Legal Two-Family Residence with
For Sale
Contact for pricing
119-23 7th Avenue, College Point, NY 11357
Legal two-family home delivered vacant, featuring matching 3BR units plus a basement accessory dwelling unit.
Property Size3,925 SF
Price / SF$445.86
Days on Market69
Property Features for 119-23 7th Avenue
General Information
Standard status
Active
Size
3,925 SF
Property subtype
Multifamily
Zoning
R3A
Investment Type
Owner/User
Additional Details
Multifamily Units
3
Building Details
Year Built
2001
Buildings
1
Units
2
Listing Agency:
Keller Williams Realty NYC Group
(845) 304-5745
Listed By:
Gregory Tsougranis · License #NY 10469
Source:
Crexi
Added: Jun 16
Changed: Aug 13
Last Checked: Aug 22 at 6:32PM
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 Keller Williams Realty NYC Group
Investment Insights
Based on property information with market context.
This legal two-family residence offers a spacious 3BR/2BA top-floor unit with cathedral ceilings, recessed lighting, and an open layout connecting the living room, dining room, and an L-shaped kitchen. The hallway includes a full bath and leads to three private bedrooms, including a primary suite with a full bath and a walk-in closet. Additional outdoor and light features include a private balcony and a kitchen skylight. The first-floor unit mirrors the overall layout, with a more pronounced formal dining room adjacent to the living room and kitchen, and includes internal access via a staircase to the basement common area.
The basement includes an accessory dwelling unit with a professionally designed two-bedroom plan. It offers a summer kitchen and a tiled living and dining area, providing flexible options for guest quarters or additional living space. The property is located less than a block from Herman A. MacNeil Park, which features winding paths, shaded areas, water views, and views of the Manhattan skyline.
For buyers seeking rental flexibility, the home provides two similarly configured 3BR/2BA units, plus the basement ADU as a third independent living option. The internal connection to the basement common area supports convenient day-to-day management, and the house will be delivered vacant for immediate occupancy planning.
The basement includes an accessory dwelling unit with a professionally designed two-bedroom plan. It offers a summer kitchen and a tiled living and dining area, providing flexible options for guest quarters or additional living space. The property is located less than a block from Herman A. MacNeil Park, which features winding paths, shaded areas, water views, and views of the Manhattan skyline.
For buyers seeking rental flexibility, the home provides two similarly configured 3BR/2BA units, plus the basement ADU as a third independent living option. The internal connection to the basement common area supports convenient day-to-day management, and the house will be delivered vacant for immediate occupancy planning.
Key Highlights
- Legal two‑family home built in 2001 with matching 3BR/2BA top- and first‑floor units
- Top‑floor unit includes cathedral ceilings, recessed lighting, open living/dining area, and an L‑shaped kitchen
- Each 3BR/2BA unit has a similar hallway/bathroom flow with three private bedrooms on the main level
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
$95,944
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
5.48%
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%
$1,918,880
$1.9M
Cap Rate 7%
$1,370,629
$1.4M
Cap Rate 9%
$1,066,044
$1.1M
Market Conditions
NOI Build-Up for 3,925 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
$181.3K $46.20/SF
− Vacancy
−$6.9K −$1.76/SF
EGI
$174.4K $44.44/SF
− OpEx
−$78.5K −$20.00/SF
NOI
$95.9K $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%
$1,918,880
Cap Rate 7%
$1,370,629
Cap Rate 9%
$1,066,044
Alternative Uses
Best Use
Apartment 5plus
$1.37M
$1.20M – $1.60M
NOI $95,944 @ 7.0% cap · market cap 5.48%
Second Best
Multifamily LT 5
$928.1K
$812.1K – $1.08M
NOI $64,965 @ 7.0% cap · market cap 3.71%
Theoretical Best
Office A
$2.89M
$2.53M – $3.38M
NOI $202,549 @ 7.0% cap · market cap 11.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
809
Businesses Nearby
Explore this area
Business Placement
Demographics for 11357, NY
42,319
Population
16,586
Households
2.6
Avg Household Size
46
Median Age
38%
College-Educated
86%
High-School Grad
2.8 sq mi
ZIP Area
15,114
Density / Sq Mi
$97,754
Median Household Income
$58,814
Median Earnings
$2,228
Median Rent
$920,200
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 - Legal two-family home delivered vacant, featuring matching 3BR units plus a basement accessory dwelling unit.
Where is this duplex located?
The property is located at 119-23 7th Avenue College Point, NY.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: Legal two‑family home built in 2001 with matching 3BR/2BA top- and first‑floor units; Top‑floor unit includes cathedral ceilings, recessed lighting, open living/dining area, and an L‑shaped kitchen; Each 3BR/2BA unit has a similar hallway/bathroom flow with three private bedrooms on the main level
