Two-Family Brick
For Sale
$1,499,000
Pending
8223 Caldwell Ave, Queens, NY 11379
Updated two-family property with garage, yard, and porch.
Property Size2,232 SF
Lot Size0.23 Acres
Days on Market266
Property Features for 8223 Caldwell Ave
General Information
Standard status
Pending
Size
2,232 SF
Lot size
0.23 Acres
Property subtype
Other
Taxes and HOA fees
Annual Taxes
$12,035
Building Details
Building Size
2,232 SF
Year Built
1950
Units
2
Listing Agency:
(516) 996-0258
Listed By:
Michael A. DeAngelis
(516) 996-0258
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 9
Last Checked: Aug 20 at 9:44AM
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 Michael A. DeAngelis
Investment Insights
Based on property information with market context.
This detached two-family property is constructed of king-brick and offers income potential. The property has been updated and well maintained. Features include a two-car garage, a private yard, and a second-story porch. The property utilizes gas heat and direct hot water. Separate utilities are in place. The location provides proximity to shopping, public transportation, playgrounds, restaurants, and shops.
Key Highlights
- Great income potential as a two‑family home.
- Detached king‑brick construction.
- Two‑car garage and private yard.
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
$54,560
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
3.64%
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%
$1,091,200
$1.1M
Cap Rate 7%
$779,429
$779.4K
Cap Rate 9%
$606,222
$606.2K
Market Conditions
NOI Build-Up for 2,232 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
$103.1K $46.20/SF
− Vacancy
−$3.9K −$1.76/SF
EGI
$99.2K $44.44/SF
− OpEx
−$44.6K −$20.00/SF
NOI
$54.6K $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%
$1,091,200
Cap Rate 7%
$779,429
Cap Rate 9%
$606,222
Alternative Uses
Best Use
Apartment 5plus
$779.4K
$682.0K – $909.3K
NOI $54,560 @ 7.0% cap · market cap 3.64%
Second Best
Multifamily LT 5
$527.8K
$461.8K – $615.7K
NOI $36,943 @ 7.0% cap · market cap 2.46%
Theoretical Best
Office A
$1.65M
$1.44M – $1.92M
NOI $115,182 @ 7.0% cap · market cap 7.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,497
Businesses Nearby
Explore this area
Business Placement
Demographics for 11379, NY
37,906
Population
15,237
Households
2.5
Avg Household Size
44
Median Age
35%
College-Educated
84%
High-School Grad
2.2 sq mi
ZIP Area
17,230
Density / Sq Mi
$92,509
Median Household Income
$54,109
Median Earnings
$1,989
Median Rent
$886,600
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 - Updated two-family property with garage, yard, and porch.
Where is this duplex located?
The property is located at 8223 Caldwell Ave Queens, NY.
What is the asking price?
The asking price for this property is $1,499,000.
What are key features of this property?
This property features: Great income potential as a two‑family home.; Detached king‑brick construction.; Two‑car garage and private yard.
