Renovated Duplex With
For Sale
$1,499,000
14939 123rd Street, South Ozone Park, NY 11420
Residential Income, South Ozone Park, NY
Property Size3,900 SF
Lot Size0.09 Acres
Price / SF$384.36
Days on Market141
Property Features for 14939 123rd Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Bedroom 2, Bathroom 3, Bedroom 5, Bedroom 1, Bedroom 6, Bedroom 4, Bathroom 2, Laundry Room, Bedroom 3
Parking features
Driveway
Patio and Porch features
Porch, Deck, Patio
Interior features
Entrance Foyer
Fencing
Fenced
Subdivision
South Ozone Park
High school district
NEW YORK CITY GEOGRAPHIC DISTRICT #27
Directions
I-495 (Long Island Expressway), then take the exit for the Van Wyck Expressway (I-678) South toward JFK Airport/Queens. Stay on I-678 S and use local exits (such as 130th Street/Conduit Avenue) into South Ozone Park, then follow neighborhood street house is on the Right.
Standard status
Active
Size
3,900 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Annual Amount
8453
Utilities
Heating system
Natural Gas, Baseboard
Water source
Public
Amenities
backyard
ceramic deck
laundry room
Building Details
Year built
1960
Floors in Building
3
Flooring type
Hardwood, Tile
Building materials
Brick
Roof type
Asphalt
Listing Agency:
REAL ESTATE HOMES LLC
Listed By:
Catalina Guttilla · License #10491210706
(516) 484-2999
Added: Apr 24
Changed: Sep 6
Last Checked: Sep 11 at 5:06PM
MLS# 11729894
Copyright © 2026 My State 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 149-39 123rd Street includes two renovated residential units, each configured with 3 bedrooms and 1 bathroom. The second-floor residence has an updated kitchen with appliances, pantry, wood and ceramic flooring, dining room, and living room. The first-floor unit adds a center island, granite countertops, stainless steel appliances, pantry, dining room, living room, and matching flooring. Each unit has separate gas and electric meters.
The fully renovated basement features high ceilings, a third kitchen, epoxy flooring, closets, pantry, laundry and utility rooms, plus three separate exits. Its use for additional income is subject to proper permits. Exterior features include a ceramic deck, fenced backyard, garage, and driveway parking for two to three cars. The property is near JFK Airport, bus and subway service, and the Belt Parkway, with stated access of about 25 minutes to Manhattan or Long Island.
The fully renovated basement features high ceilings, a third kitchen, epoxy flooring, closets, pantry, laundry and utility rooms, plus three separate exits. Its use for additional income is subject to proper permits. Exterior features include a ceramic deck, fenced backyard, garage, and driveway parking for two to three cars. The property is near JFK Airport, bus and subway service, and the Belt Parkway, with stated access of about 25 minutes to Manhattan or Long Island.
Key Highlights
- Two renovated units, each with 3 bedrooms and 1 bathroom
- 3,900‑square‑foot lot with a brick residence built in 1960
- Separate gas and electric meters serve the two units
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
$95,333
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
6.36%
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%
$1,906,660
$1.9M
Cap Rate 7%
$1,361,900
$1.4M
Cap Rate 9%
$1,059,256
$1.1M
Market Conditions
NOI Build-Up for 3,900 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
$180.2K $46.20/SF
− Vacancy
−$6.8K −$1.76/SF
EGI
$173.3K $44.44/SF
− OpEx
−$78.0K −$20.00/SF
NOI
$95.3K $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%
$1,906,660
Cap Rate 7%
$1,361,900
Cap Rate 9%
$1,059,256
Alternative Uses
Best Use
Apartment 5plus
$1.36M
$1.19M – $1.59M
NOI $95,333 @ 7.0% cap · market cap 6.36%
Second Best
Multifamily LT 5
$922.2K
$806.9K – $1.08M
NOI $64,551 @ 7.0% cap · market cap 4.31%
Theoretical Best
Office A
$2.88M
$2.52M – $3.35M
NOI $201,259 @ 7.0% cap · market cap 13.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
606
Businesses Nearby
Explore this area
Business Placement
Demographics for 11420, NY
47,383
Population
14,835
Households
3.2
Avg Household Size
40
Median Age
22%
College-Educated
78%
High-School Grad
2.1 sq mi
ZIP Area
22,563
Density / Sq Mi
$98,584
Median Household Income
$45,571
Median Earnings
$2,032
Median Rent
$673,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 updated three-bedroom units include separate utilities, finished living areas, and access to a renovated basement.
Where is this duplex located?
The property is located at 14939 123rd Street South Ozone Park, NY.
What is the asking price?
The asking price for this property is $1,499,000.
What are key features of this property?
This property features: Two renovated units, each with 3 bedrooms and 1 bathroom; 3,900‑square‑foot lot with a brick residence built in 1960; Separate gas and electric meters serve the two units
