Brick Duplex With Finished
For Sale
$1,489,000
21908 138th Road, Laurelton, NY 11413
Residential Income, Laurelton, NY
Property Size3,246 SF
Lot Size0.22 Acres
Price / SF$458.72
Days on Market24
Property Features for 21908 138th Road
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
7
Bathrooms
5
Full bathrooms
5
Rooms
Bedroom 2, Bedroom 5, Bathroom 1, Bathroom 4, Bedroom 4, Bedroom 1, Bedroom 6, Bedroom 7, Basement, Bedroom 3, Bathroom 2, Bathroom 3, Bathroom 5
Parking features
Driveway, Garage
Interior features
First Floor Bedroom, First Floor Full Bath
Basement
Finished, Full
Elementary school
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Middle school
Call Listing Agent
High school
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Elementary school district
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Middle school district
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High school district
Contact Agent
Standard status
Active
APN
13135-0010
Lot size
0.22 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
9983
Utilities
Utilities
Natural Gas Available
Sewer type
Public Sewer
Heating system
Baseboard
Cooling system
Wall/Window Unit(s), Window Unit(s)
Water source
Public
Building Details
Year built
1940
Number of units
2
Building materials
Brick
Listing Agency:
Keystone Realty USA Corp
(631) 261-2800
Listed By:
Gabriel Kashi
(347) 419-5268
Added: Aug 6
Changed: Aug 28
Last Checked: Aug 29 at 12:06AM
MLS# 1035650
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 brick two-family residence was built in 1940 and provides 3,246 sq ft of living space on a 0.2225-acre lot. The upper apartment includes four bedrooms and two baths, while the first-floor unit offers three bedrooms and two baths. Both residences feature large living and dining areas, granite kitchens with stainless steel appliances, and substantial closet storage. A finished basement with high ceilings adds flexible space and includes access related to the first-floor layout.
The property includes a driveway and garage, with baseboard heat, wall/window and window-unit cooling, public water, public sewer, and natural gas available. Located in Laurelton near the Springfield Gardens border, the residence is close to Springfield Boulevard, Merrick Boulevard, and the Belt Parkway, along with schools, shopping, restaurants, cafes, and parks.
The property includes a driveway and garage, with baseboard heat, wall/window and window-unit cooling, public water, public sewer, and natural gas available. Located in Laurelton near the Springfield Gardens border, the residence is close to Springfield Boulevard, Merrick Boulevard, and the Belt Parkway, along with schools, shopping, restaurants, cafes, and parks.
Key Highlights
- Two‑family layout with a 4‑bedroom upper unit and 3‑bedroom first‑floor unit
- 3,246 sq ft of living space on a 0.2225‑acre lot
- Finished basement with high ceilings and flexible first‑floor access
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
$79,347
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
5.33%
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%
$1,586,940
$1.6M
Cap Rate 7%
$1,133,529
$1.1M
Cap Rate 9%
$881,633
$881.6K
Market Conditions
NOI Build-Up for 3,246 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
$150.0K $46.20/SF
− Vacancy
−$5.7K −$1.76/SF
EGI
$144.3K $44.44/SF
− OpEx
−$64.9K −$20.00/SF
NOI
$79.3K $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%
$1,586,940
Cap Rate 7%
$1,133,529
Cap Rate 9%
$881,633
Alternative Uses
Best Use
Apartment 5plus
$1.13M
$991.8K – $1.32M
NOI $79,347 @ 7.0% cap · market cap 5.33%
Second Best
Multifamily LT 5
$767.5K
$671.6K – $895.5K
NOI $53,727 @ 7.0% cap · market cap 3.61%
Theoretical Best
Office A
$2.39M
$2.09M – $2.79M
NOI $167,509 @ 7.0% cap · market cap 11.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,251
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-family residence with generous living areas, updated kitchens, private bedroom suites, and a finished basement for added flexibility.
Where is this duplex located?
The property is located at 21908 138th Road Laurelton, NY.
What is the asking price?
The asking price for this property is $1,489,000.
What are key features of this property?
This property features: Two‑family layout with a 4‑bedroom upper unit and 3‑bedroom first‑floor unit; 3,246 sq ft of living space on a 0.2225‑acre lot; Finished basement with high ceilings and flexible first‑floor access
