Legal Two-Family
New
For Sale
$1,548,000
21266 16th Avenue, Bayside, NY 11360
Semi-attached brick residence with two apartments, a finished walk-in level, garage, and private driveways.
Property Size2,550 SF
Lot Size0.07 Acres
Days on Market4
Property Features for 21266 16th Avenue
General Information
Standard status
Active
Size
2,550 SF
Total Parking Spaces
4
Lot size
0.07 Acres
Property subtype
Triplex
Zoning
R5
Units
Unit Mix
2BR/1.5BA, 3BR/1.5BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$12,765
Building Details
Building Size
2,550 SF
Year Built
1975
Buildings
1
Construction
brick semi-attached
Listing Agency:
Tapestry Real Estate of Queens
(718) 460-1943
Listed By:
James S. Powers · License #31PO0764530
Source:
Barbieliteam
Added: Aug 10
Changed: Aug 12
Last Checked: Aug 12 at 6:22AM
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 Tapestry Real Estate of Queens
Investment Insights
Based on property information with market context.
Built in 1975, this semi-attached brick property contains two legal residential units on an approximately 29.25' x 100' lot. The first-floor apartment includes five rooms, two bedrooms, one full bath, and a half bath in the primary bedroom. The second-floor apartment has six rooms, a living room, formal dining room, updated kitchen, three bedrooms, and 1.5 baths, including a private half bath in the primary bedroom. A finished walk-in level with an additional bathroom provides further interior space.
Off-street parking includes a front driveway, built-in garage, and long private side driveway accommodating approximately four vehicles, including the garage. The property is in an R5 zoning district and is presently showing 1800+ buildable sf FAR. The source information identifies potential for conversion to a legal three-family residence; buyers should verify requirements and feasibility with qualified professionals.
The home is a few blocks from P.S. 169 Bay Terrace and near Bay Terrace Shopping Center. Nearby bus service connects to Downtown Flushing, the LIRR, and Manhattan, while Fort Totten Park and the waterfront are also close by.
Off-street parking includes a front driveway, built-in garage, and long private side driveway accommodating approximately four vehicles, including the garage. The property is in an R5 zoning district and is presently showing 1800+ buildable sf FAR. The source information identifies potential for conversion to a legal three-family residence; buyers should verify requirements and feasibility with qualified professionals.
The home is a few blocks from P.S. 169 Bay Terrace and near Bay Terrace Shopping Center. Nearby bus service connects to Downtown Flushing, the LIRR, and Manhattan, while Fort Totten Park and the waterfront are also close by.
Key Highlights
- Legal two‑family property on an approximately 29.25' x 100' lot
- First‑floor unit with 5 rooms, 2 bedrooms, 1 full bath, and 1/2 bath
- Second‑floor unit with 6 rooms, 3 bedrooms, and 1.5 baths
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
$62,333
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
4.03%
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%
$1,246,660
$1.2M
Cap Rate 7%
$890,471
$890.5K
Cap Rate 9%
$692,589
$692.6K
Market Conditions
NOI Build-Up for 2,550 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
$117.8K $46.20/SF
− Vacancy
−$4.5K −$1.76/SF
EGI
$113.3K $44.44/SF
− OpEx
−$51.0K −$20.00/SF
NOI
$62.3K $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%
$1,246,660
Cap Rate 7%
$890,471
Cap Rate 9%
$692,589
Alternative Uses
Best Use
Apartment 5plus
$890.5K
$779.2K – $1.04M
NOI $62,333 @ 7.0% cap · market cap 4.03%
Second Best
Multifamily LT 5
$603.0K
$527.6K – $703.5K
NOI $42,207 @ 7.0% cap · market cap 2.73%
Theoretical Best
Office A
$1.88M
$1.64M – $2.19M
NOI $131,592 @ 7.0% cap · market cap 8.50%
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
813
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 - Semi-attached brick residence with two apartments, a finished walk-in level, garage, and private driveways.
Where is this duplex located?
The property is located at 21266 16th Avenue Bayside, NY.
What is the asking price?
The asking price for this property is $1,548,000.
What are key features of this property?
This property features: Legal two‑family property on an approximately 29.25' x 100' lot; First‑floor unit with 5 rooms, 2 bedrooms, 1 full bath, and 1/2 bath; Second‑floor unit with 6 rooms, 3 bedrooms, and 1.5 baths
