Brick Two-Family
For Sale
$850,000
150-78 15th Drive, Whitestone, NY 11357
Residential Income, Whitestone, NY
Property Size1,534 SF
Lot Size0.05 Acres
Price / SF$554.11
Days on Market195
Property Features for 150-78 15th Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
3
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Bathroom 2, Bathroom 3, Bedroom 1, Bedroom 2, Bedroom 3, Bathroom 1
Parking features
Driveway
Subdivision
Whitestone
High school district
NEW YORK CITY GEOGRAPHIC DISTRICT #25
Standard status
Active
Size
1,534 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
8732
Utilities
Heating system
Electric (Heating)
Amenities
private driveway
fenced backyard
Building Details
Year built
1950
Floors in Building
2
Building materials
Brick, Aluminum
Listing Agency:
Carollo Realty & Management
Listed By:
Anthony Carollo · License #31CA0944140
(718) 747-7747
Added: Feb 22
Changed: Sep 4
Last Checked: Sep 5 at 10:06AM
MLS# 11660907
Copyright © 2026 My State 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 legal two-family duplex contains 1,534 square feet on a 0.0531-acre lot and was built in 1950. The upper residence spans the second and third floors, with an eat-in kitchen, dining room, living room, three bedrooms, and 1.5 baths. The first-floor residence is a studio with a large closet and granite countertops.
The property includes brick and aluminum construction, electric heat, a private driveway, and a fenced backyard. It is located in Whitestone within Queens County, near public transportation, shopping, and neighborhood amenities. The configuration provides two distinct residential spaces within one property.
The property includes brick and aluminum construction, electric heat, a private driveway, and a fenced backyard. It is located in Whitestone within Queens County, near public transportation, shopping, and neighborhood amenities. The configuration provides two distinct residential spaces within one property.
Key Highlights
- Legal two‑family duplex with 1,534 square feet
- Upper residence spans floors 2 and 3 with 3 bedrooms and 1.5 baths
- First‑floor studio includes a large closet and granite countertops
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
$37,498
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
4.41%
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%
$749,960
$750.0K
Cap Rate 7%
$535,686
$535.7K
Cap Rate 9%
$416,644
$416.6K
Market Conditions
NOI Build-Up for 1,534 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
$70.9K $46.20/SF
− Vacancy
−$2.7K −$1.76/SF
EGI
$68.2K $44.44/SF
− OpEx
−$30.7K −$20.00/SF
NOI
$37.5K $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%
$749,960
Cap Rate 7%
$535,686
Cap Rate 9%
$416,644
Alternative Uses
Best Use
Apartment 5plus
$535.7K
$468.7K – $625.0K
NOI $37,498 @ 7.0% cap · market cap 4.41%
Second Best
Multifamily LT 5
$362.7K
$317.4K – $423.2K
NOI $25,390 @ 7.0% cap · market cap 2.99%
Theoretical Best
Office A
$1.13M
$989.5K – $1.32M
NOI $79,162 @ 7.0% cap · market cap 9.31%
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
1,607
Businesses Nearby
Explore this area
Business Placement
Demographics for 11357, NY
42,319
Population
16,586
Households
2.6
Avg Household Size
46
Median Age
38%
College-Educated
86%
High-School Grad
2.8 sq mi
ZIP Area
15,114
Density / Sq Mi
$97,754
Median Household Income
$58,814
Median Earnings
$2,228
Median Rent
$920,200
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 - Separate residences include a studio and a three-bedroom upper-level layout with private driveway access.
Where is this duplex located?
The property is located at 150-78 15th Drive Whitestone, NY.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Legal two‑family duplex with 1,534 square feet; Upper residence spans floors 2 and 3 with 3 bedrooms and 1.5 baths; First‑floor studio includes a large closet and granite countertops
