Far Rockaway Two-Family with Extra
For Sale
$1,249,000
Pending
802 Empire Ave, Queens, NY 11691
Two-family home with additional lot in Far Rockaway.
Property Size2,068 SF
Lot Size0.11 Acres
Days on Market254
Property Features for 802 Empire Ave
General Information
Standard status
Pending
Size
2,068 SF
Lot size
0.11 Acres
Property subtype
Other
Taxes and HOA fees
Annual Taxes
$5,558
Building Details
Building Size
2,068 SF
Year Built
1920
Units
2
Listing Agency:
(917) 923-0011
Listed By:
Joshua L. Singer
(917) 923-0011
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 8
Last Checked: Aug 8 at 12:47PM
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 Joshua L. Singer
Investment Insights
Based on property information with market context.
This property features a detached two-family home located in Far Rockaway. Each unit includes two bedrooms and one bathroom. The property also has a full basement with a bathroom and a large backyard. An additional 1,000 square foot lot is included in the sale. The double lot offers the potential to construct a 4,000 to 5,000 square foot home.
Key Highlights
- Detached 2‑family home in the heart of Far Rockaway.
- Additional 1000 sq ft lot included in the sale.
- Potential to build a 4000‑5000 sq ft dream home on the double lot.**
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
4.05%
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 4.05%
Second Best
Multifamily LT 5
$489.0K
$427.9K – $570.5K
NOI $34,229 @ 7.0% cap · market cap 2.74%
Theoretical Best
Office A
$1.52M
$1.33M – $1.78M
NOI $106,719 @ 7.0% cap · market cap 8.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,091
Businesses Nearby
Explore this area
Business Placement
Demographics for 11691, NY
64,673
Population
23,400
Households
2.8
Avg Household Size
34
Median Age
23%
College-Educated
78%
High-School Grad
2.7 sq mi
ZIP Area
23,953
Density / Sq Mi
$57,027
Median Household Income
$40,366
Median Earnings
$1,444
Median Rent
$649,400
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 home with additional lot in Far Rockaway.
Where is this duplex located?
The property is located at 802 Empire Ave Queens, NY.
What is the asking price?
The asking price for this property is $1,249,000.
What are key features of this property?
This property features: Detached 2‑family home in the heart of Far Rockaway.; Additional 1000 sq ft lot included in the sale.; Potential to build a 4000‑5000 sq ft dream home on the double lot.**
