Two-Family Duplex with
For Sale
$1,400,000
119-28 8th Avenue, New York City, NY 11356
Two separate apartments, a fenced yard, basement entry, and driveway parking support flexible residential use.
Property Size1,800 SF
Price / SF$777.78
Days on Market39
Property Features for 119-28 8th Avenue
General Information
Standard status
Active
Size
1,800 SF
Total Parking Spaces
3
Property subtype
Multi-Family
Zoning
Multi Residence
Property Condition
Severity
Repairs Needed
Evidence
first-floor kitchen and bathroom are unfinished
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$12,000
Amenities
fenced backyard
enclosed patio
washer/dryer hookups
Building Details
Year Built
1930
Listing Agency:
518 Realty.Com Inc
(518) 380-6862
Listed By:
Michael Hofler · License #10401357861
(518) 380-6862
Source:
Capmarkrealty
Added: Jul 24
Changed: Aug 29
Last Checked: Aug 30 at 1:30PM
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 518 Realty.Com Inc
Investment Insights
Based on property information with market context.
This two-family duplex at 119-28 8th Avenue includes two separate apartments with a combined six bedrooms and two bathrooms. The second-floor apartment has new appliances, brand-new windows, updated electrical work, upgraded lighting, new interior and exterior doors, and a heated bathroom floor. Oil baseboard heating serves the property, while split HVAC units on the second floor provide heating and air conditioning.
A partially finished basement adds an extra room, bathroom plumbing, washer and dryer hookups, and a separate entrance. The first-floor kitchen and bathroom remain unfinished. Exterior features include a private fenced backyard with gate, a two-car garage, driveway parking, and a tiled enclosed patio adjoining the garage.
The property is zoned Multi Residence and was built in 1930. The basement configuration provides additional space for future buildout, subject to applicable requirements.
A partially finished basement adds an extra room, bathroom plumbing, washer and dryer hookups, and a separate entrance. The first-floor kitchen and bathroom remain unfinished. Exterior features include a private fenced backyard with gate, a two-car garage, driveway parking, and a tiled enclosed patio adjoining the garage.
The property is zoned Multi Residence and was built in 1930. The basement configuration provides additional space for future buildout, subject to applicable requirements.
Key Highlights
- Two separate apartments with 6 bedrooms and 2 bathrooms
- Second‑floor apartment includes new appliances and brand‑brand‑new windows
- Partially finished basement with separate entrance and bathroom plumbing
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
$60,918
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
4.35%
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%
$1,218,360
$1.2M
Cap Rate 7%
$870,257
$870.3K
Cap Rate 9%
$676,867
$676.9K
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
$91.8K $51.00/SF
− Vacancy
−$4.8K −$2.65/SF
EGI
$87.0K $48.35/SF
− OpEx
−$26.1K −$14.50/SF
NOI
$60.9K $33.84/SF
Area
New York, NY
Vacancy
5.20%
Lease Rate
$51.00 /SF/Yr
Expense Ratio
30.00%
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%
$1,218,360
Cap Rate 7%
$870,257
Cap Rate 9%
$676,867
Alternative Uses
Best Use
Multifamily LT 5
$870.3K
$761.5K – $1.02M
NOI $60,918 @ 7.0% cap · market cap 4.35%
Second Best
Apartment 5plus
$804.5K
$704.0K – $938.6K
NOI $56,317 @ 7.0% cap · market cap 4.02%
Theoretical Best
Specialty Retail
$4.48M
$3.92M – $5.23M
NOI $313,632 @ 7.0% cap · market cap 22.40%
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
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, a fenced yard, basement entry, and driveway parking support flexible residential use.
Where is this duplex located?
The property is located at 119-28 8th Avenue New York City, 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 separate apartments with 6 bedrooms and 2 bathrooms; Second‑floor apartment includes new appliances and brand‑brand‑new windows; Partially finished basement with separate entrance and bathroom plumbing
