Two-Family Home with
For Sale
$1,299,000
183 Litchfield Ave, Elmont, NY 11003
Well-maintained duplex with finished lower-level space, separate exterior access, and private off-street parking.
Property Size2,200 SF
Lot Size0.16 Acres
Price / SF$590.45
Days on Market124
Property Features for 183 Litchfield Ave
General Information
Standard status
Active
Size
2,200 SF
Total Parking Spaces
2
Lot size
0.16 Acres
Property subtype
Residential Income
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$13,832
Amenities
finished basement with outside entrance
Building Details
Year Built
1970
Listing Agency:
Pilgrim Realty Inc
(516) 587-1403
Listed By:
Mathew V. Cheravallil
(516) 587-1403
Source:
Exprealty
Added: Apr 30
Changed: Aug 30
Last Checked: Aug 30 at 3:51PM
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 Pilgrim Realty Inc
Investment Insights
Based on property information with market context.
This two-family residence contains a three-bedroom unit on each of its two main floors, providing 2200 square feet of total living area. The property also includes a full finished basement with an outside entrance, a two-car garage, and a private driveway. Built in 1970, the home occupies a 7000-square-foot lot.
Located at 183 Litchfield Ave in Elmont, the property is near shopping and transportation. Its two-unit layout, substantial bedroom count, lower-level finish, and dedicated parking offer a practical configuration for multifamily ownership.
Located at 183 Litchfield Ave in Elmont, the property is near shopping and transportation. Its two-unit layout, substantial bedroom count, lower-level finish, and dedicated parking offer a practical configuration for multifamily ownership.
Key Highlights
- Two‑family residence with a three‑bedroom unit on both the 1st and 2nd floors
- 2200 square feet of total living area
- Full finished basement with outside 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
$53,778
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
4.14%
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%
$1,075,560
$1.1M
Cap Rate 7%
$768,257
$768.3K
Cap Rate 9%
$597,533
$597.5K
Market Conditions
NOI Build-Up for 2,200 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
$101.6K $46.20/SF
− Vacancy
−$3.9K −$1.76/SF
EGI
$97.8K $44.44/SF
− OpEx
−$44.0K −$20.00/SF
NOI
$53.8K $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%
$1,075,560
Cap Rate 7%
$768,257
Cap Rate 9%
$597,533
Alternative Uses
Best Use
Apartment 5plus
$768.3K
$672.2K – $896.3K
NOI $53,778 @ 7.0% cap · market cap 4.14%
Second Best
Multifamily LT 5
$520.2K
$455.2K – $606.9K
NOI $36,414 @ 7.0% cap · market cap 2.80%
Theoretical Best
Office A
$1.62M
$1.42M – $1.89M
NOI $113,531 @ 7.0% cap · market cap 8.74%
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
1,453
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 - Well-maintained duplex with finished lower-level space, separate exterior access, and private off-street parking.
Where is this duplex located?
The property is located at 183 Litchfield Ave Elmont, NY.
What is the asking price?
The asking price for this property is $1,299,000.
What are key features of this property?
This property features: Two‑family residence with a three‑bedroom unit on both the 1st and 2nd floors; 2200 square feet of total living area; Full finished basement with outside entrance
