Renovated Duplex with Private
For Sale
$1,690,000
20920 23rd Avenue, Bayside, NY 11360
Residential Income, Bayside, NY
Property Size3,265 SF
Lot Size0.09 Acres
Price / SF$517.61
Days on Market12
Property Features for 20920 23rd Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Rooms
Dining Room, Basement
Parking
4
Parking features
Driveway
Interior features
First Floor Bedroom, Formal Dining, Primary Bathroom
Basement
Finished
Elementary school
Ps 169 Bay Terrace
Middle school
Is 25 Adrien Block
High school
World Journalism Preparatory
Elementary school district
Queens 25
Middle school district
Queens 25
High school district
Queens 25
Standard status
Active
APN
05893-0045
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
20000
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Multi Units
Water source
Public
Building Details
Year built
1975
Number of units
2
Building materials
Brick
Listing Agency:
Sany Realty Group LLC
(718) 799-0726
Listed By:
Ren Wang
(917) 238-7878
Added: Aug 21
Changed: Sep 1
Last Checked: Sep 1 at 9:06AM
MLS# 1041757
Copyright © 2026 OneKey MLS. 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 brick duplex provides approximately 3,265 square feet across a 40 x 101 lot, with a driveway for off-street parking. Renovated in 2019, the residence includes dining space, basement storage, electric heat, multi-unit cooling, public water, and public sewer. The second and third floors each offer three bedrooms, two full bathrooms, and two living areas. A first-floor bedroom and primary bathroom add further flexibility. The property is being sold as is and can be delivered vacant.
The home is near Bay Terrace Shopping Center, AMC Theatres, Stop & Shop, Starbucks, Dunkin', USPS, restaurants, cafes, and additional retail and services. Q13 and Q28 bus routes provide access to Flushing, while the QM20 express bus serves Midtown Manhattan.
The home is near Bay Terrace Shopping Center, AMC Theatres, Stop & Shop, Starbucks, Dunkin', USPS, restaurants, cafes, and additional retail and services. Q13 and Q28 bus routes provide access to Flushing, while the QM20 express bus serves Midtown Manhattan.
Key Highlights
- Approximately 3,265 SF on a 40 x 101 lot
- Duplex configuration with 3 bedrooms, 2 full bathrooms, and 2 living areas on both the second and third floors
- Renovated in 2019
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
$79,811
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
4.72%
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%
$1,596,220
$1.6M
Cap Rate 7%
$1,140,157
$1.1M
Cap Rate 9%
$886,789
$886.8K
Market Conditions
NOI Build-Up for 3,265 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
$150.8K $46.20/SF
− Vacancy
−$5.7K −$1.76/SF
EGI
$145.1K $44.44/SF
− OpEx
−$65.3K −$20.00/SF
NOI
$79.8K $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%
$1,596,220
Cap Rate 7%
$1,140,157
Cap Rate 9%
$886,789
Alternative Uses
Best Use
Apartment 5plus
$1.14M
$997.6K – $1.33M
NOI $79,811 @ 7.0% cap · market cap 4.72%
Second Best
Multifamily LT 5
$772.0K
$675.5K – $900.7K
NOI $54,041 @ 7.0% cap · market cap 3.20%
Theoretical Best
Office A
$2.41M
$2.11M – $2.81M
NOI $168,490 @ 7.0% cap · market cap 9.97%
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
787
Businesses Nearby
Explore this area
Business Placement
Demographics for 11360, NY
20,039
Population
9,874
Households
2
Avg Household Size
52
Median Age
49%
College-Educated
87%
High-School Grad
1.4 sq mi
ZIP Area
14,314
Density / Sq Mi
$100,250
Median Household Income
$67,810
Median Earnings
$2,329
Median Rent
$692,600
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 - Renovated in 2019, the two-family layout includes flexible living areas and a private driveway.
Where is this duplex located?
The property is located at 20920 23rd Avenue Bayside, NY.
What is the asking price?
The asking price for this property is $1,690,000.
What are key features of this property?
This property features: Approximately 3,265 SF on a 40 x 101 lot; Duplex configuration with 3 bedrooms, 2 full bathrooms, and 2 living areas on both the second and third floors; Renovated in 2019
