Vacant Two-Unit Cape
For Sale
$980,000
111 Cleveland Avenue, Long Beach, NY 11561
Residential Income, Long Beach, NY
Property Size2,330 SF
Price / SF$420.60
Days on Market87
Property Features for 111 Cleveland Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bedroom 3, Bathroom 1, Bedroom 4, Bedroom 5, Bedroom 1, Bathroom 3, Bedroom 2
Parking
1
Parking features
Garage, Driveway
Interior features
First Floor Bedroom
Fireplace
1
Elementary school
East Elementary School
Middle school
Long Beach Middle School
High school
Long Beach High School
Elementary school district
Long Beach
Middle school district
Long Beach
High school district
Long Beach
Standard status
Active
APN
1000592010000430
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
14492
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Steam
Cooling system
Wall/Window Unit(s), Window Unit(s)
Water source
Public
Amenities
private driveway
one-car garage
Building Details
Year built
1931
Number of units
2
Flooring type
Hardwood, Vinyl
Building materials
Advanced Framing Technique
Architectural style
Cape Cod
Listing Agency:
Douglas Elliman Real Estate
(516) 432-3400
Listed By:
Glen Fox · License #10401340274
(516) 850-6437
Added: May 29
Changed: Aug 20
Last Checked: Aug 23 at 3:06AM
MLS# 1009107
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.
Built in 1931, this Cape Cod-style duplex at 111 Cleveland Avenue contains approximately 2,330 square feet across two separate residences. The lower unit provides two bedrooms and one full bathroom, while the upper unit includes three bedrooms and two full bathrooms. A bedroom on the first floor adds accessibility, and the interiors feature hardwood and vinyl flooring, steam heat, wall/window and window-unit cooling, and a fireplace.
The property includes a private driveway and one-car garage. Public water and public sewer serve the building, with cable available. Delivered vacant, the two-unit configuration supports owner occupancy, extended-family living, or separate use of both residences, subject to the buyer’s plans and applicable requirements.
The property includes a private driveway and one-car garage. Public water and public sewer serve the building, with cable available. Delivered vacant, the two-unit configuration supports owner occupancy, extended-family living, or separate use of both residences, subject to the buyer’s plans and applicable requirements.
Key Highlights
- Approximately 2,330 square feet arranged as two separate residential units
- Five bedrooms and 3 full bathrooms across the duplex
- First‑floor unit has 2 bedrooms and 1 bathroom; second‑floor unit has 3 bedrooms and 2 bathrooms
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
$44,389
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
4.53%
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%
$887,780
$887.8K
Cap Rate 7%
$634,129
$634.1K
Cap Rate 9%
$493,211
$493.2K
Market Conditions
NOI Build-Up for 2,330 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
$67.1K $28.80/SF
− Vacancy
−$3.7K −$1.58/SF
EGI
$63.4K $27.22/SF
− OpEx
−$19.0K −$8.16/SF
NOI
$44.4K $19.05/SF
Area
Nassau County, NY
Vacancy
5.50%
Lease Rate
$28.80 /SF/Yr
Expense Ratio
30.00%
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%
$887,780
Cap Rate 7%
$634,129
Cap Rate 9%
$493,211
Alternative Uses
Best Use
Multifamily LT 5
$634.1K
$554.9K – $739.8K
NOI $44,389 @ 7.0% cap · market cap 4.53%
Second Best
Apartment 5plus
$593.7K
$519.5K – $692.7K
NOI $41,561 @ 7.0% cap · market cap 4.24%
Theoretical Best
Specialty Retail
$1.54M
$1.35M – $1.80M
NOI $107,838 @ 7.0% cap · market cap 11.00%
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
407
Businesses Nearby
Explore this area
Business Placement
Demographics for 11561, NY
39,132
Population
18,442
Households
2.1
Avg Household Size
45
Median Age
53%
College-Educated
96%
High-School Grad
4.0 sq mi
ZIP Area
9,783
Density / Sq Mi
$132,903
Median Household Income
$72,221
Median Earnings
$2,462
Median Rent
$676,600
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 residences offer flexible occupancy options with a private driveway, garage, and first-floor bedroom.
Where is this duplex located?
The property is located at 111 Cleveland Avenue Long Beach, NY.
What is the asking price?
The asking price for this property is $980,000.
What are key features of this property?
This property features: Approximately 2,330 square feet arranged as two separate residential units; Five bedrooms and 3 full bathrooms across the duplex; First‑floor unit has 2 bedrooms and 1 bathroom; second‑floor unit has 3 bedrooms and 2 bathrooms
