Legal Two-Family Duplex
For Sale
$1,750,000
119-23 7th Avenue College, College Point, NY 11356
Two-family residence with separate utility metering, private outdoor space, and parking for two vehicles.
Property Size3,925 SF
Price / SF$445.86
Days on Market68
Property Features for 119-23 7th Avenue College
General Information
Standard status
Active
Size
3,925 SF
Total Parking Spaces
2
Property subtype
Duplex
Additional Details
Public Transit
Yes
Multifamily Units
2
Amenities
Cable Ready
Wall/Window Unit(s)
Baseboard
Natural Gas
Deck, Patio, Cable Connected, Electricity Connected, Natural Gas Connected, Phone Connected, See Remarks, Sewer Connected
Building Details
Year Built
2000
Buildings
1
Listing Agency:
Keller Williams Realty NYC Group
(845) 304-5745
Listed By:
Gregory Tsougranis · License #10301201886
(845) 304-5745
Source:
Kw
Added: Jun 4
Changed: Aug 10
Last Checked: Aug 10 at 5:43AM
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.
Built in 2000, this legal two-family property contains approximately 3,925 square feet and offers two substantial residential units with matching three-bedroom, two-bath layouts. Each primary living level includes an open living and dining arrangement, an L-shaped kitchen, private bedrooms, and a primary suite with its own bath and walk-in closet. One unit adds a balcony, while the other connects internally to the basement. A basement accessory dwelling unit provides two bedrooms, a summer kitchen, and tiled living and dining areas.
Building systems include separate gas meters for each unit, two boilers, and three electric meters. The property also provides parking for two cars, along with deck and patio areas. Located at 119-23 7th Avenue in College Point, the residence is less than a block from Herman A. MacNeil Park, which offers paths, shaded areas, water views, and sightlines toward the Manhattan skyline. New York City public transportation is also identified as accessible from the property.
Building systems include separate gas meters for each unit, two boilers, and three electric meters. The property also provides parking for two cars, along with deck and patio areas. Located at 119-23 7th Avenue in College Point, the residence is less than a block from Herman A. MacNeil Park, which offers paths, shaded areas, water views, and sightlines toward the Manhattan skyline. New York City public transportation is also identified as accessible from the property.
Key Highlights
- Legal two‑family property built in 2000
- Approximately 3,925 SF with two three‑bedroom, two‑bath primary units
- Basement accessory dwelling unit with two bedrooms and a summer kitchen
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
Current Use
Lease Details
2
Residential units
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 - Two-family residence with separate utility metering, private outdoor space, and parking for two vehicles.
Where is this duplex located?
The property is located at 119-23 7th Avenue College 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 property built in 2000; Approximately 3,925 SF with two three‑bedroom, two‑bath primary units; Basement accessory dwelling unit with two bedrooms and a summer kitchen
