Brick Duplex with
For Sale
$1,699,999
84-33 120th Street, Kew Gardens, NY 11415
Residential Income, Kew Gardens, NY
Property Size3,100 SF
Lot Size0.13 Acres
Price / SF$548.39
Days on Market31
Property Features for 84-33 120th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
7
Bathrooms
5
Full bathrooms
5
Rooms
Bedroom 6, Bedroom 4, Bathroom 5, Bathroom 1, Bedroom 3, Bedroom 7, Bedroom 5, Bathroom 2, Bathroom 4, Bedroom 2, Bathroom 3, Bedroom 1
Subdivision
Jamaica
Standard status
Active
Lot size
0.13 Acres
Taxes and HOA fees
Tax Annual Amount
13500
Building Details
Floors in Building
3
Listing Agency:
METROPOLITAN BROKERS INC
(718) 200-8222
Listed By:
Daniel Eivazov
(646) 239-4393
Added: Aug 5
Changed: Aug 23
Last Checked: Sep 4 at 6:06AM
MLS# 11920993
Copyright © 2026 My State 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, all-brick residence includes approximately 3,100 square feet of existing building area, a full basement, multiple garages, and extensive driveway parking. The layout includes three bedrooms over three bedrooms over one bedroom. One upper apartment is occupied, while the other apartments are vacant; the basement and detached garages are used for storage. The property was built in 1973.
Located at 84-33 120th Street in Kew Gardens, Queens, the parcel measures approximately 5,600 square feet, with 30' x 170' dimensions. Parking includes an attached garage, front driveway, additional side driveway, and a detached 3-car garage.
The R6B-zoned property has an approximately 10,464-square-foot maximum buildable area, compared with the existing structure’s approximately 3,100 square feet. Buyers should verify development parameters with an architect and the NYC Department of Buildings.
Located at 84-33 120th Street in Kew Gardens, Queens, the parcel measures approximately 5,600 square feet, with 30' x 170' dimensions. Parking includes an attached garage, front driveway, additional side driveway, and a detached 3-car garage.
The R6B-zoned property has an approximately 10,464-square-foot maximum buildable area, compared with the existing structure’s approximately 3,100 square feet. Buyers should verify development parameters with an architect and the NYC Department of Buildings.
Key Highlights
- Legal 2‑family, all‑brick building constructed in 1973
- Approximately 5,600 sq. ft. lot measuring 30' x 170'
- Approximately 3,100 sq. ft. existing building with full basement
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
$75,778
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
4.46%
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%
$1,515,560
$1.5M
Cap Rate 7%
$1,082,543
$1.1M
Cap Rate 9%
$841,978
$842.0K
Market Conditions
NOI Build-Up for 3,100 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
$143.2K $46.20/SF
− Vacancy
−$5.4K −$1.76/SF
EGI
$137.8K $44.44/SF
− OpEx
−$62.0K −$20.00/SF
NOI
$75.8K $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%
$1,515,560
Cap Rate 7%
$1,082,543
Cap Rate 9%
$841,978
Alternative Uses
Best Use
Apartment 5plus
$1.08M
$947.2K – $1.26M
NOI $75,778 @ 7.0% cap · market cap 4.46%
Second Best
Multifamily LT 5
$733.0K
$641.4K – $855.2K
NOI $51,310 @ 7.0% cap · market cap 3.02%
Theoretical Best
Office A
$2.29M
$2.00M – $2.67M
NOI $159,975 @ 7.0% cap · market cap 9.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
50%
Occupancy
Location Intelligence
Trade Area within ½ mile
2,928
Businesses Nearby
Explore this area
Business Placement
Demographics for 11415, NY
20,241
Population
9,794
Households
2.1
Avg Household Size
41
Median Age
53%
College-Educated
89%
High-School Grad
0.6 sq mi
ZIP Area
33,735
Density / Sq Mi
$88,632
Median Household Income
$60,950
Median Earnings
$1,909
Median Rent
$367,900
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 residence with vacant apartments, basement storage, and substantial off-street parking.
Where is this duplex located?
The property is located at 84-33 120th Street Kew Gardens, NY.
What is the asking price?
The asking price for this property is $1,699,999.
What are key features of this property?
This property features: Legal 2‑family, all‑brick building constructed in 1973; Approximately 5,600 sq. ft. lot measuring 30' x 170'; Approximately 3,100 sq. ft. existing building with full basement
