Renovated Duplex with Finished Lower
For Sale
$1,249,000
14014 Charles Lane, Springfield Gardens, NY 11413
Residential, Springfield Gardens, NY
Property Size4,000 SF
Lot Size0.09 Acres
Price / SF$312.25
Days on Market43
Property Features for 14014 Charles Lane
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R3-1
Bedrooms
7
Bathrooms
5
Full bathrooms
5
Rooms
Bedroom 6, Bedroom 7, Bedroom 2, Bathroom 2, Bathroom 3, Bedroom 3, Bathroom 4, Bedroom 1, Bedroom 5, Bedroom 4, Bathroom 5, Bathroom 1
Interior features
A/C Unit - Window
Basement
Full, Finished
Subdivision
Springfield Gardens
Standard status
Active
Size
4,000 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Annual Amount
9029
Building Details
Year built
2005
Floors in Building
2
Number of units
2
Flooring type
Hardwood
Roof type
Shingle
Listing Agency:
Fave Manhattan
(646) 642-4340
Listed By:
Rahreese Kenchen · License #RMR005476
(516) 519-8049
Added: Jul 29
Changed: Sep 6
Last Checked: Sep 9 at 6:06AM
MLS# 503381
Copyright © 2026 Brooklyn New York Multiple Listing Service. 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 renovated duplex contains two residential units, each arranged with three bedrooms and two full bathrooms. Both feature open living and dining areas, updated kitchens with quartz countertops, contemporary cabinetry, stainless steel appliances, and recessed lighting. Hardwood flooring, window A/C units, and updated bathrooms add to the interior improvements. A finished lower level provides an additional full bathroom and separate exterior entry.
The property occupies a 0.086-acre lot with 4,000 square feet of property size, an oversized backyard, and a private driveway with parking for multiple vehicles. Built in 2005 and zoned R3-1, the home is located at 140-14 Charles Lane in Springfield Gardens, near shopping, restaurants, schools, parks, public transportation, JFK Airport, the Belt Parkway, Cross Island Parkway, and other major roadways.
The property occupies a 0.086-acre lot with 4,000 square feet of property size, an oversized backyard, and a private driveway with parking for multiple vehicles. Built in 2005 and zoned R3-1, the home is located at 140-14 Charles Lane in Springfield Gardens, near shopping, restaurants, schools, parks, public transportation, JFK Airport, the Belt Parkway, Cross Island Parkway, and other major roadways.
Key Highlights
- Two‑unit duplex with 3 bedrooms and 2 full bathrooms per unit
- Renovated interiors with quartz kitchen countertops and stainless steel appliances
- Finished lower level with full bathroom and separate outside 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
$97,778
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
7.83%
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%
$1,955,560
$2.0M
Cap Rate 7%
$1,396,829
$1.4M
Cap Rate 9%
$1,086,422
$1.1M
Market Conditions
NOI Build-Up for 4,000 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
$184.8K $46.20/SF
− Vacancy
−$7.0K −$1.76/SF
EGI
$177.8K $44.44/SF
− OpEx
−$80.0K −$20.00/SF
NOI
$97.8K $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%
$1,955,560
Cap Rate 7%
$1,396,829
Cap Rate 9%
$1,086,422
Alternative Uses
Best Use
Apartment 5plus
$1.40M
$1.22M – $1.63M
NOI $97,778 @ 7.0% cap · market cap 7.83%
Second Best
Multifamily LT 5
$945.8K
$827.6K – $1.10M
NOI $66,206 @ 7.0% cap · market cap 5.30%
Theoretical Best
Office A
$2.95M
$2.58M – $3.44M
NOI $206,419 @ 7.0% cap · market cap 16.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,059
Businesses Nearby
Explore this area
Business Placement
Demographics for 11413, NY
42,978
Population
14,485
Households
3
Avg Household Size
40
Median Age
29%
College-Educated
92%
High-School Grad
3.0 sq mi
ZIP Area
14,326
Density / Sq Mi
$114,766
Median Household Income
$50,525
Median Earnings
$2,038
Median Rent
$631,700
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 - Two three-bedroom units offer updated kitchens, modern bathrooms, and separate living and dining areas.
Where is this duplex located?
The property is located at 14014 Charles Lane Springfield Gardens, NY.
What is the asking price?
The asking price for this property is $1,249,000.
What are key features of this property?
This property features: Two‑unit duplex with 3 bedrooms and 2 full bathrooms per unit; Renovated interiors with quartz kitchen countertops and stainless steel appliances; Finished lower level with full bathroom and separate outside entrance
