Duplex with Attic and
For Sale
$2,700,000
147-30 Cherry Avenue, Flushing, NY 11355
Two-family residence with substantial interior space and additional storage areas.
Property Size3,371 SF
Lot Size0.11 Acres
Price / SF$800.95
Days on Market56
Property Features for 147-30 Cherry Avenue
General Information
Standard status
Active
Size
3,371 SF
Total Parking Spaces
3
Lot size
0.11 Acres
Property subtype
Residential Income
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$13,977
Building Details
Building Size
3,371 SF
Year Built
1910
Units
2
Listing Agency:
Skylux Realty Inc
(516) 807-5818
Listed By:
Gary Wang
(516) 807-5818
Source:
Nextlevelrealestateny
Added: Jul 6
Changed: Aug 28
Last Checked: Aug 29 at 10:21AM
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 Skylux Realty Inc
Investment Insights
Based on property information with market context.
Built in 1910, this duplex offers approximately 3,371 square feet of interior living area across a two-family residential configuration. The property includes both an attic and a basement, providing additional space for storage, recreation, or other permitted uses. Interior areas are described as spacious, with multiple living spaces supporting a flexible residential layout.
The residence occupies a 5,000-square-foot lot at 147-30 Cherry Avenue in Flushing, New York. Its outdoor area adds usable space around the building, while the two-family arrangement may suit an owner-occupant or an investor seeking a residential income property.
The residence occupies a 5,000-square-foot lot at 147-30 Cherry Avenue in Flushing, New York. Its outdoor area adds usable space around the building, while the two-family arrangement may suit an owner-occupant or an investor seeking a residential income property.
Key Highlights
- Two‑family duplex configuration
- Approximately 3,371 square feet of interior living space
- 5,000‑square‑foot lot
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
$82,402
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
3.05%
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%
$1,648,040
$1.6M
Cap Rate 7%
$1,177,171
$1.2M
Cap Rate 9%
$915,578
$915.6K
Market Conditions
NOI Build-Up for 3,371 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
$155.7K $46.20/SF
− Vacancy
−$5.9K −$1.76/SF
EGI
$149.8K $44.44/SF
− OpEx
−$67.4K −$20.00/SF
NOI
$82.4K $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%
$1,648,040
Cap Rate 7%
$1,177,171
Cap Rate 9%
$915,578
Alternative Uses
Best Use
Apartment 5plus
$1.18M
$1.03M – $1.37M
NOI $82,402 @ 7.0% cap · market cap 3.05%
Second Best
Multifamily LT 5
$797.1K
$697.4K – $929.9K
NOI $55,795 @ 7.0% cap · market cap 2.07%
Theoretical Best
Office A
$2.49M
$2.17M – $2.90M
NOI $173,960 @ 7.0% cap · market cap 6.44%
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
8,966
Businesses Nearby
Explore this area
Business Placement
Demographics for 11355, NY
89,465
Population
32,049
Households
2.8
Avg Household Size
44
Median Age
24%
College-Educated
70%
High-School Grad
1.7 sq mi
ZIP Area
52,626
Density / Sq Mi
$53,700
Median Household Income
$31,166
Median Earnings
$1,664
Median Rent
$711,500
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 residence with substantial interior space and additional storage areas.
Where is this duplex located?
The property is located at 147-30 Cherry Avenue Flushing, NY.
What is the asking price?
The asking price for this property is $2,700,000.
What are key features of this property?
This property features: Two‑family duplex configuration; Approximately 3,371 square feet of interior living space; 5,000‑square‑foot lot
