Two-Family Home with Private
For Sale
$1,400,000
119-28 8th Avenue, College Point, NY 11356
MULTI_FAMILY - College Point, NY
Property Size1,800 SF
Lot Size0.08 Acres
Price / SF$777.78
Days on Market150
Property Features for 119-28 8th Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
Multi Residence
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 4, Bedroom 5, Bathroom 1, Bedroom 6, Bathroom 2, Bedroom 1, Bedroom 3
Parking
3
Parking features
Driveway
Basement
Unfinished
Elementary school district
Nyc Geog Dist #25 - Queens
Middle school district
Nyc Geog Dist #25 - Queens
High school district
Nyc Geog Dist #25 - Queens
Directions
Cross street College Point Pl
Standard status
Active
APN
4-03939-0021
Size
1,800 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Annual Amount
12000
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Oil
Cooling system
Wall Unit(s)
Water source
Public
Building Details
Year built
1930
Number of units
2
Flooring type
Vinyl, Tile - Ceramic
Building materials
Vinyl Siding
Roof type
Asphalt
Listing Agency:
518 Realty.Com Inc
(518) 456-6518
Listed By:
Michael Hofler · License #10401357861
(518) 380-6862
Added: Mar 13
Changed: Jul 24
Last Checked: Aug 9 at 4:06PM
MLS# 202613360
Copyright © 2026 Global MLS, Inc. 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 two-family home offers spacious, flexible living with two separate apartments and a partially finished basement. The layout includes 6 bedrooms and 2 bathrooms across the units, with a second-floor arrangement described as move-in ready. The second floor features new appliances, brand-new windows, new interior and exterior doors, updated electrical and upgraded lighting, and heated bathroom flooring. Heating and comfort systems include oil baseboard heat throughout, along with HVAC split units on the second floor for both heat and A/C. A partially finished basement includes additional room(s), bathroom plumbing, and washer and dryer hookups in both the basement and second floor, with a separate basement entrance.
Outside, the property includes a private fenced backyard with a gate, a 2-car garage, and driveway parking, noted as especially valuable where street parking is limited. There is also a tiled enclosed patio space just off the garage.
For buyers seeking a multi-generational setup or rental-ready structure, the home’s separate entrances and two-apartment configuration support different occupancy plans. The first-floor kitchen and bathroom are unfinished, allowing a new owner to complete the space to their preference, while the basement’s existing plumbing provides a basis for expanding living or rental use with the appropriate finishing work.
Outside, the property includes a private fenced backyard with a gate, a 2-car garage, and driveway parking, noted as especially valuable where street parking is limited. There is also a tiled enclosed patio space just off the garage.
For buyers seeking a multi-generational setup or rental-ready structure, the home’s separate entrances and two-apartment configuration support different occupancy plans. The first-floor kitchen and bathroom are unfinished, allowing a new owner to complete the space to their preference, while the basement’s existing plumbing provides a basis for expanding living or rental use with the appropriate finishing work.
Key Highlights
- Two‑family home built in 1930 with 6 bedrooms and 2 bathrooms across two separate apartments
- Second‑floor unit is move‑in ready with brand‑new windows and new interior and exterior doors, plus new appliances
- Oil baseboard heating with split HVAC units on the second floor for heating and A/C
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
$44,000
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
3.14%
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%
$880,000
$880.0K
Cap Rate 7%
$628,571
$628.6K
Cap Rate 9%
$488,889
$488.9K
Market Conditions
NOI Build-Up for 1,800 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
$83.2K $46.20/SF
− Vacancy
−$3.2K −$1.76/SF
EGI
$80.0K $44.44/SF
− OpEx
−$36.0K −$20.00/SF
NOI
$44.0K $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%
$880,000
Cap Rate 7%
$628,571
Cap Rate 9%
$488,889
Alternative Uses
Best Use
Apartment 5plus
$628.6K
$550.0K – $733.3K
NOI $44,000 @ 7.0% cap · market cap 3.14%
Second Best
Multifamily LT 5
$425.6K
$372.4K – $496.6K
NOI $29,793 @ 7.0% cap · market cap 2.13%
Theoretical Best
Office A
$1.33M
$1.16M – $1.55M
NOI $92,889 @ 7.0% cap · market cap 6.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
1,261
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 separate apartments with updated second-floor finishes, plus driveway parking and a fenced backyard.
Where is this duplex located?
The property is located at 119-28 8th Avenue College Point, NY.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: Two‑family home built in 1930 with 6 bedrooms and 2 bathrooms across two separate apartments; Second‑floor unit is move‑in ready with brand‑new windows and new interior and exterior doors, plus new appliances; Oil baseboard heating with split HVAC units on the second floor for heating and A/C
