Duplex Property with Gas
For Sale
$1,290,000
156-23 89th Street, Howard Beach, NY 11414
SINGLE_FAMILY - Howard Beach, NY
Property Size2,652 SF
Lot Size0.10 Acres
Price / SF$486.43
Days on Market262
Property Features for 156-23 89th Street
General Information
Property type
Residential
Property subtype
Duplex
Zoning
R2
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Bedroom 3, Bathroom 2, Bedroom 2, Bedroom 1, Bathroom 1, Bedroom 4
Parking features
Garage
Interior features
Refrigerator, Stove
Subdivision
Howard Beach
Standard status
Active
Size
2,652 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Annual Amount
9978
Amenities
gas fireplace
open-concept kitchen
stainless steel appliances
laundry room
balcony
backyard
Building Details
Year built
1955
Floors in Building
2
Flooring type
Hardwood, Tile
Architectural style
Other
Listing Agency:
Tiger Realty
(917) 708-9966
Listed By:
Yuyi Cheng
(917) 708-9966
Added: Dec 1, 2025
Changed: Aug 17
Last Checked: Aug 20 at 1:06AM
MLS# 497605
Copyright © 2026 Brooklyn New York Multiple Listing Service. 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 R2-zoned duplex property contains 2,652 square feet on a 0.0964-acre lot measuring 42 feet by 100 feet. The first level measures 26 feet by 55 feet and includes a living room with a gas fireplace, an open kitchen with stainless steel appliances, a dining area with bar seating, a three-piece bathroom, laundry room, substantial closet space, and garage access. A rear entry opens to the backyard.
The upper level measures 26 feet by 47 feet and provides a family room, three bedrooms, two full bathrooms, and a balcony accessible from one secondary bedroom. The primary bedroom includes an ensuite bathroom. Hardwood and tile flooring are installed throughout, while the property also includes a refrigerator, stove, and one-car garage. Built in 1955, the residence is located in Howard Beach, Queens, with transportation options described as convenient.
The upper level measures 26 feet by 47 feet and provides a family room, three bedrooms, two full bathrooms, and a balcony accessible from one secondary bedroom. The primary bedroom includes an ensuite bathroom. Hardwood and tile flooring are installed throughout, while the property also includes a refrigerator, stove, and one-car garage. Built in 1955, the residence is located in Howard Beach, Queens, with transportation options described as convenient.
Key Highlights
- R2‑zoned duplex property with 2,652 square feet of interior space
- 0.0964‑acre lot measuring 42 feet by 100 feet
- Two‑level layout with 4 bedrooms and 3 bathrooms
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
$64,827
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
5.03%
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%
$1,296,540
$1.3M
Cap Rate 7%
$926,100
$926.1K
Cap Rate 9%
$720,300
$720.3K
Market Conditions
NOI Build-Up for 2,652 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
$122.5K $46.20/SF
− Vacancy
−$4.7K −$1.76/SF
EGI
$117.9K $44.44/SF
− OpEx
−$53.0K −$20.00/SF
NOI
$64.8K $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%
$1,296,540
Cap Rate 7%
$926,100
Cap Rate 9%
$720,300
Alternative Uses
Best Use
Apartment 5plus
$926.1K
$810.3K – $1.08M
NOI $64,827 @ 7.0% cap · market cap 5.03%
Second Best
Multifamily LT 5
$627.1K
$548.7K – $731.6K
NOI $43,895 @ 7.0% cap · market cap 3.40%
Theoretical Best
Office A
$1.96M
$1.71M – $2.28M
NOI $136,856 @ 7.0% cap · market cap 10.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,112
Businesses Nearby
Explore this area
Business Placement
Demographics for 11414, NY
27,320
Population
12,223
Households
2.2
Avg Household Size
46
Median Age
31%
College-Educated
87%
High-School Grad
2.3 sq mi
ZIP Area
11,878
Density / Sq Mi
$98,209
Median Household Income
$66,162
Median Earnings
$1,991
Median Rent
$612,800
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-level residence with updated kitchen, multiple bathrooms, private outdoor space, and a one-car garage.
Where is this duplex located?
The property is located at 156-23 89th Street Howard Beach, NY.
What is the asking price?
The asking price for this property is $1,290,000.
What are key features of this property?
This property features: R2‑zoned duplex property with 2,652 square feet of interior space; 0.0964‑acre lot measuring 42 feet by 100 feet; Two‑level layout with 4 bedrooms and 3 bathrooms
