Updated Duplex with Detached
For Sale
$925,000
10003 88th Avenue, Richmond Hill, NY 11418
Two residential units offer separate utilities, multiple entrances, and adaptable room layouts.
Property Size2,057 SF
Price / SF$449.68
Days on Market66
Property Features for 10003 88th Avenue
General Information
Standard status
Active
Size
2,057 SF
Property subtype
Duplex
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,772
Amenities
private backyard
full basement
Building Details
Building Size
2,057 SF
Year Built
1920
Buildings
1
Listing Agency:
Exit Realty Achieve
(631) 872-5217
Listed By:
Diane Mascellaro
Source:
Cbwarburg
Added: Jun 11
Changed: Aug 13
Last Checked: Aug 14 at 1:19PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Exit Realty Achieve
Investment Insights
Based on property information with market context.
This legal two-family duplex contains 2,057 square feet and was built in 1920. Each residence includes 2 bedrooms, a full bathroom, formal dining room, living room, and eat-in kitchen, with room layouts that may accommodate a third bedroom. Separate utilities and multiple entrances support independent household arrangements.
The property includes a full basement with interior access and two exterior entrances, along with an oversized detached 2-car garage featuring storage above. An extra-long driveway provides abundant parking, while the oversized private backyard adds outdoor space. The home is located on a quiet dead-end street in Richmond Hill, near shopping, dining, transportation, major highways, Forest Park, and JFK Airport.
The property includes a full basement with interior access and two exterior entrances, along with an oversized detached 2-car garage featuring storage above. An extra-long driveway provides abundant parking, while the oversized private backyard adds outdoor space. The home is located on a quiet dead-end street in Richmond Hill, near shopping, dining, transportation, major highways, Forest Park, and JFK Airport.
Key Highlights
- Legal 2‑family duplex with 2,057 square feet
- Each unit has 2 bedrooms, a full bath, dining room, living room, and eat‑in kitchen
- Oversized detached 2‑car garage with storage above
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
$50,282
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
5.44%
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%
$1,005,640
$1.0M
Cap Rate 7%
$718,314
$718.3K
Cap Rate 9%
$558,689
$558.7K
Market Conditions
NOI Build-Up for 2,057 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
$95.0K $46.20/SF
− Vacancy
−$3.6K −$1.76/SF
EGI
$91.4K $44.44/SF
− OpEx
−$41.1K −$20.00/SF
NOI
$50.3K $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%
$1,005,640
Cap Rate 7%
$718,314
Cap Rate 9%
$558,689
Alternative Uses
Best Use
Apartment 5plus
$718.3K
$628.5K – $838.0K
NOI $50,282 @ 7.0% cap · market cap 5.44%
Second Best
Multifamily LT 5
$486.4K
$425.6K – $567.5K
NOI $34,047 @ 7.0% cap · market cap 3.68%
Theoretical Best
Office A
$1.52M
$1.33M – $1.77M
NOI $106,151 @ 7.0% cap · market cap 11.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,834
Businesses Nearby
Explore this area
Business Placement
Demographics for 11418, NY
37,596
Population
12,072
Households
3.1
Avg Household Size
37
Median Age
32%
College-Educated
81%
High-School Grad
1.7 sq mi
ZIP Area
22,115
Density / Sq Mi
$84,927
Median Household Income
$44,818
Median Earnings
$1,788
Median Rent
$772,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two residential units offer separate utilities, multiple entrances, and adaptable room layouts.
Where is this duplex located?
The property is located at 10003 88th Avenue Richmond Hill, NY.
What is the asking price?
The asking price for this property is $925,000.
What are key features of this property?
This property features: Legal 2‑family duplex with 2,057 square feet; Each unit has 2 bedrooms, a full bath, dining room, living room, and eat‑in kitchen; Oversized detached 2‑car garage with storage above
