Renovated Two-Family
For Sale
$999,000
199 Terrell Avenue, Oceanside, NY 11572
Two apartments offer distinct layouts, outdoor space, and in-unit laundry.
Property Size1,597 SF
Days on Market43
Property Features for 199 Terrell Avenue
General Information
Standard status
Active
Size
1,597 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$12,325
Building Details
Building Size
1,597 SF
Year Built
1914
Units
2
Listing Agency:
Pin It Realty LLC
(516) 239-7940
Listed By:
David Wiener
(718) 207-6766
Source:
Millenniumhomes
Added: Jul 29
Changed: Sep 8
Last Checked: Sep 8 at 8:00AM
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 Pin It Realty LLC
Investment Insights
Based on property information with market context.
This legal two-family residence was recently renovated and includes two separately configured homes. The first-floor unit has three bedrooms, one full bathroom, an eat-in kitchen, living and dining areas, in-unit laundry, and a large rear deck. The second residence includes two bedrooms, one full bathroom, an eat-in kitchen, in-unit laundry, and a finished bonus room on the walk-up third floor. Each unit is separately metered for gas and electricity.
The property occupies an oversized 7,300+ square foot parcel in Oceanside near shopping, transportation, schools, and parks. Modern finishes and appliances are incorporated throughout, while the outdoor deck adds usable private space. The house is not in a flood zone.
The property occupies an oversized 7,300+ square foot parcel in Oceanside near shopping, transportation, schools, and parks. Modern finishes and appliances are incorporated throughout, while the outdoor deck adds usable private space. The house is not in a flood zone.
Key Highlights
- Legal two‑family property with two distinct residential units
- First‑floor unit includes 3 bedrooms, 1 full bathroom, in‑unit laundry, and a large rear deck
- Second unit offers 2 bedrooms, 1 full bathroom, and a finished third‑floor bonus room
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
$30,425
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
3.05%
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%
$608,500
$608.5K
Cap Rate 7%
$434,643
$434.6K
Cap Rate 9%
$338,056
$338.1K
Market Conditions
NOI Build-Up for 1,597 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
$46.0K $28.80/SF
− Vacancy
−$2.5K −$1.58/SF
EGI
$43.5K $27.22/SF
− OpEx
−$13.0K −$8.16/SF
NOI
$30.4K $19.05/SF
Area
Nassau County, NY
Vacancy
5.50%
Lease Rate
$28.80 /SF/Yr
Expense Ratio
30.00%
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%
$608,500
Cap Rate 7%
$434,643
Cap Rate 9%
$338,056
Alternative Uses
Best Use
Multifamily LT 5
$434.6K
$380.3K – $507.1K
NOI $30,425 @ 7.0% cap · market cap 3.05%
Second Best
Apartment 5plus
$406.9K
$356.1K – $474.8K
NOI $28,486 @ 7.0% cap · market cap 2.85%
Theoretical Best
Specialty Retail
$1.06M
$923.9K – $1.23M
NOI $73,913 @ 7.0% cap · market cap 7.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,115
Businesses Nearby
Explore this area
Business Placement
Demographics for 11572, NY
31,157
Population
10,811
Households
2.9
Avg Household Size
44
Median Age
48%
College-Educated
94%
High-School Grad
4.8 sq mi
ZIP Area
6,491
Density / Sq Mi
$144,419
Median Household Income
$61,627
Median Earnings
$2,118
Median Rent
$627,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two apartments offer distinct layouts, outdoor space, and in-unit laundry.
Where is this duplex located?
The property is located at 199 Terrell Avenue Oceanside, NY.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: Legal two‑family property with two distinct residential units; First‑floor unit includes 3 bedrooms, 1 full bathroom, in‑unit laundry, and a large rear deck; Second unit offers 2 bedrooms, 1 full bathroom, and a finished third‑floor bonus room
