Legal Two-Family Income
119-23 7th Avenue College Point, NY 11356
119-23 7th Avenue, College Point, NY, 11356
$1,750,000
For Sale
$1,750,000
MULTI_FAMILY - Other - College Point, NY
Property Size3,925 SF
Price / SF$445.86
Days on Market47
Property Features for 119-23 7th Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Duplex
- Bedrooms
- 8
- Bathrooms
- 4
- Rooms
- Bedroom 1, Bathroom 1, Bedroom 7, Bedroom 4, Bedroom 3, Bedroom 6, Bedroom 8, Bathroom 4, Bathroom 2, Bedroom 5, Basement, Bedroom 2, Bathroom 3
- Parking
- 2
- Parking features
- Garage, Carport
- Patio and Porch features
- Patio
- Interior features
- First Floor Bedroom, First Floor Full Bath, Eat-in Kitchen, Granite Counters, Open Kitchen, Primary Bathroom, Master Downstairs, Recessed Lighting, Storage, Walk-In Closet(s)
- Exterior features
- Balcony, Courtyard, Garden, Lighting, Mailbox
- Fencing
- Perimeter, Fenced
- Basement
- Full, Walk-Out Access, Finished
- Standard status
- Active
- APN
- 03937-0070
Taxes and HOA fees
- Tax Year
- 2025
- Tax Annual Amount
- 14361
Utilities
- Sewer type
- Public Sewer
- Heating system
- Baseboard, Natural Gas
- Cooling system
- Wall/Window Unit(s), Window Unit(s)
- Water source
- Public
Building Details
- Year built
- 2000
- Number of units
- 2
- Flooring type
- Hardwood
- Building materials
- Brick, Frame
- Architectural style
- Other
- Additional Structures
- Storage
Listing Agency
Keller Williams Realty NYC Grp
(718) 697-6800
2300 Eastchester Road, Bronx, NY
Listed by
Gregory Tsougranis
(845) 304-5745
Added: Jun 1 Checked: Jul 17 at 10:06 pm
MLS# 1007218
Listing URL
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 legal two-family property was built in the early 2000s and totals approximately 3,925 square feet. The layout includes a top-floor 3-bedroom, 2-bath unit and a first-floor unit with an identical overall configuration, each supported by separate utility infrastructure. The home features multiple systems for independent service, including separate gas meters for each unit, two boilers, and three electric meters. Off-street parking for two cars is available.
The top-floor unit includes cathedral ceilings with recessed lighting and an open floor plan connecting the living room, dining room, and an L-shaped kitchen. A hallway leads to three private bedrooms and a full bath, with the largest bedroom offering an additional full bath and a walk-in closet. The first-floor unit includes a more pronounced formal dining room and access to the common basement area via an internal staircase.
In addition to the two residential units, the basement includes an accessory dwelling unit with a professionally designed two-bedroom plan, a summer kitchen, and tiled living and dining areas. With separate utilities, parking, and a three-part layout, the property is suited for investors seeking self-contained arrangements or owner-occupants looking for additional on-site income space. It is near Herman A. MacNeil Park and its waterfront setting.
The top-floor unit includes cathedral ceilings with recessed lighting and an open floor plan connecting the living room, dining room, and an L-shaped kitchen. A hallway leads to three private bedrooms and a full bath, with the largest bedroom offering an additional full bath and a walk-in closet. The first-floor unit includes a more pronounced formal dining room and access to the common basement area via an internal staircase.
In addition to the two residential units, the basement includes an accessory dwelling unit with a professionally designed two-bedroom plan, a summer kitchen, and tiled living and dining areas. With separate utilities, parking, and a three-part layout, the property is suited for investors seeking self-contained arrangements or owner-occupants looking for additional on-site income space. It is near Herman A. MacNeil Park and its waterfront setting.
Key Highlights
- Legal 2‑family home built in 2000 with approx. 3,925 SF and separate utilities for each unit
- Separate utilities include separate gas meters, two boilers, and three electric meters
- Top‑floor unit offers 3BR/2BA with cathedral ceilings, recessed lighting, an open layout, and an L‑shaped kitchen
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $181.3k | $46.20 |
| − Vacancy | −$6.9k | −$1.76 |
| EGI | $174.4k | $44.44 |
| − OpEx | −$78.5k | −$20.00 |
| NOI | $95.9k | $24.44 |
3,925 SF · lease $46.20/SF/yr · vacancy 3.80% · expense 45.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Duplex - Legal two-family residence with separate utilities, parking, and a finished accessory unit in the basement.
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 2‑family home built in 2000 with approx. 3,925 SF and separate utilities for each unit; Separate utilities include separate gas meters, two boilers, and three electric meters; Top‑floor unit offers 3BR/2BA with cathedral ceilings, recessed lighting, an open layout, and an L‑shaped kitchen
