Brick Two-Family
New
For Sale
$788,000
15328 119th Avenue, Jamaica, NY 11434
Legal two-family property with separate apartments, finished lower-level space, and access to transit and Baisley Park.
Property Size1,408 SF
Days on Market3
Property Features for 15328 119th Avenue
General Information
Standard status
Active
Size
1,408 SF
Property subtype
Residential Income
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 1BR, 1 x 2BR
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,536
Building Details
Building Size
1,408 SF
Year Built
1940
Buildings
1
Units
2
Construction
brick
Listing Agency:
Bill Gallo Realty
(646) 522-9249
Listed By:
Michael Turschmann
(646) 522-9249
Source:
Cohenandcohenrealty
Added: Aug 18
Changed: Aug 20
Last Checked: Aug 20 at 8:59AM
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 Bill Gallo Realty
Investment Insights
Based on property information with market context.
Built in 1940, this brick legal two-family residence contains more than 1,400 square feet across two apartment levels. The first-floor one-bedroom unit includes a living room, dining area, galley kitchen, full bath, and recently refreshed finishes, with interior access to the finished basement. The second-floor apartment offers two bedrooms, a living and dining area, galley kitchen, full bath, skylights, fresh paint, and new carpeting.
The lower level adds a family room, bonus room, utility area, and separate front entry, with tile floors and recessed lighting. A new oil boiler, hot water tank, utility sink, washer/dryer hookups, new roof, two electric meters, and two gas meters are included. A shared community driveway provides rear access. The property is 2 miles from Jamaica Station and near Baisley Park, restaurants, a supermarket, houses of worship, and multiple transportation options.
The lower level adds a family room, bonus room, utility area, and separate front entry, with tile floors and recessed lighting. A new oil boiler, hot water tank, utility sink, washer/dryer hookups, new roof, two electric meters, and two gas meters are included. A shared community driveway provides rear access. The property is 2 miles from Jamaica Station and near Baisley Park, restaurants, a supermarket, houses of worship, and multiple transportation options.
Key Highlights
- Legal two‑family layout with 1‑bedroom and 2‑bedroom apartments
- More than 1,400 square feet of living space across the 1st and 2nd floors
- Finished basement with family room, bonus room, utility area, and separate front entrance
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
$34,418
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
4.37%
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%
$688,360
$688.4K
Cap Rate 7%
$491,686
$491.7K
Cap Rate 9%
$382,422
$382.4K
Market Conditions
NOI Build-Up for 1,408 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
$65.0K $46.20/SF
− Vacancy
−$2.5K −$1.76/SF
EGI
$62.6K $44.44/SF
− OpEx
−$28.2K −$20.00/SF
NOI
$34.4K $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%
$688,360
Cap Rate 7%
$491,686
Cap Rate 9%
$382,422
Alternative Uses
Best Use
Apartment 5plus
$491.7K
$430.2K – $573.6K
NOI $34,418 @ 7.0% cap · market cap 4.37%
Second Best
Multifamily LT 5
$332.9K
$291.3K – $388.4K
NOI $23,305 @ 7.0% cap · market cap 2.96%
Theoretical Best
Office A
$1.04M
$908.3K – $1.21M
NOI $72,660 @ 7.0% cap · market cap 9.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,345
Businesses Nearby
Explore this area
Business Placement
Demographics for 11434, NY
66,964
Population
23,787
Households
2.8
Avg Household Size
40
Median Age
22%
College-Educated
87%
High-School Grad
3.2 sq mi
ZIP Area
20,926
Density / Sq Mi
$76,668
Median Household Income
$46,742
Median Earnings
$1,409
Median Rent
$585,600
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 - Legal two-family property with separate apartments, finished lower-level space, and access to transit and Baisley Park.
Where is this duplex located?
The property is located at 15328 119th Avenue Jamaica, NY.
What is the asking price?
The asking price for this property is $788,000.
What are key features of this property?
This property features: Legal two‑family layout with 1‑bedroom and 2‑bedroom apartments; More than 1,400 square feet of living space across the 1st and 2nd floors; Finished basement with family room, bonus room, utility area, and separate front entrance
