Updated Duplex with Detached
For Sale
$899,999
109-08 108th Street, South Ozone Park, NY 11420
Two separate living units include hardwood floors and unfinished basement space for future expansion.
Property Size1,832 SF
Days on Market18
Property Features for 109-08 108th Street
General Information
Standard status
Active
Size
1,832 SF
Total Parking Spaces
1
Property subtype
Residential Income
Units
Unit Mix
1 x 2BR/1BA, 1 x 2BR/2BA
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$6,954
Building Details
Building Size
1,832 SF
Year Built
1920
Year Renovated
2023
Buildings
1
Units
2
Listing Agency:
RE/MAX City Square
(917) 806-4732
Listed By:
Derik J. Cenci
(917) 806-4732
Source:
Cohenandcohenrealty
Added: Jul 24
Changed: Aug 7
Last Checked: Aug 9 at 12:55PM
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 RE/MAX City Square
Investment Insights
Based on property information with market context.
This duplex contains two residential units with hardwood flooring throughout. The lower apartment has two bedrooms, one bathroom, and an eat-in kitchen, while the second-floor apartment includes two bedrooms and two full bathrooms, including a larger primary bath. Each unit also offers bonus-room potential for a third bedroom. Major exterior improvements completed in 2023 include the roof, vinyl siding, and stacked-stone front stoop.
The full unfinished basement has full-height ceilings and its own rear entrance, providing additional space for future finishing. A detached one-car garage and shared driveway serve the property. Two electric meters are installed, with capacity to add a third. The home is currently owner-occupied and may support living in one unit while renting the other; buyers should verify occupancy and use classification with their attorney.
The full unfinished basement has full-height ceilings and its own rear entrance, providing additional space for future finishing. A detached one-car garage and shared driveway serve the property. Two electric meters are installed, with capacity to add a third. The home is currently owner-occupied and may support living in one unit while renting the other; buyers should verify occupancy and use classification with their attorney.
Key Highlights
- Two‑unit property with two bedrooms in each apartment
- Lower unit has 1 bath; second‑floor unit has 2 full baths
- Bonus‑room layouts may accommodate a 3rd bedroom in each unit
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
$44,782
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
4.98%
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%
$895,640
$895.6K
Cap Rate 7%
$639,743
$639.7K
Cap Rate 9%
$497,578
$497.6K
Market Conditions
NOI Build-Up for 1,832 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
$84.6K $46.20/SF
− Vacancy
−$3.2K −$1.76/SF
EGI
$81.4K $44.44/SF
− OpEx
−$36.6K −$20.00/SF
NOI
$44.8K $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%
$895,640
Cap Rate 7%
$639,743
Cap Rate 9%
$497,578
Alternative Uses
Best Use
Apartment 5plus
$639.7K
$559.8K – $746.4K
NOI $44,782 @ 7.0% cap · market cap 4.98%
Second Best
Multifamily LT 5
$433.2K
$379.0K – $505.4K
NOI $30,323 @ 7.0% cap · market cap 3.37%
Theoretical Best
Office A
$1.35M
$1.18M – $1.58M
NOI $94,540 @ 7.0% cap · market cap 10.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,580
Businesses Nearby
Explore this area
Business Placement
Demographics for 11420, NY
47,383
Population
14,835
Households
3.2
Avg Household Size
40
Median Age
22%
College-Educated
78%
High-School Grad
2.1 sq mi
ZIP Area
22,563
Density / Sq Mi
$98,584
Median Household Income
$45,571
Median Earnings
$2,032
Median Rent
$673,700
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 separate living units include hardwood floors and unfinished basement space for future expansion.
Where is this duplex located?
The property is located at 109-08 108th Street South Ozone Park, NY.
What is the asking price?
The asking price for this property is $899,999.
What are key features of this property?
This property features: Two‑unit property with two bedrooms in each apartment; Lower unit has 1 bath; second‑floor unit has 2 full baths; Bonus‑room layouts may accommodate a 3rd bedroom in each unit
