Renovated Brick Duplex with
For Sale
$799,000
22-02 loretta rd, Far Rockaway, NY 11691
Residential Income, Far Rockaway, NY
Property Size1,505 SF
Lot Size23.62 Acres
Price / SF$530.90
Days on Market143
Property Features for 22-02 loretta rd
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 2, Bathroom 1, Bedroom 3, Bathroom 2, Bathroom 3, Bedroom 1, Bedroom 4
Subdivision
Far Rockaway
High school district
27
Standard status
Active
Size
1,505 SF
Lot size
23.62 Acres
Taxes and HOA fees
Tax Annual Amount
4066
Utilities
Heating system
Natural Gas, Baseboard
Water source
Public
Building Details
Year built
1940
Floors in Building
2
Flooring type
Granite, Hardwood, Tile
Building materials
Brick
Roof type
Flat
Listing Agency:
TRANS CONTINENTAL REALTY GROUP INC
(718) 954-3424
Listed By:
Mahbub Uddin
(718) 215-1000
Added: Apr 27
Changed: Sep 14
Last Checked: Sep 16 at 12:06PM
MLS# 11732431
Copyright © 2026 My State 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 semi-detached duplex is a renovated brick residence with two separate units. Each apartment includes two bedrooms, a kitchen, and a full bathroom, while hardwood flooring, new windows, and new doors add to the updated interior. The finished basement contributes two additional rooms, another full bathroom, and its own entrance. Built in 1940, the property measures 1,505 square feet and includes a flat roof, public water service, natural-gas baseboard heat, tile and granite finishes, and hardwood flooring.
A private rear driveway and backyard provide additional exterior features. The home is located in Far Rockaway, one block from the A train and near parks, public transportation, shopping, and schools.
A private rear driveway and backyard provide additional exterior features. The home is located in Far Rockaway, one block from the A train and near parks, public transportation, shopping, and schools.
Key Highlights
- Two separate residential units, each with 2 bedrooms, a kitchen, and a full bathroom
- Finished basement with 2 rooms, a full bathroom, and a separate entrance
- Renovated brick construction with new windows, new doors, and hardwood flooring
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
$36,789
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
4.60%
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%
$735,780
$735.8K
Cap Rate 7%
$525,557
$525.6K
Cap Rate 9%
$408,767
$408.8K
Market Conditions
NOI Build-Up for 1,505 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
$69.5K $46.20/SF
− Vacancy
−$2.6K −$1.76/SF
EGI
$66.9K $44.44/SF
− OpEx
−$30.1K −$20.00/SF
NOI
$36.8K $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%
$735,780
Cap Rate 7%
$525,557
Cap Rate 9%
$408,767
Alternative Uses
Best Use
Apartment 5plus
$525.6K
$459.9K – $613.2K
NOI $36,789 @ 7.0% cap · market cap 4.60%
Second Best
Multifamily LT 5
$355.9K
$311.4K – $415.2K
NOI $24,910 @ 7.0% cap · market cap 3.12%
Theoretical Best
Office A
$1.11M
$970.8K – $1.29M
NOI $77,665 @ 7.0% cap · market cap 9.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,160
Businesses Nearby
Explore this area
Business Placement
Demographics for 11691, NY
64,673
Population
23,400
Households
2.8
Avg Household Size
34
Median Age
23%
College-Educated
78%
High-School Grad
2.7 sq mi
ZIP Area
23,953
Density / Sq Mi
$57,027
Median Household Income
$40,366
Median Earnings
$1,444
Median Rent
$649,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two-family corner residence with finished basement space, private driveway, and rear yard.
Where is this duplex located?
The property is located at 22-02 loretta rd Far Rockaway, NY.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Two separate residential units, each with 2 bedrooms, a kitchen, and a full bathroom; Finished basement with 2 rooms, a full bathroom, and a separate entrance; Renovated brick construction with new windows, new doors, and hardwood flooring
