Recently Renovated Duplex With
For Sale
$1,199,000
121 W Chester Street, Long Beach, NY 11561
MULTI_FAMILY - Long Beach, NY
Property Size3,397 SF
Lot Size0.14 Acres
Price / SF$352.96
Days on Market157
Property Features for 121 W Chester Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
7
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 4, Basement, Bathroom 4, Bedroom 2, Bathroom 1, Bedroom 7, Bathroom 2, Bedroom 1, Bathroom 3, Bedroom 3, Bedroom 5, Bedroom 6
Parking
5
Parking features
Driveway, Garage
Interior features
First Floor Bedroom, Open Floorplan
Basement
Full, Finished
Standard status
Active
APN
1000-59-069-00-0065-0
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
17863
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Wall/Window Unit(s), Window Unit(s)
Water source
Public
Amenities
private balcony
Building Details
Year built
1920
Number of units
2
Building materials
Stucco
Listing Agency:
Douglas Elliman Real Estate
(516) 432-3400
Listed By:
Tamta Gigilashvili · License #10401363424
(646) 696-0309
Added: Mar 11
Changed: Aug 1
Last Checked: Aug 14 at 4:06PM
MLS# 970196
Copyright © 2026 OneKey MLS. 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 recently renovated duplex offers income-producing flexibility with multiple levels of finished living space. The first floor features approximately 1,234 SF with three bedrooms, two full bathrooms, a spacious kitchen, a living room, and access to a fully finished basement of approximately 830 SF for additional living space. The second floor provides approximately 862 SF with two bedrooms, two bathrooms, and a private balcony. The third floor adds approximately 472 SF of finished space, offering flexible room options. In total, the property provides approximately 3,397 SF including the basement.
Set on a 6,000 SF (60 x 100) lot, the home also includes a large backyard for outdoor use, along with a garage and a driveway with multiple parking spaces. Built with stucco construction and heated with natural gas, utilities include public water and public sewer. Cable is available.
Conveniently located close to local shops, the LIRR train station, beach, and boardwalk.
Set on a 6,000 SF (60 x 100) lot, the home also includes a large backyard for outdoor use, along with a garage and a driveway with multiple parking spaces. Built with stucco construction and heated with natural gas, utilities include public water and public sewer. Cable is available.
Conveniently located close to local shops, the LIRR train station, beach, and boardwalk.
Key Highlights
- Approximately 3,397 SF total living space across three finished floors plus basement
- Fully finished basement adds approximately 830 SF with additional living space access
- First floor: approximately 1,234 SF with 3 bedrooms and 2 full bathrooms
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
$64,717
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
5.40%
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%
$1,294,340
$1.3M
Cap Rate 7%
$924,529
$924.5K
Cap Rate 9%
$719,078
$719.1K
Market Conditions
NOI Build-Up for 3,397 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
$97.8K $28.80/SF
− Vacancy
−$5.4K −$1.58/SF
EGI
$92.5K $27.22/SF
− OpEx
−$27.7K −$8.16/SF
NOI
$64.7K $19.05/SF
Area
Nassau County, NY
Vacancy
5.50%
Lease Rate
$28.80 /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%
$1,294,340
Cap Rate 7%
$924,529
Cap Rate 9%
$719,078
Alternative Uses
Best Use
Multifamily LT 5
$924.5K
$809.0K – $1.08M
NOI $64,717 @ 7.0% cap · market cap 5.40%
Second Best
Apartment 5plus
$865.6K
$757.4K – $1.01M
NOI $60,594 @ 7.0% cap · market cap 5.05%
Theoretical Best
Specialty Retail
$2.25M
$1.97M – $2.62M
NOI $157,222 @ 7.0% cap · market cap 13.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,503
Businesses Nearby
Explore this area
Business Placement
Demographics for 11561, NY
39,132
Population
18,442
Households
2.1
Avg Household Size
45
Median Age
53%
College-Educated
96%
High-School Grad
4.0 sq mi
ZIP Area
9,783
Density / Sq Mi
$132,903
Median Household Income
$72,221
Median Earnings
$2,462
Median Rent
$676,600
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 - Recently renovated duplex with multi-floor finished space, private outdoor area, and a driveway plus garage parking.
Where is this duplex located?
The property is located at 121 W Chester Street Long Beach, NY.
What is the asking price?
The asking price for this property is $1,199,000.
What are key features of this property?
This property features: Approximately 3,397 SF total living space across three finished floors plus basement; Fully finished basement adds approximately 830 SF with additional living space access; First floor: approximately 1,234 SF with 3 bedrooms and 2 full bathrooms
