Duplex with Detached
For Sale
$1,450,000
122-15 23rd Avenue, College Point, NY 11356
Vacant two-family property with flexible layouts, landscaped outdoor space, and substantial accessory parking and storage.
Property Size1,904 SF
Lot Size0.11 Acres
Days on Market13
Property Features for 122-15 23rd Avenue
General Information
Standard status
Active
Size
1,904 SF
Total Parking Spaces
5
Lot size
0.11 Acres
Property subtype
Duplex
Zoning
R4A
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 1BR/1BA, 1 x 4BR/2BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$9,521
Amenities
private rear deck
landscaped backyard
unfinished basement
laundry area
separate storage room
Building Details
Building Size
1,904 SF
Year Built
1920
Buildings
1
Listing Agency:
Exit Realty Achieve
(347) 419-1202
Listed By:
Vanessa Y. Rosario PSA
Source:
Serhant
Added: Jul 29
Changed: Aug 9
Last Checked: Aug 9 at 6:36AM
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 Exit Realty Achieve
Investment Insights
Based on property information with market context.
This two-family duplex property will be delivered vacant and includes distinct residential layouts. The first-floor apartment has 1 bedroom, with potential for a second bedroom, and 1 full bathroom. An upper-level duplex provides 4 bedrooms, 2 full bathrooms, and access to a rear deck with a spiral staircase descending to the landscaped backyard. The unfinished basement has interior and backyard access, a laundry area, and separate storage space.
The property occupies a 49.25' x 100' lot and includes five detached garages that can support parking, storage, workshop use, or rental income opportunities. Additional improvements include an architectural roof installed in 2016, an oil-fired boiler installed in 2013, and a hot water heater installed in 2025. The property is zoned R4A (Low Density Residential). Located in College Point near shopping, restaurants, schools, parks, major highways, and public transportation.
The property occupies a 49.25' x 100' lot and includes five detached garages that can support parking, storage, workshop use, or rental income opportunities. Additional improvements include an architectural roof installed in 2016, an oil-fired boiler installed in 2013, and a hot water heater installed in 2025. The property is zoned R4A (Low Density Residential). Located in College Point near shopping, restaurants, schools, parks, major highways, and public transportation.
Key Highlights
- Two‑family layout with a 1‑bedroom first‑floor apartment and 4‑bedroom upper duplex
- Upper duplex includes 2 full bathrooms and a private rear deck with spiral staircase
- Five detached garages on a 49.25' x 100' 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
$46,542
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
3.21%
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%
$930,840
$930.8K
Cap Rate 7%
$664,886
$664.9K
Cap Rate 9%
$517,133
$517.1K
Market Conditions
NOI Build-Up for 1,904 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
$88.0K $46.20/SF
− Vacancy
−$3.3K −$1.76/SF
EGI
$84.6K $44.44/SF
− OpEx
−$38.1K −$20.00/SF
NOI
$46.5K $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%
$930,840
Cap Rate 7%
$664,886
Cap Rate 9%
$517,133
Alternative Uses
Best Use
Apartment 5plus
$664.9K
$581.8K – $775.7K
NOI $46,542 @ 7.0% cap · market cap 3.21%
Second Best
Multifamily LT 5
$450.2K
$393.9K – $525.2K
NOI $31,514 @ 7.0% cap · market cap 2.17%
Theoretical Best
Office A
$1.40M
$1.23M – $1.64M
NOI $98,256 @ 7.0% cap · market cap 6.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,344
Businesses Nearby
Explore this area
Business Placement
Demographics for 11356, NY
28,310
Population
9,003
Households
3.1
Avg Household Size
37
Median Age
25%
College-Educated
78%
High-School Grad
1.6 sq mi
ZIP Area
17,694
Density / Sq Mi
$91,445
Median Household Income
$40,928
Median Earnings
$2,160
Median Rent
$893,100
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 - Vacant two-family property with flexible layouts, landscaped outdoor space, and substantial accessory parking and storage.
Where is this duplex located?
The property is located at 122-15 23rd Avenue College Point, NY.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: Two‑family layout with a 1‑bedroom first‑floor apartment and 4‑bedroom upper duplex; Upper duplex includes 2 full bathrooms and a private rear deck with spiral staircase; Five detached garages on a 49.25' x 100' lot
