Two-Family Duplex
For Sale
$599,999
2 Carleton Pl, Baldwin, NY 11510
Two-family residential property near the Baldwin LIRR Station, area schools, and national retailers.
Property Size1,532 SF
Lot Size0.09 Acres
Price / SF$391.64
Days on Market151
Property Features for 2 Carleton Pl
General Information
Standard status
Active
Size
1,532 SF
Lot size
0.09 Acres
Property subtype
Multifamily
Occupancy
100%
Additional Details
Public Transit
Yes
Multifamily Units
2
Amenities
The subject property rests on a 0.09-acre parcel with approximately +/- 1,532 square feet of space.
Two family property. One 2BR unit and one 1BR unit.
The subject property is ideally located near the Baldwin LIRR Station and area schools.
Building Details
Units
2
Listing Agency:
New York City Office
(212) 430-5196
Listed By:
Michael Tuccillo · License #NY: 10301217094, NY: 10491208938
(212) 430-5196
Source:
Marcusmillichap
Added: Apr 3
Changed: Aug 29
Last Checked: Aug 29 at 9:44PM
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 New York City Office
Investment Insights
Based on property information with market context.
This duplex is configured as a two-family residential property on a 0.09-acre parcel with approximately +/- 1,532 square feet of space. The asset offers a compact residential income configuration in an established Long Island setting.
The property is situated near the Baldwin LIRR Station and area schools, with national retailers including Best Buy, Walgreens, Burger King, and 7 Eleven in the surrounding area. More than 223,000 people live within a three miles radius, providing broad nearby population context.
The property is situated near the Baldwin LIRR Station and area schools, with national retailers including Best Buy, Walgreens, Burger King, and 7 Eleven in the surrounding area. More than 223,000 people live within a three miles radius, providing broad nearby population context.
Key Highlights
- Two‑family duplex property
- 0.09‑acre parcel
- Approximately +/- 1,532 square feet of space
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
$29,186
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
4.86%
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%
$583,720
$583.7K
Cap Rate 7%
$416,943
$416.9K
Cap Rate 9%
$324,289
$324.3K
Market Conditions
NOI Build-Up for 1,532 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
$44.1K $28.80/SF
− Vacancy
−$2.4K −$1.58/SF
EGI
$41.7K $27.22/SF
− OpEx
−$12.5K −$8.16/SF
NOI
$29.2K $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%
$583,720
Cap Rate 7%
$416,943
Cap Rate 9%
$324,289
Alternative Uses
Best Use
Multifamily LT 5
$416.9K
$364.8K – $486.4K
NOI $29,186 @ 7.0% cap · market cap 4.86%
Second Best
Apartment 5plus
$390.4K
$341.6K – $455.5K
NOI $27,327 @ 7.0% cap · market cap 4.55%
Theoretical Best
Specialty Retail
$1.01M
$886.3K – $1.18M
NOI $70,905 @ 7.0% cap · market cap 11.82%
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 11510, NY
34,617
Population
11,463
Households
3
Avg Household Size
42
Median Age
43%
College-Educated
94%
High-School Grad
4.2 sq mi
ZIP Area
8,242
Density / Sq Mi
$141,120
Median Household Income
$62,185
Median Earnings
$1,695
Median Rent
$578,600
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-family residential property near the Baldwin LIRR Station, area schools, and national retailers.
Where is this duplex located?
The property is located at 2 Carleton Pl Baldwin, NY.
What is the asking price?
The asking price for this property is $599,999.
What are key features of this property?
This property features: Two‑family duplex property; 0.09‑acre parcel; Approximately +/- 1,532 square feet of space
