Remodeled Brick
For Sale
$1,988,000
24560 61st Avenue, Little Neck, NY 11362
Residential Income, Little Neck, NY
Property Size2,409 SF
Lot Size0.10 Acres
Price / SF$825.24
Days on Market47
Property Features for 24560 61st Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
5
Full bathrooms
5
Rooms
Basement, Bedroom 3, Bedroom 4, Bathroom 3, Bedroom 2, Bathroom 4, Bathroom 5, Bathroom 1, Bedroom 1, Bathroom 2
Parking
5
Parking features
Driveway
Interior features
Eat-in Kitchen, Recessed Lighting
Basement
Walk-Out Access, Finished, Storage Space, Full
Elementary school
Ps 221 North Hills School
Middle school
Jhs 67 Louis Pasteur
High school
Benjamin N Cardozo High School
Elementary school district
Queens 26
Middle school district
Queens 26
High school district
Queens 26
Directions
Mapquest
Standard status
Active
APN
08305-0040
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
17673
Utilities
Sewer type
Public Sewer
Heating system
Baseboard
Cooling system
Ductless
Water source
Public
Amenities
wood flooring
high ceilings
crown molding
recessed lighting
stainless-steel appliances
ductless heating and cooling units
private outdoor space
off-street parking
landscaped gated entrance
finished basement
laundry area
Building Details
Year built
1950
Number of units
2
Flooring type
Hardwood, Tile
Building materials
Brick
Listing Agency:
EXP Realty
(888) 276-0630
Listed By:
Andrew Wu AHWD MRP
(516) 707-7299
Added: Jul 15
Changed: Aug 20
Last Checked: Aug 30 at 7:06PM
MLS# 1025557
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 detached brick duplex was remodeled in 2017 and provides approximately 2,409 square feet of interior space, in addition to a full finished basement. The multi-level layout includes spacious living and dining areas, multiple kitchens, five full bathrooms, hardwood and tile flooring, recessed lighting, and ample natural light. Kitchens feature stone countertops, stainless-steel appliances, mosaic-tile backsplashes, and seating peninsulas.
The basement adds a full bathroom, laundry area, storage, and backyard egress. Exterior features include a long private driveway, detached garage, gated entrance, landscaped grounds, private outdoor space, and generous off-street parking. Public water and public sewer serve the property.
The basement adds a full bathroom, laundry area, storage, and backyard egress. Exterior features include a long private driveway, detached garage, gated entrance, landscaped grounds, private outdoor space, and generous off-street parking. Public water and public sewer serve the property.
Key Highlights
- Approximately 2,409 square feet of interior space plus a full finished basement
- Remodeled in 2017 with a multi‑level layout and multiple kitchens
- Five full bathrooms throughout the residence
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
$58,887
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
2.96%
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%
$1,177,740
$1.2M
Cap Rate 7%
$841,243
$841.2K
Cap Rate 9%
$654,300
$654.3K
Market Conditions
NOI Build-Up for 2,409 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
$111.3K $46.20/SF
− Vacancy
−$4.2K −$1.76/SF
EGI
$107.1K $44.44/SF
− OpEx
−$48.2K −$20.00/SF
NOI
$58.9K $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%
$1,177,740
Cap Rate 7%
$841,243
Cap Rate 9%
$654,300
Alternative Uses
Best Use
Apartment 5plus
$841.2K
$736.1K – $981.5K
NOI $58,887 @ 7.0% cap · market cap 2.96%
Second Best
Multifamily LT 5
$569.6K
$498.4K – $664.6K
NOI $39,873 @ 7.0% cap · market cap 2.01%
Theoretical Best
Office A
$1.78M
$1.55M – $2.07M
NOI $124,316 @ 7.0% cap · market cap 6.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
464
Businesses Nearby
Explore this area
Business Placement
Demographics for 11362, NY
18,139
Population
7,634
Households
2.4
Avg Household Size
48
Median Age
52%
College-Educated
93%
High-School Grad
2.1 sq mi
ZIP Area
8,638
Density / Sq Mi
$118,989
Median Household Income
$62,132
Median Earnings
$2,548
Median Rent
$634,500
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 - Detached two-level residence with finished basement, private driveway, detached garage, and flexible interior space.
Where is this duplex located?
The property is located at 24560 61st Avenue Little Neck, NY.
What is the asking price?
The asking price for this property is $1,988,000.
What are key features of this property?
This property features: Approximately 2,409 square feet of interior space plus a full finished basement; Remodeled in 2017 with a multi‑level layout and multiple kitchens; Five full bathrooms throughout the residence
