Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    23-40 124th Street Queens, NY 11356

    View on Map
    Claim this Listing
    New
    For Sale
    $1,388,888

    MULTI_FAMILY - Colonial - Queens, NY

    Property size:
    2,178 SF
    Lot size:
    0.11 Acres
    Added:
    Apr 16, 2026
    Days on Market:
    1
    Last Refresh:
    Apr 16 at 6:06 pm

    Property Features for 23-40 124th Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    R4A
    Bedrooms
    4
    Bathrooms
    3
    Rooms
    Bedroom 4, Bathroom 1, Bathroom 3, Bedroom 2, Bedroom 1, Bathroom 2, Bedroom 3
    Parking features
    Driveway, Off Street
    Fencing
    Fenced, Chain Link
    Basement
    Unfinished
    Standard status
    Active
    Size
    2,178 SF
    Lot size
    0.11 Acres

    Taxes and HOA fees

    Tax Annual Amount
    6444

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Oil, Hot Water(Heating)
    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

    We can help!

    Listing Contact
    Pamela Fulfrost

    Listing agent Pamela Fulfrost

    Listing office Robert DeFalco Realty, Inc. 1678 Hylan Blvd., STATEN ISLAND, NY

    Listing date Apr 16, 2026

    MLS# 2602035 Listing URL

    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.

    Overview

    Queens Two-Family Value-Add Opportunity

    This two-family residence, situated in Queens, presents a value-add opportunity for builders and developers. Located on a 48' x 100' lot, the property includes a detached two-car garage. The home is underbuilt relative to current allowable residential FAR under R4A zoning, presenting potential for expansion or redevelopment. Opportunities may exist to explore reconfiguration, enlargement, or the addition of an internal or external Accessory Dwelling Unit (ADU), subject to buyer due diligence and all required approvals. Located on a quiet residential block, the property is close to local shopping, schools, parks, and transportation. The property is currently tenant occupied but expected to be delivered vacant, allowing buyers to proceed with renovation or construction plans following closing, subject to confirmation. This property offers the ability to redesign layouts, modernize systems, and potentially enhance rental income upon completion, subject to renovation scope and approvals. The property size is 2178 Square Feet, and the lot size is 0.11 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Isalis (Bike/Boat/Book/etc) Store Party City Party Supply Store Skunk Funk Big Box & Wholesale Store Carl's Trading Co Hat Shop Bushka's Kitchen LLC (Bike/Boat/Book/etc) Store

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Gym & Fitness Center Grocery & Convenience Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Queens
    County
    Queens
    State
    New York
    Longitude
    -73.84456
    Latitude
    40.777477

    Nearby Similar for Sale

    • $1,788,000
      2,650 SF

      Desirable Jackson Heights Multi-Family Home

      Well-maintained triplex in Jackson Heights with tenant or vacant options.
      77-16 25th Avenue, Queens, NY 11370
      View Details
    • $5,500,000
      5,190 SF

      Queens Mixed-Use Investment Opportunity

      Mixed-use building in Long Island City near Vernon Boulevard.
      5-46 50th Avenue, Queens, NY 11101
      View Details
    • $450,000
      5,000 SF

      Turnkey Japanese Restaurant in Forest Hills

      Profitable, established restaurant for sale in prime Forest Hills location.
      111-16 Queens Blvd, Queens, NY 11375
      View Details
    • $1,999,888
      4,500 SF

      Ozone Park Mixed-Use Investment

      Income-producing Ozone Park property with storefront and residential units.
      92-06 95th Avenue, Queens, NY 11416
      View Details
    • $1,196,000
      1,088 SF

      Two-Family Home in Astoria Heights

      Detached, meticulously maintained two-family home with income potential.
      22-29 73rd Street, Queens, NY 11372
      View Details
    • $559,000
      2,844 SF

      Spacious Commercial Condo For Sale

      2,844 sq ft commercial condo in a new building.
      70-09 45th Avenue 1C, Queens, NY 11377
      View Details
    • $1,550,000
      3,660 SF

      Astoria Six-Family Brick Building

      Income-producing six-family brick building in the heart of Astoria.
      34-35 33rd Street, Queens, NY 11106
      View Details
    • $3,500,000
      5,540 SF

      Mixed-Use Building in Queens, NY

      Fully leased mixed-use building with redevelopment potential on corner lot.
      106-15 Northern Boulevard, Queens, NY 11368
      View Details
    • $4,200,000

      Woodside Medical/Community Facility Opportunity

      Corner property suitable for medical, educational, or community uses.
      63-14 Queens Blvd ABCDEFGHJL, Queens, NY 11377
      View Details
    • $559,000
      2,844 SF

      Spacious Commercial Condo in Queens

      2844 sq ft commercial condo in a new building.
      70-09 45th Avenue unit: 1C, Queens, NY 11377
      View Details
    • $2,500,000
      5,320 SF

      Queens Multifamily Investment Opportunity

      Six-unit building near N/W subway with income potential.
      31-74 33rd Street, Queens, NY 11106
      View Details
    • $38,000
      700 SF

      Turnkey Bakery Business in Queens

      Bakery business for sale in high-traffic College Point location.
      20-15 College Point Boulevard, Queens, NY 11356
      View Details

    FAQs

    What type of property is this?
    Duplex - Two-family residence with redevelopment potential in established neighborhood.
    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 $1,388,888.
    What are key features of this property?
    This property features: Significant value‑add opportunity for builders/developers due to underbuilt status, allowing for expansion or redevelopment.; Rare detached two‑car garage, a valuable feature.; Potential for reconfiguration, enlargement, or ADU addition (subject to due diligence and approvals).
    (718) 987-7900
    We can help!
    Listing Contact
    Pamela Fulfrost
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!