Three-Story
For Sale
$1,550,000
61-51 84th Street, Middle Village, NY 11379
Residential, Middle Village, NY
Property Size2,541 SF
Lot Size0.05 Acres
Price / SF$609
Days on Market80
Property Features for 61-51 84th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R4-1
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Bathroom 1, Bathroom 2
Parking features
Garage
Interior features
A/C Unit - Wall, Refrigerator, Stove
Subdivision
Middle Village
Standard status
Active
Size
2,541 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Annual Amount
11360
Building Details
Year built
1950
Floors in Building
3
Flooring type
Hardwood, Laminate, Tile, Carpet
Building materials
Brick
Roof type
Flat
Listing Agency:
Ashford Homes LLC
(929) 364-1301
Listed By:
ShuYu (Linda) Zeng
(718) 382-0005
Added: Jun 22
Changed: Sep 6
Last Checked: Sep 9 at 2:06PM
MLS# 502482
Copyright © 2026 Brooklyn New York Multiple Listing Service. 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 2,541-square-foot brick duplex occupies three stories on a 0.051-acre lot and was built in 1950. The primary level includes an additional room, full bathroom, and wet bar. The two upper floors are arranged similarly, with three bedrooms, a full bathroom, living room, and eat-in kitchen on each level. Interior finishes include hardwood, carpet, tile, and laminate flooring, with wall-unit A/C, refrigerator, and stove equipment. A flat roof and garage provide additional functional features.
The property is located at 61-51 84th Street in Middle Village, NY 11379, within Queens. Shopping, dining, supermarkets, restaurants, and cafes are nearby, along with Rego Center and Queens Center Mall. Access to the M and R subway lines, bus routes, Long Island Expressway, Grand Central Parkway, and Brooklyn-Queens Expressway supports travel throughout New York City. The property is zoned R4-1.
The property is located at 61-51 84th Street in Middle Village, NY 11379, within Queens. Shopping, dining, supermarkets, restaurants, and cafes are nearby, along with Rego Center and Queens Center Mall. Access to the M and R subway lines, bus routes, Long Island Expressway, Grand Central Parkway, and Brooklyn-Queens Expressway supports travel throughout New York City. The property is zoned R4-1.
Key Highlights
- Three‑story, two‑family duplex configuration
- 2,541 square feet on a 0.051‑acre lot
- R4‑1 zoning and 1950 construction
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
$62,113
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
4.01%
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%
$1,242,260
$1.2M
Cap Rate 7%
$887,329
$887.3K
Cap Rate 9%
$690,144
$690.1K
Market Conditions
NOI Build-Up for 2,541 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
$117.4K $46.20/SF
− Vacancy
−$4.5K −$1.76/SF
EGI
$112.9K $44.44/SF
− OpEx
−$50.8K −$20.00/SF
NOI
$62.1K $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%
$1,242,260
Cap Rate 7%
$887,329
Cap Rate 9%
$690,144
Alternative Uses
Best Use
Apartment 5plus
$887.3K
$776.4K – $1.04M
NOI $62,113 @ 7.0% cap · market cap 4.01%
Second Best
Multifamily LT 5
$600.8K
$525.7K – $701.0K
NOI $42,058 @ 7.0% cap · market cap 2.71%
Theoretical Best
Office A
$1.87M
$1.64M – $2.19M
NOI $131,128 @ 7.0% cap · market cap 8.46%
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
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,169
Businesses Nearby
Explore this area
Business Placement
Demographics for 11379, NY
37,906
Population
15,237
Households
2.5
Avg Household Size
44
Median Age
35%
College-Educated
84%
High-School Grad
2.2 sq mi
ZIP Area
17,230
Density / Sq Mi
$92,509
Median Household Income
$54,109
Median Earnings
$1,989
Median Rent
$886,600
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 - Brick two-family property with private driveway, separate living areas, and proximity to shopping, transit, and major roadways.
Where is this duplex located?
The property is located at 61-51 84th Street Middle Village, NY.
What is the asking price?
The asking price for this property is $1,550,000.
What are key features of this property?
This property features: Three‑story, two‑family duplex configuration; 2,541 square feet on a 0.051‑acre lot; R4‑1 zoning and 1950 construction
