Large Two-Family Home Near
For Sale
$729,000
Pending
304 Beach 89th St, Queens, NY 11693
Two-family home near the bay and ocean in Rockaway Park.
Property Size3,823 SF
Lot Size0.11 Acres
Days on Market268
Property Features for 304 Beach 89th St
General Information
Standard status
Pending
Size
3,823 SF
Lot size
0.11 Acres
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$8,046
Building Details
Building Size
3,823 SF
Year Built
1990
Stories
2
Listing Agency:
(718) 769-4448
Listed By:
Charles Greenwood
(718) 769-4448
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 14
Last Checked: Aug 23 at 9:14AM
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 Charles Greenwood
Investment Insights
Based on property information with market context.
This large two-family home, situated on a quiet street, presents an investment opportunity in Rockaway Park. The property features an attached garage and is located one block from the bay and three blocks from the boardwalk and oceanfront beach. Its location offers convenient access to various dining options and mass transit, including the MTA A and S train. This property may appeal to investors or those seeking a multi-family residence.
Key Highlights
- Prime location: One block from the bay and three blocks from the Boardwalk and Ocean Front Beach.
- Large 2‑family home, ideal for multi‑family investment or owner occupancy.**
- Owner financing available.
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
$63,277
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
8.68%
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%
$1,265,540
$1.3M
Cap Rate 7%
$903,957
$904.0K
Cap Rate 9%
$703,078
$703.1K
Market Conditions
NOI Build-Up for 3,823 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
$96.3K $25.20/SF
− Vacancy
−$5.9K −$1.55/SF
EGI
$90.4K $23.65/SF
− OpEx
−$27.1K −$7.09/SF
NOI
$63.3K $16.55/SF
Area
Queens County, NY
Vacancy
6.17%
Lease Rate
$25.20 /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%
$1,265,540
Cap Rate 7%
$903,957
Cap Rate 9%
$703,078
Alternative Uses
Best Use
Apartment 5plus
$1.34M
$1.17M – $1.56M
NOI $93,451 @ 7.0% cap · market cap 12.82%
Second Best
Multifamily LT 5
$904.0K
$791.0K – $1.05M
NOI $63,277 @ 7.0% cap · market cap 8.68%
Theoretical Best
Office A
$2.82M
$2.47M – $3.29M
NOI $197,285 @ 7.0% cap · market cap 27.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
30
Businesses Nearby
Explore this area
Business Placement
Demographics for 11693, NY
12,467
Population
5,850
Households
2.1
Avg Household Size
42
Median Age
36%
College-Educated
84%
High-School Grad
1.0 sq mi
ZIP Area
12,467
Density / Sq Mi
$67,829
Median Household Income
$47,632
Median Earnings
$1,198
Median Rent
$473,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-family home near the bay and ocean in Rockaway Park.
Where is this duplex located?
The property is located at 304 Beach 89th St Queens, NY.
What is the asking price?
The asking price for this property is $729,000.
What are key features of this property?
This property features: Prime location: **One block from the bay and three blocks from the Boardwalk and Ocean Front Beach.**; Large 2‑family home, ideal for multi‑family investment or owner occupancy.**; Owner financing available.
