, there is a maintained front yard and a large backyard suitable for entertaining or recreation. Parking includes a two-car garage and a driveway capable of accommodating multiple vehicles, vans, or trucks. Natural gas heating is available, with public water and public sewer. The home is near subway and bus transportation, houses of worship, and the Liberty Avenue shopping corridor.
The second-floor apartment offers a living room, four bedrooms, an eat-in kitchen, a full bathroom, and a private balcony, spanning approximately 1,106 square feet. The third floor adds additional living space with three bedrooms, a sitting area, and a full bathroom totaling approximately 814 square feet. A fully finished basement provides about 813 square feet of bonus space with a large recreation room, two additional rooms, a full bathroom, and a dedicated boiler area.
Outside, there is a maintained front yard and a large backyard suitable for entertaining or recreation. Parking includes a two-car garage and a driveway capable of accommodating multiple vehicles, vans, or trucks. Natural gas heating is available, with public water and public sewer. The home is near subway and bus transportation, houses of worship, and the Liberty Avenue shopping corridor.
Key Highlights
- 35x114 lot (3,990 SF) with approximately 22x48 building footprint (about 2,640 SF)
- First‑floor apartment: front porch, 3 bedrooms, eat‑in kitchen, full bath (about 1,019 SF)
- Second‑floor apartment: 4 bedrooms, eat‑in kitchen, full bath, private balcony (about 1,106 SF)
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
$64,533
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
4.62%
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%
$1,290,660
$1.3M
Cap Rate 7%
$921,900
$921.9K
Cap Rate 9%
$717,033
$717.0K
Market Conditions
NOI Build-Up for 2,640 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
$122.0K $46.20/SF
− Vacancy
−$4.6K −$1.76/SF
EGI
$117.3K $44.44/SF
− OpEx
−$52.8K −$20.00/SF
NOI
$64.5K $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%
$1,290,660
Cap Rate 7%
$921,900
Cap Rate 9%
$717,033
Alternative Uses
Best Use
Apartment 5plus
$921.9K
$806.7K – $1.08M
NOI $64,533 @ 7.0% cap · market cap 4.62%
Second Best
Multifamily LT 5
$624.2K
$546.2K – $728.3K
NOI $43,696 @ 7.0% cap · market cap 3.13%
Theoretical Best
Office A
$1.95M
$1.70M – $2.27M
NOI $136,237 @ 7.0% cap · market cap 9.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,057
Businesses Nearby
Explore this area
Business Placement
Demographics for 11419, NY
47,430
Population
13,607
Households
3.5
Avg Household Size
39
Median Age
21%
College-Educated
73%
High-School Grad
1.1 sq mi
ZIP Area
43,118
Density / Sq Mi
$91,231
Median Household Income
$41,091
Median Earnings
$1,920
Median Rent
$678,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Detached two-family home with eat-in kitchens, natural gas heat, and a two-car garage plus driveway parking.
Where is this duplex located?
The property is located at 103-22 123rd Street Richmond Hill, NY.
What is the asking price?
The asking price for this property is $1,398,000.
What are key features of this property?
This property features: 35x114 lot (3,990 SF) with approximately 22x48 building footprint (about 2,640 SF); First‑floor apartment: front porch, 3 bedrooms, eat‑in kitchen, full bath (about 1,019 SF); Second‑floor apartment: 4 bedrooms, eat‑in kitchen, full bath, private balcony (about 1,106 SF)
