Corner Duplex with Fenced
For Sale
$1,200,000
1551 Sweetman Avenue, Elmont, NY 11003
Legal two-family residence with enclosed outdoor space and flexible owner-occupant potential.
Property Size2,211 SF
Days on Market50
Property Features for 1551 Sweetman Avenue
General Information
Standard status
Active
Size
2,211 SF
Total Parking Spaces
5
Property subtype
Residential Income
Property Condition
Severity
Repairs Needed
Evidence
could use a painting and refinish hardwood floors
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$16,781
Amenities
large usable fenced yard
Building Details
Building Size
2,211 SF
Year Built
1966
Units
2
Listing Agency:
Douglas Elliman Real Estate
(516) 354-6500
Listed By:
Joseph Albano · License #30AL0910178
Source:
Millenniumhomes
Added: Jul 12
Changed: Aug 29
Last Checked: Aug 25 at 9:25AM
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 Douglas Elliman Real Estate
Investment Insights
Based on property information with market context.
This legal two-family duplex is positioned on a corner lot and includes a large fenced yard. The property features two six-room apartments, offering a substantial layout for both units. The first level and basement are described as being in excellent condition, while the second level is vacant and would benefit from painting and hardwood-floor refinishing.
The property is located in Elmont, Long Island, near parks, transportation, shopping, and UBS Arena. Its location also places it close to the Queens border. The two-unit configuration supports an owner-occupant arrangement with a separate apartment, subject to the buyer’s intended use and verification of property details.
The property is located in Elmont, Long Island, near parks, transportation, shopping, and UBS Arena. Its location also places it close to the Queens border. The two-unit configuration supports an owner-occupant arrangement with a separate apartment, subject to the buyer’s intended use and verification of property details.
Key Highlights
- Legal 2‑family duplex with two 6‑room apartments
- Corner property with a large usable fenced yard
- First level and basement in excellent condition
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
$54,047
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
4.50%
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%
$1,080,940
$1.1M
Cap Rate 7%
$772,100
$772.1K
Cap Rate 9%
$600,522
$600.5K
Market Conditions
NOI Build-Up for 2,211 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
$102.1K $46.20/SF
− Vacancy
−$3.9K −$1.76/SF
EGI
$98.3K $44.44/SF
− OpEx
−$44.2K −$20.00/SF
NOI
$54.0K $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%
$1,080,940
Cap Rate 7%
$772,100
Cap Rate 9%
$600,522
Alternative Uses
Best Use
Apartment 5plus
$772.1K
$675.6K – $900.8K
NOI $54,047 @ 7.0% cap · market cap 4.50%
Second Best
Multifamily LT 5
$522.8K
$457.5K – $609.9K
NOI $36,596 @ 7.0% cap · market cap 3.05%
Theoretical Best
Office A
$1.63M
$1.43M – $1.90M
NOI $114,098 @ 7.0% cap · market cap 9.51%
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
992
Businesses Nearby
Explore this area
Business Placement
Demographics for 11003, NY
43,979
Population
12,641
Households
3.5
Avg Household Size
40
Median Age
33%
College-Educated
87%
High-School Grad
4.1 sq mi
ZIP Area
10,727
Density / Sq Mi
$123,000
Median Household Income
$53,302
Median Earnings
$2,315
Median Rent
$576,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Legal two-family residence with enclosed outdoor space and flexible owner-occupant potential.
Where is this duplex located?
The property is located at 1551 Sweetman Avenue Elmont, NY.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Legal 2‑family duplex with two 6‑room apartments; Corner property with a large usable fenced yard; First level and basement in excellent condition
