Two-Family House in
For Sale
$1,198,000
Pending
1425 31st Dr, Queens, NY 11106
Semi-detached, two-family house featuring multiple bedrooms and a finished basement.
Property Size1,428 SF
Lot Size0.05 Acres
Days on Market268
Property Features for 1425 31st Dr
General Information
Standard status
Pending
Size
1,428 SF
Lot size
0.05 Acres
Property subtype
Other
Taxes and HOA fees
Annual Taxes
$4,955
Building Details
Building Size
1,428 SF
Year Built
1930
Units
2
Listing Agency:
REALTY EXECUTIVES TODAY
(718) 274-2400
Listed By:
Evangelia Kontis · License #914047
Source:
Elliman
Added: Nov 27, 2025
Changed: Aug 15
Last Checked: Aug 21 at 11:46AM
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 REALTY EXECUTIVES TODAY
Investment Insights
Based on property information with market context.
This semi-detached two-family house presents an opportunity for homeowners or investors. The property features a first-floor unit with 2 bedrooms and 4 rooms. The second floor offers a 3-bedroom unit with 5 rooms. A full finished basement provides additional storage space. The property will be delivered vacant.
Key Highlights
- Vacant on Title: Ready for immediate occupancy or rental.
- Two separate units: 2‑bedroom and 3‑bedroom, suitable for homeowners or investors.
- Full Finished Basement: Offers additional storage space.
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
$34,907
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
2.91%
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%
$698,140
$698.1K
Cap Rate 7%
$498,671
$498.7K
Cap Rate 9%
$387,856
$387.9K
Market Conditions
NOI Build-Up for 1,428 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
$66.0K $46.20/SF
− Vacancy
−$2.5K −$1.76/SF
EGI
$63.5K $44.44/SF
− OpEx
−$28.6K −$20.00/SF
NOI
$34.9K $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%
$698,140
Cap Rate 7%
$498,671
Cap Rate 9%
$387,856
Alternative Uses
Best Use
Apartment 5plus
$498.7K
$436.3K – $581.8K
NOI $34,907 @ 7.0% cap · market cap 2.91%
Second Best
Multifamily LT 5
$337.7K
$295.5K – $393.9K
NOI $23,636 @ 7.0% cap · market cap 1.97%
Theoretical Best
Office A
$1.05M
$921.2K – $1.23M
NOI $73,692 @ 7.0% cap · market cap 6.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,824
Businesses Nearby
Explore this area
Business Placement
Demographics for 11106, NY
41,722
Population
21,681
Households
1.9
Avg Household Size
37
Median Age
52%
College-Educated
89%
High-School Grad
0.9 sq mi
ZIP Area
46,358
Density / Sq Mi
$85,573
Median Household Income
$62,254
Median Earnings
$2,032
Median Rent
$639,200
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 - Semi-detached, two-family house featuring multiple bedrooms and a finished basement.
Where is this duplex located?
The property is located at 1425 31st Dr Queens, NY.
What is the asking price?
The asking price for this property is $1,198,000.
What are key features of this property?
This property features: Vacant on Title: Ready for immediate occupancy or rental.; Two separate units: **2‑bedroom and 3‑bedroom, suitable for homeowners or investors.**; Full Finished Basement: Offers additional storage space.
