Two-Family Duplex with Detached
For Sale
$1,250,000
Pending
23-40 124th Street, Queens, NY 11356
Residential Income, Queens, NY
Property Size2,178 SF
Lot Size0.11 Acres
Days on Market157
Property Features for 23-40 124th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R4A
Bedrooms
4
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Bedroom 3, Bedroom 4, Bedroom 2, Bathroom 3, Bathroom 1, Bedroom 1, Bathroom 2
Parking features
Off Street, Driveway
Fencing
Fenced, Chain Link
Basement
Unfinished
Lot features
Back Yard
Subdivision
Off Island
Standard status
Pending
Size
2,178 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Annual Amount
6444
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Oil
Cooling system
Window Unit(s)
Building Details
Year built
1920
Floors in Building
2
Number of units
2
Building materials
Aluminum Siding
Architectural style
Colonial
Listing Agency:
Robert DeFalco Realty, Inc.
(718) 987-7900
Listed By:
Pamela Fulfrost
(917) 567-6184
Added: Apr 16
Changed: Sep 13
Last Checked: Sep 19 at 12:06PM
MLS# 2602035
Copyright © 2026 Staten Island Board of Realtors. 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 2,178-square-foot Colonial two-family residence was built in 1920 and sits on a 48' x 100' lot. The property includes a detached two-car garage, driveway and off-street parking, along with aluminum siding, hot-water oil heating, window-unit cooling, public sewer and chain-link fencing. The room schedule includes four bedrooms and three bathrooms.
R4A zoning and the property’s current development relative to allowable residential FAR create a basis for evaluating enlargement, reconfiguration or redevelopment, subject to architectural review, approvals and buyer due diligence. The home is currently tenant occupied and is expected to be delivered vacant. Its Queens location places the residence near local shopping, schools, parks and transportation.
R4A zoning and the property’s current development relative to allowable residential FAR create a basis for evaluating enlargement, reconfiguration or redevelopment, subject to architectural review, approvals and buyer due diligence. The home is currently tenant occupied and is expected to be delivered vacant. Its Queens location places the residence near local shopping, schools, parks and transportation.
Key Highlights
- 2,178 square feet on a 48' x 100' lot
- Detached two‑car garage with driveway and off‑street parking
- R4A zoning with current allowable residential FAR for evaluation
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
$53,240
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
4.26%
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%
$1,064,800
$1.1M
Cap Rate 7%
$760,571
$760.6K
Cap Rate 9%
$591,556
$591.6K
Market Conditions
NOI Build-Up for 2,178 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
$100.6K $46.20/SF
− Vacancy
−$3.8K −$1.76/SF
EGI
$96.8K $44.44/SF
− OpEx
−$43.6K −$20.00/SF
NOI
$53.2K $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%
$1,064,800
Cap Rate 7%
$760,571
Cap Rate 9%
$591,556
Alternative Uses
Best Use
Apartment 5plus
$760.6K
$665.5K – $887.3K
NOI $53,240 @ 7.0% cap · market cap 4.26%
Second Best
Multifamily LT 5
$515.0K
$450.6K – $600.8K
NOI $36,049 @ 7.0% cap · market cap 2.88%
Theoretical Best
Office A
$1.61M
$1.40M – $1.87M
NOI $112,395 @ 7.0% cap · market cap 8.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,811
Businesses Nearby
Explore this area
Business Placement
Demographics for 11356, NY
28,310
Population
9,003
Households
3.1
Avg Household Size
37
Median Age
25%
College-Educated
78%
High-School Grad
1.6 sq mi
ZIP Area
17,694
Density / Sq Mi
$91,445
Median Household Income
$40,928
Median Earnings
$2,160
Median Rent
$893,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - R4A zoning and anticipated vacant delivery create flexibility for renovation or construction planning.
Where is this duplex located?
The property is located at 23-40 124th Street Queens, NY.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: 2,178 square feet on a 48' x 100' lot; Detached two‑car garage with driveway and off‑street parking; R4A zoning with current allowable residential FAR for evaluation
