Two-Family
For Sale
$1,175,000
14615 223rd Street, Springfield Gardens, NY 11413
Each residence has three bedrooms, one-and-a-half baths, and access to a walk-in basement.
Property Size2,288 SF
Price / SF$513.55
Days on Market129
Property Features for 14615 223rd Street
General Information
Standard status
Active
Size
2,288 SF
Property subtype
Manufactured On Land
Occupancy
100%
Units
Unit Mix
2 x 3BR/1.5BA
Multifamily Units
2
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$6,875
Building Details
Building Size
2,288 SF
Year Built
1960
Listing Agency:
NMG Properties Inc.
Listed By:
Natasha Green
(516) 887-0000
Source:
Nmgproperties
Added: Jun 24
Changed: Oct 30
Last Checked: Oct 30 at 1:56AM
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 NMG Properties Inc.
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Investment Insights
Based on property information with market context.
This two-family property contains 2,288 square feet, with two units arranged across separate floors. Each unit offers 3 bedrooms and 1.5 baths, along with a living room, dining area, and kitchen. A walk-in basement adds below-grade space. Built in 1960, the building is fully tenanted and described as well maintained.
Located at 14615 223rd Street in Springfield Gardens, New York, the property is identified as an official two-family residence.
Located at 14615 223rd Street in Springfield Gardens, New York, the property is identified as an official two-family residence.
Key Highlights
- Two units, each with 3 bedrooms and 1.5 baths
- 2,288 square feet; built in 1960
- Living room, dining area, and kitchen in each unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$55,929
Cap Rate
4.76%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,118,580
$1.1M
Cap Rate 7%
$798,986
$799.0K
Cap Rate 9%
$621,433
$621.4K
Market Conditions
NOI Build-Up for 2,288 SF
Gross rent
$105.7K $46.20/SF
− Vacancy
−$4.0K −$1.76/SF
EGI
$101.7K $44.44/SF
− OpEx
−$45.8K −$20.00/SF
NOI
$55.9K $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 Rate 5%
$1,118,580
Cap Rate 7%
$798,986
Cap Rate 9%
$621,433
Alternative Uses
Best Use
Apartment 5plus
$799.0K
$699.1K – $932.2K
NOI $55,929 @ 7.0% cap · market cap 4.76%
Second Best
Multifamily LT 5
$541.0K
$473.4K – $631.2K
NOI $37,870 @ 7.0% cap · market cap 3.22%
Theoretical Best
Office A
$1.69M
$1.48M – $1.97M
NOI $118,072 @ 7.0% cap · market cap 10.05%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
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Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,066
Businesses Nearby
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Business Placement
Demographics for 11413, NY
42,978
Population
14,485
Households
3
Avg Household Size
40
Median Age
29%
College-Educated
92%
High-School Grad
3.0 sq mi
ZIP Area
14,326
Density / Sq Mi
$114,766
Median Household Income
$50,525
Median Earnings
$2,038
Median Rent
$631,700
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Each residence has three bedrooms, one-and-a-half baths, and access to a walk-in basement.
Where is this duplex located?
The property is located at 14615 223rd Street Springfield Gardens, NY.
What is the asking price?
The asking price for this property is $1,175,000.
What are key features of this property?
This property features: Two units, each with 3 bedrooms and 1.5 baths; 2,288 square feet; built in 1960; Living room, dining area, and kitchen in each unit
