Brick Duplex With Separate
For Sale
$1,750,000
119-23 7th Avenue, College Point, NY 11356
Residential Income, College Point, NY
Property Size3,925 SF
Price / SF$445.86
Days on Market94
Property Features for 119-23 7th Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Basement, Bedroom 5, Bedroom 2, Bedroom 3, Bedroom 8, Bathroom 2, Bedroom 1, Bedroom 7, Bedroom 6, Bathroom 3, Bathroom 1, Bedroom 4
Parking
2
Parking features
Carport, Garage
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
Finished, Walk-Out Access, Full
Elementary school
Ps 129 Patricia Larkin
Middle school
Jhs 194 William Carr
High school
Flushing High School
Elementary school district
Queens 25
Middle school district
Queens 25
High school district
Queens 25
Directions
COLLEGE POINT neighborhood: Follow Hutchinson River Parkway South and I-678 South to Whitestone Expressway in Queens. Take exit 17 from I-678 S, then take 14th Rd to College Point Blvd and make a right. Then a left onto 7th Ave. (between 119th St. and College Place)
Standard status
Active
APN
03937-0070
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
14361
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Baseboard
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
Listed By:
Gregory Tsougranis · License #10301201886
(845) 304-5745
Added: Jun 1
Changed: Aug 20
Last Checked: Sep 2 at 7:06AM
MLS# 1007218
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 2000, this brick-and-frame duplex contains approximately 3,925 square feet and is configured as a legal two-family property. Each primary unit offers three bedrooms and two bathrooms, with open living and dining areas, a kitchen, hardwood flooring, recessed lighting, and private bedroom space. One unit includes a balcony, while the property also provides a patio and fenced outdoor areas.
Separate gas meters, three electric meters, and two boilers support independent utility management. Parking accommodates two cars through a combination of garage and carport spaces. The basement contains an accessory dwelling unit with two bedrooms, a summer kitchen, and tiled living and dining areas. Public water and sewer serve the property, which is located less than a block from Herman A. MacNeil Park in College Point.
Separate gas meters, three electric meters, and two boilers support independent utility management. Parking accommodates two cars through a combination of garage and carport spaces. The basement contains an accessory dwelling unit with two bedrooms, a summer kitchen, and tiled living and dining areas. Public water and sewer serve the property, which is located less than a block from Herman A. MacNeil Park in College Point.
Key Highlights
- Legal 2‑family property built in 2000
- Approximately 3,925 SF with two 3BR/2BA primary units
- Separate utilities include two gas meters, three electric meters, and two boilers
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
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
809
Businesses Nearby
Explore this area
Business Placement
Demographics for 11356, NY
28,310
Population
9,003
Households
3.1
Avg Household Size
37
Median Age
25%
College-Educated
78%
High-School Grad
1.6 sq mi
ZIP Area
17,694
Density / Sq Mi
$91,445
Median Household Income
$40,928
Median Earnings
$2,160
Median Rent
$893,100
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 property with parking, private outdoor space, and public water and sewer service.
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 property built in 2000; Approximately 3,925 SF with two 3BR/2BA primary units; Separate utilities include two gas meters, three electric meters, and two boilers
