Renovated Duplex in
For Sale
$1,359,000
Pending
5515 69th Pl, Queens, NY 11378
Spacious, renovated duplex in convenient Maspeth location near Manhattan.
Property Size2,068 SF
Lot Size0.05 Acres
Days on Market269
Property Features for 5515 69th Pl
General Information
Standard status
Pending
Size
2,068 SF
Lot size
0.05 Acres
Property subtype
Other
Taxes and HOA fees
Annual Taxes
$8,617
Building Details
Building Size
2,068 SF
Year Built
1910
Listing Agency:
Listed By:
Lisa N. Berge
(917) 731-7827
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 22
Last Checked: Aug 23 at 9:11AM
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 Lisa N. Berge
Investment Insights
Based on property information with market context.
This is a two-family, semi-attached home located in a quiet and convenient area of Maspeth. The property has been gut renovated and updated. It features a private foyer front entrance. The second floor offers four bedrooms and one bathroom and is described as bright and airy. The first floor includes three bedrooms, one bathroom, and laundry facilities, with a rear outside entrance leading to a fenced yard. A porch and patio are located in the rear, with access to the front. Additionally, there is a full finished basement with outside entrances at the front and back. The property is being sold as is. The rent roll is conservatively estimated at $10,000. The location provides convenient access to Manhattan, with a half-block walk to commute options. It is also a short walk to a school and is surrounded by banks, doctors, shopping, and restaurants.
Key Highlights
- Excellent, convenient location: walk to Manhattan commute, school, banks, doctors, shopping, and restaurants.
- High rental income potential: $10,000 conservative rent roll.
- Gut renovated and updated 2‑family home.
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
$50,551
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
3.72%
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%
$1,011,020
$1.0M
Cap Rate 7%
$722,157
$722.2K
Cap Rate 9%
$561,678
$561.7K
Market Conditions
NOI Build-Up for 2,068 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
$95.5K $46.20/SF
− Vacancy
−$3.6K −$1.76/SF
EGI
$91.9K $44.44/SF
− OpEx
−$41.4K −$20.00/SF
NOI
$50.6K $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%
$1,011,020
Cap Rate 7%
$722,157
Cap Rate 9%
$561,678
Alternative Uses
Best Use
Apartment 5plus
$722.2K
$631.9K – $842.5K
NOI $50,551 @ 7.0% cap · market cap 3.72%
Second Best
Multifamily LT 5
$489.0K
$427.9K – $570.5K
NOI $34,229 @ 7.0% cap · market cap 2.52%
Theoretical Best
Office A
$1.52M
$1.33M – $1.78M
NOI $106,719 @ 7.0% cap · market cap 7.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,773
Businesses Nearby
Explore this area
Business Placement
Demographics for 11378, NY
38,288
Population
14,522
Households
2.6
Avg Household Size
40
Median Age
26%
College-Educated
83%
High-School Grad
2.4 sq mi
ZIP Area
15,953
Density / Sq Mi
$84,762
Median Household Income
$52,281
Median Earnings
$1,932
Median Rent
$832,700
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 - Spacious, renovated duplex in convenient Maspeth location near Manhattan.
Where is this duplex located?
The property is located at 5515 69th Pl Queens, NY.
What is the asking price?
The asking price for this property is $1,359,000.
What are key features of this property?
This property features: Excellent, convenient location: walk to Manhattan commute, school, banks, doctors, shopping, and restaurants.; High rental income potential: $10,000 conservative rent roll.; Gut renovated and updated 2‑family home.
