Legal Two-Family Brick
For Sale
$1,140,000
133-50 123 St, Queens, NY 11420
Two-family house near transportation and amenities.
Property Size2,483 SF
Days on Market269
Property Features for 133-50 123 St
General Information
Standard status
Active
Size
2,483 SF
Property subtype
Other
Taxes and HOA fees
Annual Taxes
$6,800
Building Details
Building Size
2,483 SF
Year Built
2004
Units
2
Listing Agency:
(718) 843-6200
Listed By:
Dharam R. Sibadan
Source:
Elliman
Added: Nov 27, 2025
Changed: Aug 9
Last Checked: Aug 23 at 6:16AM
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 Dharam R. Sibadan
Investment Insights
Based on property information with market context.
This is a vacant, legal two-family, semi-detached brick and frame house. The first floor features three bedrooms, a living room, a dining room, an eat-in kitchen, and one full bathroom. The master bedroom includes a private bathroom. Hardwood floors are present throughout the house. The second-floor apartment contains two bedrooms, a living room, a dining room, an eat-in kitchen, one full bathroom, a private balcony, and a terrace. A separate entrance from the rear leads to the fully finished basement, which includes a laundry room. The property is conveniently located close to the Q18 express bus to New York City, the Van Wyck Expressway, the Belt Parkway, Lefferts Boulevard, and Rockaway Boulevard. It is also located minutes from JFK Airport, shops, and Resorts World Casino.
Key Highlights
- Legal 2‑family semi‑detached brick/frame construction.
- Two apartments: 3‑bedroom unit with a master bathroom, and a 2‑bedroom unit with a private balcony and terrace.
- Finished basement with laundry room and separate entrance.
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
$60,695
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
5.32%
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%
$1,213,900
$1.2M
Cap Rate 7%
$867,071
$867.1K
Cap Rate 9%
$674,389
$674.4K
Market Conditions
NOI Build-Up for 2,483 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
$114.7K $46.20/SF
− Vacancy
−$4.4K −$1.76/SF
EGI
$110.4K $44.44/SF
− OpEx
−$49.7K −$20.00/SF
NOI
$60.7K $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%
$1,213,900
Cap Rate 7%
$867,071
Cap Rate 9%
$674,389
Alternative Uses
Best Use
Apartment 5plus
$867.1K
$758.7K – $1.01M
NOI $60,695 @ 7.0% cap · market cap 5.32%
Second Best
Multifamily LT 5
$587.1K
$513.7K – $685.0K
NOI $41,098 @ 7.0% cap · market cap 3.61%
Theoretical Best
Office A
$1.83M
$1.60M – $2.14M
NOI $128,135 @ 7.0% cap · market cap 11.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,317
Businesses Nearby
Explore this area
Business Placement
Demographics for 11420, NY
47,383
Population
14,835
Households
3.2
Avg Household Size
40
Median Age
22%
College-Educated
78%
High-School Grad
2.1 sq mi
ZIP Area
22,563
Density / Sq Mi
$98,584
Median Household Income
$45,571
Median Earnings
$2,032
Median Rent
$673,700
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-family house near transportation and amenities.
Where is this duplex located?
The property is located at 133-50 123 St Queens, NY.
What is the asking price?
The asking price for this property is $1,140,000.
What are key features of this property?
This property features: Legal 2‑family semi‑detached brick/frame construction.; Two apartments: **3‑bedroom unit with a master bathroom**, and a 2‑bedroom unit with a private balcony and terrace.; Finished basement with laundry room and separate entrance.
