Two-Unit Brick
For Sale
$799,000
Pending
111-51 113th Street, South Ozone Park, NY 11420
Residential Income, South Ozone Park, NY
Property Size1,440 SF
Lot Size0.04 Acres
Days on Market123
Property Features for 111-51 113th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bedroom 2, Bedroom 4, Basement, Bathroom 2, Bathroom 3, Bedroom 1, Bathroom 1
Parking features
Driveway, Garage
Interior features
First Floor Bedroom, First Floor Full Bath, Eat-in Kitchen
Basement
Walk-Out Access
Elementary school
Ps 108 Capt Vincent G Fowler
Middle school
Ms 137 America'S School-Heroes
High school
John Adams High School
Elementary school district
Queens 27
Middle school district
Queens 27
High school district
Queens 27
Standard status
Pending
APN
11618-0043
Lot size
0.04 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
6925
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Window Unit(s), Wall/Window Unit(s)
Water source
Public
Building Details
Year built
1945
Number of units
2
Building materials
Brick
Listing Agency:
Commerce Realty Group
(718) 751-5799
Listed By:
Marc Richter
(646) 342-8959
Added: May 4
Changed: Aug 20
Last Checked: Sep 3 at 6:06AM
MLS# 1004511
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 brick duplex, built in 1945, contains 1,440 SF on a 20-by-94-foot lot, with a 20-by-36-foot house footprint. The first-floor residence includes a living room, two bedrooms, one full bathroom, and an eat-in kitchen with backyard access. A basement reached from the yard adds interior space and another full bathroom. The second-floor apartment provides two bedrooms and one bathroom.
The property includes two gas meters and two electric meters, along with a driveway, private parking space, and garage. Natural-gas heat, window or wall/window cooling units, public water, and public sewer are also in place. Located at 111-51 113th Street in South Ozone Park, the property offers a two-unit residential layout with separate utility metering and on-site parking.
The property includes two gas meters and two electric meters, along with a driveway, private parking space, and garage. Natural-gas heat, window or wall/window cooling units, public water, and public sewer are also in place. Located at 111-51 113th Street in South Ozone Park, the property offers a two-unit residential layout with separate utility metering and on-site parking.
Key Highlights
- Two‑unit duplex with 1,440 SF of total living area
- Two‑bedroom, one‑bath first‑floor unit with eat‑in kitchen and backyard access
- Second‑floor apartment configured with 2 bedrooms and 1 bathroom
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
$35,200
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
4.41%
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%
$704,000
$704.0K
Cap Rate 7%
$502,857
$502.9K
Cap Rate 9%
$391,111
$391.1K
Market Conditions
NOI Build-Up for 1,440 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
$66.5K $46.20/SF
− Vacancy
−$2.5K −$1.76/SF
EGI
$64.0K $44.44/SF
− OpEx
−$28.8K −$20.00/SF
NOI
$35.2K $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%
$704,000
Cap Rate 7%
$502,857
Cap Rate 9%
$391,111
Alternative Uses
Best Use
Apartment 5plus
$502.9K
$440.0K – $586.7K
NOI $35,200 @ 7.0% cap · market cap 4.41%
Second Best
Multifamily LT 5
$340.5K
$297.9K – $397.2K
NOI $23,834 @ 7.0% cap · market cap 2.98%
Theoretical Best
Office A
$1.06M
$928.9K – $1.24M
NOI $74,311 @ 7.0% cap · market cap 9.30%
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
2,078
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 - Separate gas and electric meters support the property's dual-unit configuration, with driveway parking and a garage.
Where is this duplex located?
The property is located at 111-51 113th Street South Ozone Park, NY.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,440 SF of total living area; Two‑bedroom, one‑bath first‑floor unit with eat‑in kitchen and backyard access; Second‑floor apartment configured with 2 bedrooms and 1 bathroom
