Duplex With Finished
For Sale
$1,280,000
14734 224th Street, Jamaica, NY 11413
Detached two-family property with two spacious residential units and additional finished basement space.
Property Size2,130 SF
Price / SF$600.94
Days on Market24
Property Features for 14734 224th Street
General Information
Standard status
Active
Size
2,130 SF
Property subtype
Residential Income
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$8,241
Building Details
Building Size
2,130 SF
Year Built
2019
Buildings
1
Units
2
Listing Agency:
Prospes Real Estate Corp
(347) 885-8668
Listed By:
Huanyan Li
(347) 885-8668
Source:
Mydreamhomerealty
Added: Aug 5
Changed: Aug 28
Last Checked: Aug 28 at 12:41PM
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 Prospes Real Estate Corp
Investment Insights
Based on property information with market context.
Built in 2019, this detached duplex offers 2,130 square feet of interior living space across two residential units. Each unit includes three bedrooms and two full bathrooms, with one positioned on the first floor and the other above. High ceilings and oversized windows bring natural light throughout the home. A full finished basement adds a full bathroom, bonus space, and separate entrance potential.
The property is located at 147-34 224th Street in Jamaica, NY, on a tree-lined street. Laurelton LIRR Station is minutes away, with service reaching Penn Station and Grand Central in 30 minutes. Q111, Q114, and Q85 bus routes provide access to Jamaica Center, while the Belt Parkway and JFK Airport are also nearby. The property is described as move-in ready and will be delivered vacant.
The property is located at 147-34 224th Street in Jamaica, NY, on a tree-lined street. Laurelton LIRR Station is minutes away, with service reaching Penn Station and Grand Central in 30 minutes. Q111, Q114, and Q85 bus routes provide access to Jamaica Center, while the Belt Parkway and JFK Airport are also nearby. The property is described as move-in ready and will be delivered vacant.
Key Highlights
- 2,130 SF detached duplex built in 2019
- Two 3‑bedroom, 2‑full‑bath residential units
- Full finished basement with full bath
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
$52,067
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
4.07%
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%
$1,041,340
$1.0M
Cap Rate 7%
$743,814
$743.8K
Cap Rate 9%
$578,522
$578.5K
Market Conditions
NOI Build-Up for 2,130 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
$98.4K $46.20/SF
− Vacancy
−$3.7K −$1.76/SF
EGI
$94.7K $44.44/SF
− OpEx
−$42.6K −$20.00/SF
NOI
$52.1K $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%
$1,041,340
Cap Rate 7%
$743,814
Cap Rate 9%
$578,522
Alternative Uses
Best Use
Apartment 5plus
$743.8K
$650.8K – $867.8K
NOI $52,067 @ 7.0% cap · market cap 4.07%
Second Best
Multifamily LT 5
$503.6K
$440.7K – $587.6K
NOI $35,255 @ 7.0% cap · market cap 2.75%
Theoretical Best
Office A
$1.57M
$1.37M – $1.83M
NOI $109,918 @ 7.0% cap · market cap 8.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,066
Businesses Nearby
Explore this area
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
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 - Detached two-family property with two spacious residential units and additional finished basement space.
Where is this duplex located?
The property is located at 14734 224th Street Jamaica, NY.
What is the asking price?
The asking price for this property is $1,280,000.
What are key features of this property?
This property features: 2,130 SF detached duplex built in 2019; Two 3‑bedroom, 2‑full‑bath residential units; Full finished basement with full bath
