Large Two-Family
For Sale
$899,000
Pending
155-54 115th Dr, Queens, NY 11434
Spacious 2-family house with finished basement and separate entrance.
Property Size2,430 SF
Lot Size0.09 Acres
Days on Market262
Property Features for 155-54 115th Dr
General Information
Standard status
Pending
Size
2,430 SF
Lot size
0.09 Acres
Property subtype
Other
Taxes and HOA fees
Annual Taxes
$7,356
Building Details
Building Size
2,430 SF
Year Built
1960
Units
2
Listing Agency:
RE/MAX Frontier
(646) 732-0513
Listed By:
Sudeep J. Modi
(646) 732-0513
Source:
Elliman
Added: Dec 3, 2025
Changed: Aug 18
Last Checked: Aug 22 at 10:01AM
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 RE/MAX Frontier
Investment Insights
Based on property information with market context.
This is a large two-family house with a total area of 2,430 square feet. It features a desirable layout, including a three-bedroom apartment with access to a two-level basement, and a one-bedroom apartment. The basement is finished and includes a full bath and a separate entrance. The property is located on a quiet street.
Key Highlights
- Large 2‑family home (2,430 sq ft) offering potential rental income or multi‑generational living.
- Three‑bedroom apartment with access to a finished two‑level basement.
- Finished basement includes a full bath and separate entrance, adding versatility and potential value.
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
$59,400
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
6.61%
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%
$1,188,000
$1.2M
Cap Rate 7%
$848,571
$848.6K
Cap Rate 9%
$660,000
$660.0K
Market Conditions
NOI Build-Up for 2,430 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
$112.3K $46.20/SF
− Vacancy
−$4.3K −$1.76/SF
EGI
$108.0K $44.44/SF
− OpEx
−$48.6K −$20.00/SF
NOI
$59.4K $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%
$1,188,000
Cap Rate 7%
$848,571
Cap Rate 9%
$660,000
Alternative Uses
Best Use
Apartment 5plus
$848.6K
$742.5K – $990.0K
NOI $59,400 @ 7.0% cap · market cap 6.61%
Second Best
Multifamily LT 5
$574.6K
$502.8K – $670.3K
NOI $40,220 @ 7.0% cap · market cap 4.47%
Theoretical Best
Office A
$1.79M
$1.57M – $2.09M
NOI $125,400 @ 7.0% cap · market cap 13.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
660
Businesses Nearby
Explore this area
Business Placement
Demographics for 11434, NY
66,964
Population
23,787
Households
2.8
Avg Household Size
40
Median Age
22%
College-Educated
87%
High-School Grad
3.2 sq mi
ZIP Area
20,926
Density / Sq Mi
$76,668
Median Household Income
$46,742
Median Earnings
$1,409
Median Rent
$585,600
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 - Spacious 2-family house with finished basement and separate entrance.
Where is this duplex located?
The property is located at 155-54 115th Dr Queens, NY.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Large 2‑family home (2,430 sq ft) offering potential rental income or multi‑generational living.; Three‑bedroom apartment with access to a finished two‑level basement.; Finished basement includes a full bath and separate entrance, adding versatility and potential value.
