Brick Duplex with
For Sale
$1,798,000
14615 22nd Avenue, Whitestone, NY 11357
South-facing two-family home with upgraded systems and matching three-bedroom upper floors.
Property Size2,700 SF
Days on Market8
Property Features for 14615 22nd Avenue
General Information
Standard status
Active
Size
2,700 SF
Total Parking Spaces
1
Property subtype
Triplex
Units
Unit Mix
2 x 3BR/1.5BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$13,613
Amenities
laundry room
Building Details
Building Size
2,700 SF
Year Built
1970
Year Renovated
2018
Buildings
1
Construction
brick
Listing Agency:
Royalux Realty LLC
(917) 412-1639
Listed By:
Priscilla Chan-Ho
Source:
Barbieliteam
Added: Aug 17
Changed: Aug 22
Last Checked: Aug 23 at 7:41AM
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 Royalux Realty LLC
Investment Insights
Based on property information with market context.
This south-facing duplex at 14615 22nd Avenue features two matching upper-floor residences, each arranged with 3 bedrooms, 1.5 baths, an open kitchen with island, dining area, and living room. The brick exterior received pointing and waterproofing in 2025, while the gutters were replaced in early 2026. A full renovation in 2018 added split AC systems and hot water heaters, and the roof is about 5 years old.
An attached garage includes a mechanic area, laundry room, and indoor parking for one car. The property is near parks, schools, shopping, dining, and public transportation, with bus service providing direct access to Flushing Downtown.
An attached garage includes a mechanic area, laundry room, and indoor parking for one car. The property is near parks, schools, shopping, dining, and public transportation, with bus service providing direct access to Flushing Downtown.
Key Highlights
- Two matching upper‑floor residences, each with 3 bedrooms and 1.5 baths
- Open‑concept kitchens with islands, dining areas, and living rooms on the second and third floors
- All‑brick exterior received new pointing and waterproofing in 2025
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
$66,000
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
3.67%
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%
$1,320,000
$1.3M
Cap Rate 7%
$942,857
$942.9K
Cap Rate 9%
$733,333
$733.3K
Market Conditions
NOI Build-Up for 2,700 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
$124.7K $46.20/SF
− Vacancy
−$4.7K −$1.76/SF
EGI
$120.0K $44.44/SF
− OpEx
−$54.0K −$20.00/SF
NOI
$66.0K $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%
$1,320,000
Cap Rate 7%
$942,857
Cap Rate 9%
$733,333
Alternative Uses
Best Use
Apartment 5plus
$942.9K
$825.0K – $1.10M
NOI $66,000 @ 7.0% cap · market cap 3.67%
Second Best
Multifamily LT 5
$638.4K
$558.6K – $744.8K
NOI $44,689 @ 7.0% cap · market cap 2.49%
Theoretical Best
Office A
$1.99M
$1.74M – $2.32M
NOI $139,333 @ 7.0% cap · market cap 7.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
999
Businesses Nearby
Explore this area
Business Placement
Demographics for 11357, NY
42,319
Population
16,586
Households
2.6
Avg Household Size
46
Median Age
38%
College-Educated
86%
High-School Grad
2.8 sq mi
ZIP Area
15,114
Density / Sq Mi
$97,754
Median Household Income
$58,814
Median Earnings
$2,228
Median Rent
$920,200
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 - South-facing two-family home with upgraded systems and matching three-bedroom upper floors.
Where is this duplex located?
The property is located at 14615 22nd Avenue Whitestone, NY.
What is the asking price?
The asking price for this property is $1,798,000.
What are key features of this property?
This property features: Two matching upper‑floor residences, each with 3 bedrooms and 1.5 baths; Open‑concept kitchens with islands, dining areas, and living rooms on the second and third floors; All‑brick exterior received new pointing and waterproofing in 2025
