Brick Duplex with Usable
For Sale
$2,700,000
147-30 Cherry Avenue, Flushing, NY 11355
Residential Income, Flushing, NY
Property Size3,371 SF
Lot Size0.11 Acres
Price / SF$800.95
Days on Market49
Property Features for 147-30 Cherry Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 5, Bedroom 6, Bedroom 2, Bedroom 4, Bathroom 1, Basement, Bathroom 4, Bathroom 2, Bathroom 3, Bedroom 1, Bedroom 3
Parking
3
Parking features
Driveway, Garage
Interior features
First Floor Bedroom, First Floor Full Bath, High Ceilings, Open Kitchen
Exterior features
Balcony, Garden
Basement
Walk-Out Access, Storage Space, Finished, Full
Lot features
Front Yard, Interior Lot, Near Public Transit, Near School, Paved
Elementary school
Ps 20 John Bowne
Middle school
Is 237
High school
John Bowne High School
Elementary school district
Queens 25
Middle school district
Queens 25
High school district
Queens 25
Standard status
Active
APN
4054040008
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
13977
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Wall/Window Unit(s), Electric, Ductless, Window Unit(s)
Water source
Public
Building Details
Year built
1910
Number of units
2
Flooring type
Hardwood
Building materials
Brick
Architectural style
Colonial
Listing Agency:
Skylux Realty Inc
(718) 500-2231
Listed By:
Gary Wang
(516) 807-5818
Added: Jul 6
Changed: Aug 20
Last Checked: Aug 23 at 7:06PM
MLS# 1022490
Copyright © 2026 OneKey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This brick duplex at 147-30 Cherry Avenue is a two-family residence with approximately 3,371 square feet of living space. The layout includes multiple bedrooms and bathrooms, an open kitchen, high ceilings, hardwood flooring, and a first-floor bedroom with a full bath. A usable attic and basement add flexible interior space, while the balcony and garden extend the property outdoors.
The property occupies a 5,000-square-foot lot, equivalent to 0.1148 acres, and includes a driveway and garage. Built in 1910 in the Colonial style, the home is served by public water and public sewer. Heating is provided by natural gas, with wall/window and ductless cooling systems listed among the property features.
The property occupies a 5,000-square-foot lot, equivalent to 0.1148 acres, and includes a driveway and garage. Built in 1910 in the Colonial style, the home is served by public water and public sewer. Heating is provided by natural gas, with wall/window and ductless cooling systems listed among the property features.
Key Highlights
- Two‑family duplex residence with approximately 3,371 SF of living space
- 5,000 SF lot, listed as 0.1148 acres
- Usable attic and basement provide additional interior 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
$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
4,187
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 attic, garden, balcony, and driveway parking.
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 residence with approximately 3,371 SF of living space; 5,000 SF lot, listed as 0.1148 acres; Usable attic and basement provide additional interior space
