Remodeled Detached
For Sale
$950,000
191-47 114th Drive, Saint Albans, NY 11412
Legal two-family residence with finished basement, stainless appliances, and a separate garage on a corner lot.
Property Size1,783 SF
Lot Size0.07 Acres
Days on Market53
Property Features for 191-47 114th Drive
General Information
Standard status
Active
Size
1,783 SF
Total Parking Spaces
2
Lot size
0.07 Acres
Property subtype
Residential Income
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$5,849
Amenities
finished basement
stainless steel appliances
detached garage
Building Details
Building Size
1,783 SF
Year Built
1925
Buildings
1
Units
2
Listing Agency:
Fox 21
(516) 859-1611
Listed By:
Robert Hakimian
(516) 859-1611
Source:
Professionalchoicerealty
Added: Jul 8
Changed: Aug 28
Last Checked: Aug 28 at 11:32AM
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 Fox 21
Investment Insights
Based on property information with market context.
This detached duplex, built in 1925, contains two legal residential apartments, each arranged with 3 bedrooms and 1 bath. The property also includes a finished basement with an outside separate entrance, stainless steel appliances, and a detached garage. Its 32x100 corner lot provides the underlying parcel dimensions for the property.
The residence is positioned on a tree-lined street near shopping and bus service in Saint Albans, Queens. The two-unit configuration, basement area, and separate garage provide a combination of residential layout and auxiliary space within an established neighborhood setting.
The residence is positioned on a tree-lined street near shopping and bus service in Saint Albans, Queens. The two-unit configuration, basement area, and separate garage provide a combination of residential layout and auxiliary space within an established neighborhood setting.
Key Highlights
- Two legal apartments, each with 3 bedrooms and 1 bath
- Detached duplex built in 1925
- Finished basement with OSE
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
$43,584
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
4.59%
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%
$871,680
$871.7K
Cap Rate 7%
$622,629
$622.6K
Cap Rate 9%
$484,267
$484.3K
Market Conditions
NOI Build-Up for 1,783 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
$82.4K $46.20/SF
− Vacancy
−$3.1K −$1.76/SF
EGI
$79.2K $44.44/SF
− OpEx
−$35.7K −$20.00/SF
NOI
$43.6K $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%
$871,680
Cap Rate 7%
$622,629
Cap Rate 9%
$484,267
Alternative Uses
Best Use
Apartment 5plus
$622.6K
$544.8K – $726.4K
NOI $43,584 @ 7.0% cap · market cap 4.59%
Second Best
Multifamily LT 5
$421.6K
$368.9K – $491.9K
NOI $29,512 @ 7.0% cap · market cap 3.11%
Theoretical Best
Office A
$1.31M
$1.15M – $1.53M
NOI $92,011 @ 7.0% cap · market cap 9.69%
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
1,303
Businesses Nearby
Explore this area
Business Placement
Demographics for 11412, NY
37,958
Population
12,821
Households
3
Avg Household Size
41
Median Age
25%
College-Educated
89%
High-School Grad
1.6 sq mi
ZIP Area
23,724
Density / Sq Mi
$98,418
Median Household Income
$48,243
Median Earnings
$1,630
Median Rent
$633,800
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 - Legal two-family residence with finished basement, stainless appliances, and a separate garage on a corner lot.
Where is this duplex located?
The property is located at 191-47 114th Drive Saint Albans, NY.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Two legal apartments, each with 3 bedrooms and 1 bath; Detached duplex built in 1925; Finished basement with OSE
