Two-Family Corner
For Sale
$1,180,000
128 Queen St, Staten Island, NY 10314
Two-level two-family corner home with separate kitchen and private backyard on a 49' x 95' lot.
Property Size2,224 SF
Lot Size0.11 Acres
Days on Market38
Property Features for 128 Queen St
General Information
Standard status
Active
Size
2,224 SF
Lot size
0.11 Acres
Property subtype
Multi Family
Additional Details
Highway Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$9,663
Building Details
Building Size
2,224 SF
Year Built
1970
Stories
1
Listing Agency:
RE/MAX Real Estate Professionals
(917) 708-9966
Listed By:
Hang (Tyler) Chen · License #HC3855
(917) 708-9966
Source:
Elliman
Added: Jul 21
Changed: Aug 26
Last Checked: Aug 26 at 11:37AM
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 Real Estate Professionals
Investment Insights
Based on property information with market context.
This two-family corner home offers two separate living levels with multiple bedrooms and bathrooms. The first level features two bedrooms, one full bathroom, an eat-in kitchen, a living room, and an attached built-in garage. The second level includes three bedrooms, 1.5 bathrooms, a generously sized living and dining room, and a separate kitchen.
Set on a 49' x 95' lot with a 25' x 46' building footprint, the property includes a private backyard for outdoor use.
Conveniently located near I-278, the home is also described as being close to parks, schools, shopping, restaurants, and other everyday amenities.
Set on a 49' x 95' lot with a 25' x 46' building footprint, the property includes a private backyard for outdoor use.
Conveniently located near I-278, the home is also described as being close to parks, schools, shopping, restaurants, and other everyday amenities.
Key Highlights
- Two‑family corner home built in 1970 in the Manor Heights neighborhood
- First level features 2 bedrooms, 1 full bath, eat‑in kitchen, living room, and attached built‑in garage
- Second level offers 3 bedrooms, 1.5 baths, living/dining room, and a separate kitchen
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
$60,659
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
5.14%
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%
$1,213,180
$1.2M
Cap Rate 7%
$866,557
$866.6K
Cap Rate 9%
$673,989
$674.0K
Market Conditions
NOI Build-Up for 2,224 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
$90.7K $40.80/SF
− Vacancy
−$4.1K −$1.84/SF
EGI
$86.7K $38.96/SF
− OpEx
−$26.0K −$11.69/SF
NOI
$60.7K $27.27/SF
Area
ZIP 10314
Vacancy
4.50%
Lease Rate
$40.80 /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%
$1,213,180
Cap Rate 7%
$866,557
Cap Rate 9%
$673,989
Alternative Uses
Best Use
Multifamily LT 5
$866.6K
$758.2K – $1.01M
NOI $60,659 @ 7.0% cap · market cap 5.14%
Second Best
Apartment 5plus
$803.5K
$703.1K – $937.5K
NOI $56,248 @ 7.0% cap · market cap 4.77%
Theoretical Best
Office A
$1.06M
$928.5K – $1.24M
NOI $74,282 @ 7.0% cap · market cap 6.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
716
Businesses Nearby
Explore this area
Business Placement
Demographics for 10314, NY
92,157
Population
33,554
Households
2.7
Avg Household Size
41
Median Age
37%
College-Educated
89%
High-School Grad
13.0 sq mi
ZIP Area
7,089
Density / Sq Mi
$104,655
Median Household Income
$58,769
Median Earnings
$1,726
Median Rent
$665,500
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 - Two-level two-family corner home with separate kitchen and private backyard on a 49' x 95' lot.
Where is this duplex located?
The property is located at 128 Queen St Staten Island, NY.
What is the asking price?
The asking price for this property is $1,180,000.
What are key features of this property?
This property features: Two‑family corner home built in 1970 in the Manor Heights neighborhood; First level features 2 bedrooms, 1 full bath, eat‑in kitchen, living room, and attached built‑in garage; Second level offers 3 bedrooms, 1.5 baths, living/dining room, and a separate kitchen
