Brick Duplex With Finished
New
For Sale
$1,999,000
14477 37th Ave, Queens, NY 11354
Three-story two-family residence with a flexible bedroom arrangement and walkable access to rail transportation.
Property Size3,450 SF
Price / SF$579.42
Days on Market4
Property Features for 14477 37th Ave
General Information
Standard status
Active
Size
3,450 SF
Property subtype
Investment
Additional Details
Public Transit
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$11,985
Building Details
Building Size
3,450 SF
Year Built
1965
Stories
3
Units
2
Construction
brick and block
Listing Agency:
(917) 573-0173
Listed By:
RuoRuo Yang
(917) 573-0173
Source:
Elliman
Added: Aug 8
Changed: Aug 11
Last Checked: Aug 10 at 6:31AM
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 RuoRuo Yang
Investment Insights
Based on property information with market context.
This 1965 two-family brick-and-block residence in Flushing provides approximately 3,450 square feet of living space across three levels, with a finished basement. The floor plan includes a one-bedroom, one-bathroom first floor, a three-bedroom, two-bathroom second floor, and a three-bedroom, two-bathroom third floor. The layout offers substantial room for household use, multigenerational living, or separate occupancy within the same property.
The home is situated near supermarkets, schools, and a park. Main Street station on the 7 train and the Long Island Rail Road station are both within walking distance, providing access to regional transit connections. The property combines a traditional two-family configuration with a finished lower level and a substantial residential footprint in Downtown Flushing.
The home is situated near supermarkets, schools, and a park. Main Street station on the 7 train and the Long Island Rail Road station are both within walking distance, providing access to regional transit connections. The property combines a traditional two-family configuration with a finished lower level and a substantial residential footprint in Downtown Flushing.
Key Highlights
- Approximately 3,450 sq ft of living space
- Two‑family layout with 1‑bedroom and 3‑bedroom floor configurations
- Finished basement included
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
$84,333
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
4.22%
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%
$1,686,660
$1.7M
Cap Rate 7%
$1,204,757
$1.2M
Cap Rate 9%
$937,033
$937.0K
Market Conditions
NOI Build-Up for 3,450 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
$159.4K $46.20/SF
− Vacancy
−$6.1K −$1.76/SF
EGI
$153.3K $44.44/SF
− OpEx
−$69.0K −$20.00/SF
NOI
$84.3K $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%
$1,686,660
Cap Rate 7%
$1,204,757
Cap Rate 9%
$937,033
Alternative Uses
Best Use
Apartment 5plus
$1.20M
$1.05M – $1.41M
NOI $84,333 @ 7.0% cap · market cap 4.22%
Second Best
Multifamily LT 5
$815.8K
$713.8K – $951.7K
NOI $57,103 @ 7.0% cap · market cap 2.86%
Theoretical Best
Office A
$2.54M
$2.23M – $2.97M
NOI $178,037 @ 7.0% cap · market cap 8.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
10,581
Businesses Nearby
Explore this area
Business Placement
Demographics for 11354, NY
61,276
Population
22,979
Households
2.7
Avg Household Size
45
Median Age
33%
College-Educated
79%
High-School Grad
2.2 sq mi
ZIP Area
27,853
Density / Sq Mi
$62,833
Median Household Income
$40,404
Median Earnings
$1,766
Median Rent
$521,000
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 - Three-story two-family residence with a flexible bedroom arrangement and walkable access to rail transportation.
Where is this duplex located?
The property is located at 14477 37th Ave Queens, NY.
What is the asking price?
The asking price for this property is $1,999,000.
What are key features of this property?
This property features: Approximately 3,450 sq ft of living space; Two‑family layout with 1‑bedroom and 3‑bedroom floor configurations; Finished basement included
