Two-Unit Side-by-Side
New
For Sale
$2,500,000
622 W Penn Street, Long Beach, NY 11561
Residential Income, Long Beach, NY
Property Size6,000 SF
Lot Size0.14 Acres
Price / SF$416.67
Days on Market1
Property Features for 622 W Penn Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Property condition
Under Construction
Bedrooms
4
Rooms
Bedroom 3, Bedroom 2, Bedroom 1, Dining Room, Bedroom 4
Parking
4
Parking features
Garage, Driveway
Interior features
Breakfast Bar, Built-in Features, Cathedral Ceiling(s), Ceiling Fan(s), Chefs Kitchen, Eat-in Kitchen, Formal Dining, His and Hers Closets, Kitchen Island, Open Floorplan, Open Kitchen, Primary Bathroom, Quartz/Quartzite Counters, Recessed Lighting, Smart Thermostat, Stone Counters, Walk Through Kitchen, Walk-In Closet(s)
Fireplace
1
Elementary school
Lindell Boulevard School
Middle school
Long Beach Middle School
High school
Long Beach High School
Elementary school district
Long Beach
Middle school district
Long Beach
High school district
Long Beach
Standard status
Active
APN
1000-59-017-00-0030-0
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7198
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
2026
Number of units
2
Building materials
Advanced Framing Technique
Listing Agency:
Paul Gold Real Estate Inc
(516) 432-4900
Listed By:
Gosia Bosgang CBR
(516) 330-1278
Added: Sep 26
Last Checked: Sep 26 at 1:06PM
MLS# 1055575
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.
Under construction, this two-family duplex is planned as a pair of adjoining townhomes with 6,000 square feet of total interior area. The 2026-built property includes eight bedrooms, eight full bathrooms, and two powder rooms across both residences. Interior features include cathedral ceilings, an open floor plan, a kitchen island, quartz or quartzite counters, and walk-in closets. Forced-air heat and central air are specified, along with a garage, driveway, and fireplace. Public water and sewer serve the property.
The site measures 0.1377 acres at 622 W Penn Street in Long Beach. An ocean view is noted for the property.
The site measures 0.1377 acres at 622 W Penn Street in Long Beach. An ocean view is noted for the property.
Key Highlights
- Two‑family duplex arranged as adjoining townhomes
- 6,000 square feet with 8 bedrooms and 8 full bathrooms
- 2 powder rooms, with one in each 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
$114,307
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
4.57%
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%
$2,286,140
$2.3M
Cap Rate 7%
$1,632,957
$1.6M
Cap Rate 9%
$1,270,078
$1.3M
Market Conditions
NOI Build-Up for 6,000 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
$172.8K $28.80/SF
− Vacancy
−$9.5K −$1.58/SF
EGI
$163.3K $27.22/SF
− OpEx
−$49.0K −$8.16/SF
NOI
$114.3K $19.05/SF
Area
Nassau County, NY
Vacancy
5.50%
Lease Rate
$28.80 /SF/Yr
Expense Ratio
30.00%
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%
$2,286,140
Cap Rate 7%
$1,632,957
Cap Rate 9%
$1,270,078
Alternative Uses
Best Use
Multifamily LT 5
$1.63M
$1.43M – $1.91M
NOI $114,307 @ 7.0% cap · market cap 4.57%
Second Best
Apartment 5plus
$1.53M
$1.34M – $1.78M
NOI $107,025 @ 7.0% cap · market cap 4.28%
Theoretical Best
Specialty Retail
$3.97M
$3.47M – $4.63M
NOI $277,695 @ 7.0% cap · market cap 11.11%
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
616
Businesses Nearby
Explore this area
Business Placement
Demographics for 11561, NY
39,132
Population
18,442
Households
2.1
Avg Household Size
45
Median Age
53%
College-Educated
96%
High-School Grad
4.0 sq mi
ZIP Area
9,783
Density / Sq Mi
$132,903
Median Household Income
$72,221
Median Earnings
$2,462
Median Rent
$676,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Each residence has four bedrooms, four full bathrooms, and one powder room.
Where is this duplex located?
The property is located at 622 W Penn Street Long Beach, NY.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: Two‑family duplex arranged as adjoining townhomes; 6,000 square feet with 8 bedrooms and 8 full bathrooms; 2 powder rooms, with one in each residence
