Two-Over-One-Over-Studio
For Sale
$1,199,500
123-09 20th Avenue, College Point, NY 11356
Legal three-family property with a 2-over-1-over-studio layout and upper units ready for immediate occupancy.
Property Size1,734 SF
Days on Market151
Property Features for 123-09 20th Avenue
General Information
Standard status
Active
Size
1,734 SF
Property subtype
Triplex
Taxes and HOA fees
Annual Taxes
$4,663
Building Details
Building Size
1,734 SF
Year Built
1920
Tenancy
Multi
Listing Agency:
Coldwell Banker American Homes
Listed By:
Gavesh Meghan
(929) 318-3784
Source:
Serhant
Added: Apr 27
Changed: Sep 15
Last Checked: Sep 22 at 10:17PM
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 Coldwell Banker American Homes
Investment Insights
Based on property information with market context.
This legal three-family triplex offers a 2-over-1-over-studio layout. The property is described as well-maintained and rent-ready, with the upper units in great condition and ready for immediate occupancy or income. The studio provides an opportunity for customization to add the next owner’s touch.
Access and everyday convenience are emphasized in the surrounding area, including a Q20 and Q26 bus stop located just steps away. The front door is described as opening to Poppenhusen Playground, and the property is positioned just down the street from College Point Blvd, with shopping, grocery stores, dining, and daily conveniences noted as being about one block away.
Built in 1920, the property is presented as a practical multifamily option in a high-demand location.
Access and everyday convenience are emphasized in the surrounding area, including a Q20 and Q26 bus stop located just steps away. The front door is described as opening to Poppenhusen Playground, and the property is positioned just down the street from College Point Blvd, with shopping, grocery stores, dining, and daily conveniences noted as being about one block away.
Built in 1920, the property is presented as a practical multifamily option in a high-demand location.
Key Highlights
- Legal three‑family triplex with a 2‑over‑1‑over‑studio layout
- Upper units described as in great condition and ready for immediate occupancy
- Studio unit offers customization opportunity
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
$42,387
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
3.53%
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%
$847,740
$847.7K
Cap Rate 7%
$605,529
$605.5K
Cap Rate 9%
$470,967
$471.0K
Market Conditions
NOI Build-Up for 1,734 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
$80.1K $46.20/SF
− Vacancy
−$3.0K −$1.76/SF
EGI
$77.1K $44.44/SF
− OpEx
−$34.7K −$20.00/SF
NOI
$42.4K $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%
$847,740
Cap Rate 7%
$605,529
Cap Rate 9%
$470,967
Alternative Uses
Best Use
Apartment 5plus
$605.5K
$529.8K – $706.5K
NOI $42,387 @ 7.0% cap · market cap 3.53%
Second Best
Multifamily LT 5
$410.0K
$358.8K – $478.3K
NOI $28,700 @ 7.0% cap · market cap 2.39%
Theoretical Best
Office A
$1.28M
$1.12M – $1.49M
NOI $89,483 @ 7.0% cap · market cap 7.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,756
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
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Legal three-family property with a 2-over-1-over-studio layout and upper units ready for immediate occupancy.
Where is this triplex located?
The property is located at 123-09 20th Avenue College Point, NY.
What is the asking price?
The asking price for this property is $1,199,500.
What are key features of this property?
This property features: Legal three‑family triplex with a 2‑over‑1‑over‑studio layout; Upper units described as in great condition and ready for immediate occupancy; Studio unit offers customization opportunity
