Brick Duplex with Finished
New
For Sale
$1,489,000
21908 138th Road, Laurelton, NY 11413
MULTI_FAMILY - Laurelton, NY
Property Size3,246 SF
Lot Size0.22 Acres
Price / SF$458.72
Days on Market4
Property Features for 21908 138th Road
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
7
Bathrooms
5
Full bathrooms
5
Rooms
Bathroom 1, Bedroom 7, Bathroom 4, Bathroom 2, Bedroom 2, Bedroom 6, Bedroom 4, Bedroom 5, Bathroom 5, Bedroom 3, Bedroom 1, Bathroom 3, Basement
Parking features
Driveway, Garage
Interior features
First Floor Bedroom, First Floor Full Bath
Basement
Full, Finished
Elementary school
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Middle school
Call Listing Agent
High school
Contact Agent
Elementary school district
Contact Agent
Middle school district
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High school district
Contact Agent
Standard status
Active
APN
13135-0010
Lot size
0.22 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
9983
Utilities
Utilities
Natural Gas Available
Sewer type
Public Sewer
Heating system
Baseboard
Cooling system
Window Unit(s), Wall/Window Unit(s)
Water source
Public
Building Details
Year built
1940
Number of units
2
Building materials
Brick
Listing Agency:
Keystone Realty USA Corp
(631) 261-2800
Listed By:
Gabriel Kashi
(347) 419-5268
Added: Aug 6
Changed: Aug 9
Last Checked: Aug 9 at 6:06PM
MLS# 1035650
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 at 219-08 138th Road contains 3,246 square feet of living space on a 0.2225-acre lot measuring 95 x 102 feet. The 51 x 60-foot structure was built in 1940 and includes a four-bedroom, two-bath upper apartment above a three-bedroom, two-bath first-floor apartment. A high-ceiling finished basement adds substantial additional space. Both residences offer large living and dining rooms, granite kitchens with stainless steel appliances, spacious bedrooms, and ample closet storage. The primary suite includes a private en suite bathroom.
The property provides driveway and garage parking, public water, public sewer, and natural gas availability. Baseboard heating and wall/window cooling units serve the building. Its Laurelton location near the Springfield Gardens border offers access to Springfield Boulevard, Merrick Boulevard, and the Belt Parkway, along with nearby schools, shopping, restaurants, cafés, and parks.
The property provides driveway and garage parking, public water, public sewer, and natural gas availability. Baseboard heating and wall/window cooling units serve the building. Its Laurelton location near the Springfield Gardens border offers access to Springfield Boulevard, Merrick Boulevard, and the Belt Parkway, along with nearby schools, shopping, restaurants, cafés, and parks.
Key Highlights
- Two‑family duplex with 3,246 square feet of living space
- Four‑bedroom, two‑bath upper unit over a three‑bedroom, two‑bath first‑floor unit
- High‑ceiling finished basement provides additional usable 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
$79,347
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
5.33%
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%
$1,586,940
$1.6M
Cap Rate 7%
$1,133,529
$1.1M
Cap Rate 9%
$881,633
$881.6K
Market Conditions
NOI Build-Up for 3,246 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
$150.0K $46.20/SF
− Vacancy
−$5.7K −$1.76/SF
EGI
$144.3K $44.44/SF
− OpEx
−$64.9K −$20.00/SF
NOI
$79.3K $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%
$1,586,940
Cap Rate 7%
$1,133,529
Cap Rate 9%
$881,633
Alternative Uses
Best Use
Apartment 5plus
$1.13M
$991.8K – $1.32M
NOI $79,347 @ 7.0% cap · market cap 5.33%
Second Best
Multifamily LT 5
$767.5K
$671.6K – $895.5K
NOI $53,727 @ 7.0% cap · market cap 3.61%
Theoretical Best
Office A
$2.39M
$2.09M – $2.79M
NOI $167,509 @ 7.0% cap · market cap 11.25%
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
Paved road access
Location Intelligence
Trade Area within ½ mile
1,251
Businesses Nearby
Explore this area
Business Placement
Demographics for 11413, NY
42,978
Population
14,485
Households
3
Avg Household Size
40
Median Age
29%
College-Educated
92%
High-School Grad
3.0 sq mi
ZIP Area
14,326
Density / Sq Mi
$114,766
Median Household Income
$50,525
Median Earnings
$2,038
Median Rent
$631,700
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 residential units feature granite kitchens, stainless steel appliances, and generous living and dining areas.
Where is this duplex located?
The property is located at 21908 138th Road Laurelton, NY.
What is the asking price?
The asking price for this property is $1,489,000.
What are key features of this property?
This property features: Two‑family duplex with 3,246 square feet of living space; Four‑bedroom, two‑bath upper unit over a three‑bedroom, two‑bath first‑floor unit; High‑ceiling finished basement provides additional usable space
