Renovated Two-Unit
For Sale
$899,000
83 Althouse Avenue, East Rockaway, NY 11518
Residential Income, East Rockaway, NY
Property Size2,627 SF
Lot Size0.11 Acres
Price / SF$342.22
Days on Market10
Property Features for 83 Althouse Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 1, Bedroom 6, Bathroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5, Bathroom 4, Bathroom 3, Bathroom 2
Parking
6
Parking features
Driveway
Pool private
1
Interior features
Granite Counters
Elementary school
Rhame Avenue Elementary School
Middle school
East Rockaway Junior-Senior High Sch
High school
East Rockaway Junior-Senior High Sch
Elementary school district
East Rockaway
Middle school district
East Rockaway
High school district
East Rockaway
Directions
Waze or Google maps
Standard status
Active
APN
2005-42-093-00-0116-0
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
20693
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Natural Gas
Cooling system
Multi Units
Water source
Public
Amenities
above-ground pool
Building Details
Year built
1986
Number of units
2
Flooring type
Tile - Ceramic, Hardwood
Building materials
Brick, Vinyl Siding
Listing Agency:
Listing Pro Realty Services
(631) 656-6600
Listed By:
Antonio Bocchetti
(917) 567-2401
Added: Sep 14
Changed: Sep 15
Last Checked: Sep 23 at 4:06PM
MLS# 1050477
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 duplex contains approximately 2,627 square feet across two stories, with one living unit on each floor. Each unit includes three bedrooms, two full bathrooms, a kitchen, and updated living areas. Interior details include granite counters, ceramic tile, hardwood flooring, natural-gas baseboard heat, and multi-unit cooling. The home was built in 1986 and has brick and vinyl siding construction.
Set on a 0.1148-acre lot at 83 Althouse Avenue in East Rockaway, the property includes a large private driveway, backyard space, and an above-ground pool. Public water and public sewer serve the home. Shopping, dining, daily necessities, nearby train service, and bus transportation are also identified in the property information.
Set on a 0.1148-acre lot at 83 Althouse Avenue in East Rockaway, the property includes a large private driveway, backyard space, and an above-ground pool. Public water and public sewer serve the home. Shopping, dining, daily necessities, nearby train service, and bus transportation are also identified in the property information.
Key Highlights
- Legal two‑family duplex with 2 separate living units
- Approximately 2,627 square feet with 6 bedrooms, 4 full bathrooms, and 2 kitchens
- Each unit offers 3 bedrooms and 2 full bathrooms
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
$50,048
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
5.57%
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%
$1,000,960
$1.0M
Cap Rate 7%
$714,971
$715.0K
Cap Rate 9%
$556,089
$556.1K
Market Conditions
NOI Build-Up for 2,627 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
$75.7K $28.80/SF
− Vacancy
−$4.2K −$1.58/SF
EGI
$71.5K $27.22/SF
− OpEx
−$21.4K −$8.16/SF
NOI
$50.0K $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%
$1,000,960
Cap Rate 7%
$714,971
Cap Rate 9%
$556,089
Alternative Uses
Best Use
Multifamily LT 5
$715.0K
$625.6K – $834.1K
NOI $50,048 @ 7.0% cap · market cap 5.57%
Second Best
Apartment 5plus
$669.4K
$585.7K – $781.0K
NOI $46,859 @ 7.0% cap · market cap 5.21%
Theoretical Best
Specialty Retail
$1.74M
$1.52M – $2.03M
NOI $121,584 @ 7.0% cap · market cap 13.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
936
Businesses Nearby
Explore this area
Business Placement
Demographics for 11518, NY
10,869
Population
4,235
Households
2.6
Avg Household Size
44
Median Age
44%
College-Educated
92%
High-School Grad
1.4 sq mi
ZIP Area
7,764
Density / Sq Mi
$104,955
Median Household Income
$56,154
Median Earnings
$2,306
Median Rent
$590,800
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
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Frequently Asked Questions
What type of property is this?
Duplex - Legal two-family property with separate kitchens, private parking, and an above-ground pool.
Where is this duplex located?
The property is located at 83 Althouse Avenue East Rockaway, NY.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Legal two‑family duplex with 2 separate living units; Approximately 2,627 square feet with 6 bedrooms, 4 full bathrooms, and 2 kitchens; Each unit offers 3 bedrooms and 2 full bathrooms
