Two-Unit Duplex with
For Sale
$829,000
21 Locust Avenue, Amityville, NY 11701
Legal two-family property on an oversized corner lot with separate utilities and a tenant-occupied unit.
Property Size2,086 SF
Days on Market40
Property Features for 21 Locust Avenue
General Information
Standard status
Active
Size
2,086 SF
Total Parking Spaces
1
Property subtype
Residential Income
Site & Location
Highway Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 4BR/2BA, 1 x 1BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$10,693
Building Details
Building Size
2,086 SF
Year Built
1927
Units
2
Listing Agency:
Charles Rutenberg Realty Inc
(516) 575-7500
Listed By:
Nicholas Adams
Source:
Cohenandcohenrealty
Added: Jul 17
Changed: Aug 22
Last Checked: Aug 24 at 1:14PM
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 Charles Rutenberg Realty Inc
Investment Insights
Based on property information with market context.
This legal two-family property, permitted for duplex use, sits on an oversized corner lot and includes separate utilities. The primary residence offers four bedrooms, two full bathrooms, living and dining areas, a kitchen, and a finished basement with OSE. The second unit provides one bedroom, one full bathroom, a kitchen, living space, and its own finished basement. That unit is currently tenant occupied.
Exterior improvements include a detached one-car garage and an expansive backyard suited to outdoor entertaining, recreation, or gardening. The property is near shopping, restaurants, parks, the LIRR, major highways, and other local amenities. Built in 1927, the layout supports both owner occupancy and rental use.
Exterior improvements include a detached one-car garage and an expansive backyard suited to outdoor entertaining, recreation, or gardening. The property is near shopping, restaurants, parks, the LIRR, major highways, and other local amenities. Built in 1927, the layout supports both owner occupancy and rental use.
Key Highlights
- Legal two‑family property by permit
- Primary unit includes 4 bedrooms, 2 full bathrooms, and a finished basement with OSE
- Second unit has 1 bedroom, 1 full bath, finished basement, and is tenant occupied
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
$40,281
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%
$805,620
$805.6K
Cap Rate 7%
$575,443
$575.4K
Cap Rate 9%
$447,567
$447.6K
Market Conditions
NOI Build-Up for 2,086 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
$61.3K $29.40/SF
− Vacancy
−$3.8K −$1.81/SF
EGI
$57.5K $27.59/SF
− OpEx
−$17.3K −$8.28/SF
NOI
$40.3K $19.31/SF
Area
Suffolk County, NY
Vacancy
6.17%
Lease Rate
$29.40 /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%
$805,620
Cap Rate 7%
$575,443
Cap Rate 9%
$447,567
Alternative Uses
Best Use
Multifamily LT 5
$575.4K
$503.5K – $671.4K
NOI $40,281 @ 7.0% cap · market cap 4.86%
Second Best
Apartment 5plus
$529.6K
$463.4K – $617.9K
NOI $37,073 @ 7.0% cap · market cap 4.47%
Theoretical Best
Office A
$635.5K
$556.1K – $741.4K
NOI $44,484 @ 7.0% cap · market cap 5.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,045
Businesses Nearby
Explore this area
Business Placement
Demographics for 11701, NY
27,831
Population
9,544
Households
2.9
Avg Household Size
41
Median Age
31%
College-Educated
87%
High-School Grad
4.6 sq mi
ZIP Area
6,050
Density / Sq Mi
$110,639
Median Household Income
$48,080
Median Earnings
$2,307
Median Rent
$489,000
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 property on an oversized corner lot with separate utilities and a tenant-occupied unit.
Where is this duplex located?
The property is located at 21 Locust Avenue Amityville, NY.
What is the asking price?
The asking price for this property is $829,000.
What are key features of this property?
This property features: Legal two‑family property by permit; Primary unit includes 4 bedrooms, 2 full bathrooms, and a finished basement with OSE; Second unit has 1 bedroom, 1 full bath, finished basement, and is tenant occupied
