Split-Level Duplex with
For Sale
$1,880,000
21544 23rd Road, Bayside, NY 11360
MULTI_FAMILY - Bayside, NY
Property Size4,616 SF
Lot Size0.07 Acres
Price / SF$407.28
Days on Market93
Property Features for 21544 23rd Road
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
7
Bathrooms
5
Full bathrooms
5
Rooms
Bathroom 1, Bathroom 4, Basement, Bedroom 7, Bathroom 5, Bedroom 2, Bathroom 3, Bedroom 1, Bedroom 3, Bedroom 4, Bedroom 5, Bedroom 6, Bathroom 2
Basement
Finished, Walk-Out Access
Elementary school
Contact Agent
Middle school
Bayside High School
High school
Bayside High School
Elementary school district
Contact Agent
Middle school district
Queens 26
High school district
Queens 26
Directions
See google maps
Standard status
Active
APN
05958-0137
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
15496
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Electric (Heating)
Cooling system
ENERGY STAR Qualified Equipment, Central Air
Amenities
floor heating
central A/C
Building Details
Year built
1970
Number of units
2
Building materials
Aluminum Siding, Brick
Listing Agency:
RE/MAX 1st Choice · RE/MAX International
(516) 888-6000
Listed By:
Yixiong Zheng
(646) 897-9960
Added: May 12
Changed: Aug 11
Last Checked: Aug 12 at 9:06PM
MLS# 998628
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 split-level two-family duplex includes a main home plus a walk-in basement with a separate entrance. The property is described as a 2 family house rebuilt in 2008, with a total of 4,616 living square feet plus an additional walk-in basement area. Construction is solid brick and frame with aluminum siding, and systems include floor heating and central A/C with energy star qualified equipment. Heating is natural gas and electric, and there is public sewer.
Set on a 0.0735-acre lot at 21544 23rd Road in Bayside, Queens, the property includes a 2-car garage and a 3-car front parking lot. The interior layout is described as split-level with multiple bedrooms and bathrooms across the floors.
Additional details include a 4th floor with walk-in space and a layout that supports flexible use between the main living areas and the separate basement entry.
Set on a 0.0735-acre lot at 21544 23rd Road in Bayside, Queens, the property includes a 2-car garage and a 3-car front parking lot. The interior layout is described as split-level with multiple bedrooms and bathrooms across the floors.
Additional details include a 4th floor with walk-in space and a layout that supports flexible use between the main living areas and the separate basement entry.
Key Highlights
- 0.0735‑acre lot at 21544 23rd Road, Bayside, Queens
- 4,616 living SF plus walk‑in basement with separate entrance
- Split‑level two‑family layout with 4th floor walk‑in 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
$112,835
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
6.00%
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%
$2,256,700
$2.3M
Cap Rate 7%
$1,611,929
$1.6M
Cap Rate 9%
$1,253,722
$1.3M
Market Conditions
NOI Build-Up for 4,616 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
$213.3K $46.20/SF
− Vacancy
−$8.1K −$1.76/SF
EGI
$205.2K $44.44/SF
− OpEx
−$92.3K −$20.00/SF
NOI
$112.8K $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%
$2,256,700
Cap Rate 7%
$1,611,929
Cap Rate 9%
$1,253,722
Alternative Uses
Best Use
Apartment 5plus
$1.61M
$1.41M – $1.88M
NOI $112,835 @ 7.0% cap · market cap 6.00%
Second Best
Multifamily LT 5
$1.09M
$955.0K – $1.27M
NOI $76,402 @ 7.0% cap · market cap 4.06%
Theoretical Best
Office A
$3.40M
$2.98M – $3.97M
NOI $238,208 @ 7.0% cap · market cap 12.67%
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
792
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 - Split-level two-family home with central A/C, floor heating, and a separate walk-in entrance to the basement.
Where is this duplex located?
The property is located at 21544 23rd Road Bayside, NY.
What is the asking price?
The asking price for this property is $1,880,000.
What are key features of this property?
This property features: 0.0735‑acre lot at 21544 23rd Road, Bayside, Queens; 4,616 living SF plus walk‑in basement with separate entrance; Split‑level two‑family layout with 4th floor walk‑in space
