Detached Duplex With Finished
For Sale
$1,398,000
103-22 123rd Street, Richmond Hill, NY 11419
Two-family configuration offers multiple living areas, bedrooms, kitchens, bathrooms, and substantial lower-level finished space.
Property Size2,640 SF
Lot Size0.09 Acres
Price / SF$529.55
Days on Market83
Property Features for 103-22 123rd Street
General Information
Standard status
Active
Size
2,640 SF
Lot size
0.09 Acres
Property subtype
Residential Income
Units
Unit Mix
1 x 3BR/1BA, 1 x 4BR/1BA, 1 x 3BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$9,983
Amenities
front porch
private balcony
fully finished basement
large backyard
front yard
Building Details
Building Size
2,640 SF
Year Built
1915
Buildings
1
Units
2
Listing Agency:
Mitra Hakimi Realty Group LLC
(718) 268-5588
Listed By:
Mitra Hakimi · License #49HA1019118
(718) 268-5588
Source:
Cornerstonemyhome
Added: Jun 9
Changed: Aug 30
Last Checked: Aug 30 at 7:41AM
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 Mitra Hakimi Realty Group LLC
Investment Insights
Based on property information with market context.
Built in 1915, this detached duplex occupies a 35-by-114-foot lot with approximately 2,640 square feet of building area. The first residence includes a front porch, living room, three bedrooms, an eat-in kitchen, and a full bathroom. The upper residence adds four bedrooms, an eat-in kitchen, a living room, a full bathroom, and a private balcony. A third-floor level provides three more bedrooms, a sitting area, and another full bathroom.
The approximately 813-square-foot finished basement contains a recreation room, two additional rooms, a full bathroom, and a boiler area. Outdoor features include front and rear yard space, while parking is provided by a two-car garage and a driveway that can accommodate multiple vehicles, vans, or trucks. The property is near subway and bus service, houses of worship, and the Liberty Avenue shopping corridor in Richmond Hill.
The approximately 813-square-foot finished basement contains a recreation room, two additional rooms, a full bathroom, and a boiler area. Outdoor features include front and rear yard space, while parking is provided by a two-car garage and a driveway that can accommodate multiple vehicles, vans, or trucks. The property is near subway and bus service, houses of worship, and the Liberty Avenue shopping corridor in Richmond Hill.
Key Highlights
- Detached two‑family home on a 35x114 lot
- Approximately 2,640 square feet of building area
- First‑floor unit with 3 bedrooms; second‑floor unit with 4 bedrooms
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
$64,533
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
4.62%
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%
$1,290,660
$1.3M
Cap Rate 7%
$921,900
$921.9K
Cap Rate 9%
$717,033
$717.0K
Market Conditions
NOI Build-Up for 2,640 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
$122.0K $46.20/SF
− Vacancy
−$4.6K −$1.76/SF
EGI
$117.3K $44.44/SF
− OpEx
−$52.8K −$20.00/SF
NOI
$64.5K $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%
$1,290,660
Cap Rate 7%
$921,900
Cap Rate 9%
$717,033
Alternative Uses
Best Use
Apartment 5plus
$921.9K
$806.7K – $1.08M
NOI $64,533 @ 7.0% cap · market cap 4.62%
Second Best
Multifamily LT 5
$624.2K
$546.2K – $728.3K
NOI $43,696 @ 7.0% cap · market cap 3.13%
Theoretical Best
Office A
$1.95M
$1.70M – $2.27M
NOI $136,237 @ 7.0% cap · market cap 9.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
3,918
Businesses Nearby
Explore this area
Business Placement
Demographics for 11419, NY
47,430
Population
13,607
Households
3.5
Avg Household Size
39
Median Age
21%
College-Educated
73%
High-School Grad
1.1 sq mi
ZIP Area
43,118
Density / Sq Mi
$91,231
Median Household Income
$41,091
Median Earnings
$1,920
Median Rent
$678,800
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 - Two-family configuration offers multiple living areas, bedrooms, kitchens, bathrooms, and substantial lower-level finished space.
Where is this duplex located?
The property is located at 103-22 123rd Street Richmond Hill, NY.
What is the asking price?
The asking price for this property is $1,398,000.
What are key features of this property?
This property features: Detached two‑family home on a 35x114 lot; Approximately 2,640 square feet of building area; First‑floor unit with 3 bedrooms; second‑floor unit with 4 bedrooms
