Brick Duplex with Private
For Sale
$1,390,000
Pending
5715 224th Street, Oakland Gardens, NY 11364
Residential Income, Oakland Gardens, NY
Property Size2,268 SF
Lot Size0.07 Acres
Days on Market45
Property Features for 5715 224th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 3, Bathroom 2, Bedroom 3, Bathroom 4, Bathroom 1, Bedroom 4, Bedroom 2, Bedroom 1, Bedroom 5, Bedroom 6
Parking features
Driveway
Interior features
First Floor Bedroom, First Floor Full Bath, Open Kitchen
Lot features
Back Yard
Elementary school
Ps 203 Oakland Gardens
Middle school
Jhs 74 Nathaniel Hawthorne
High school
Benjamin N Cardozo High School
Elementary school district
Queens 26
Middle school district
Queens 26
High school district
Queens 26
Standard status
Pending
APN
07525-0018
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
13689
Utilities
Utilities
Natural Gas Available
Sewer type
Public Sewer
Heating system
Baseboard
Water source
Public
Building Details
Year built
1965
Number of units
2
Building materials
Brick, Frame
Listing Agency:
E Realty International Corp
(718) 886-8110
Listed By:
Xiao H. Chen · License #10401299357
(646) 508-9880
Added: Jul 23
Changed: Aug 21
Last Checked: Sep 5 at 4:06PM
MLS# 1030112
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 legal two-family residence offers approximately 2,268 square feet of living space on a 3,165-square-foot lot. The first residence includes two bedrooms, a living room, and one full bathroom. The second provides four bedrooms, a living room, and three full bathrooms. Interior features include an open kitchen, a first-floor bedroom, and a first-floor full bath. Brick and frame construction, baseboard heating, public water, public sewer, and natural gas availability are also noted. The property was built in 1965.
Outdoor features include an oversized backyard and an extended private driveway with room for multiple vehicles. The home is located in Oakland Gardens within Queens School District 26, near PS 203, Benjamin N. Cardozo High School, shopping, transportation, and neighborhood amenities.
Outdoor features include an oversized backyard and an extended private driveway with room for multiple vehicles. The home is located in Oakland Gardens within Queens School District 26, near PS 203, Benjamin N. Cardozo High School, shopping, transportation, and neighborhood amenities.
Key Highlights
- Legal two‑family property with approximately 2,268 square feet of living space
- Two‑bedroom and four‑bedroom unit layouts with one and three full bathrooms, respectively
- 3,165‑square‑foot lot with an oversized backyard
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
$55,440
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
3.99%
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%
$1,108,800
$1.1M
Cap Rate 7%
$792,000
$792.0K
Cap Rate 9%
$616,000
$616.0K
Market Conditions
NOI Build-Up for 2,268 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
$104.8K $46.20/SF
− Vacancy
−$4.0K −$1.76/SF
EGI
$100.8K $44.44/SF
− OpEx
−$45.4K −$20.00/SF
NOI
$55.4K $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%
$1,108,800
Cap Rate 7%
$792,000
Cap Rate 9%
$616,000
Alternative Uses
Best Use
Apartment 5plus
$792.0K
$693.0K – $924.0K
NOI $55,440 @ 7.0% cap · market cap 3.99%
Second Best
Multifamily LT 5
$536.3K
$469.2K – $625.7K
NOI $37,539 @ 7.0% cap · market cap 2.70%
Theoretical Best
Office A
$1.67M
$1.46M – $1.95M
NOI $117,040 @ 7.0% cap · market cap 8.42%
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
800
Businesses Nearby
Explore this area
Business Placement
Demographics for 11364, NY
37,032
Population
14,527
Households
2.5
Avg Household Size
45
Median Age
49%
College-Educated
86%
High-School Grad
2.5 sq mi
ZIP Area
14,813
Density / Sq Mi
$101,222
Median Household Income
$55,295
Median Earnings
$2,330
Median Rent
$770,100
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 - Legal two-family property with distinct bedroom and bath arrangements, backyard space, and parking for multiple vehicles.
Where is this duplex located?
The property is located at 5715 224th Street Oakland Gardens, NY.
What is the asking price?
The asking price for this property is $1,390,000.
What are key features of this property?
This property features: Legal two‑family property with approximately 2,268 square feet of living space; Two‑bedroom and four‑bedroom unit layouts with one and three full bathrooms, respectively; 3,165‑square‑foot lot with an oversized backyard
