Building Details

Building Size 2,268 SF

Year Built 1965

Construction Semi-Detached

Listing Agency: RE/MAX 1st Choice

Listed By: Po Wei Tair · License #7.51E+13 Show Phone

Source: Luxuryhomeny

Added: Oct 16 Changed: Oct 19 Last Checked: Oct 19 at 10:57AM

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Investment Insights

Based on property information with market context.

This semi-detached duplex contains two apartments: an upper residence with three bedrooms and two baths, and a lower residence with two bedrooms and one bath. The building measures 21.5 by 54.5 feet, and the property encompasses 3,075 square feet. Built in 1965, the home also has private driveway parking.

The property is in Oakland Gardens, near public transportation, shops, houses of worship, and parks. Nearby schools identified for the area include PS 203, MS 158, and Cardozo High School.

Key Highlights

• Two apartments: 3 bedrooms and 2 baths upstairs; 2 bedrooms and 1 bath downstairs
• Building dimensions: 21.5x54.5 feet
• 3,075‑square‑foot property

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$55,440

Cap Rate

3.82%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,108,800 $1.1M

Cap Rate 7%

$792,000 $792.0K

Cap Rate 9%

$616,000 $616.0K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,268 SF

Gross rent

$104.8K $46.20/SF

− Vacancy

−$4.0K −$1.76/SF

EGI

$100.8K $44.44/SF

− OpEx

−$45.4K −$20.00/SF

NOI

$55.4K $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 Rate 5%

$1,108,800

Cap Rate 7%

$792,000

Cap Rate 9%

$616,000

Alternative Uses

Best Use

Apartment 5plus

$792.0K

$693.0K – $924.0K (±1% cap)

NOI $55,440 @ 7.0% cap · market cap 3.82%

Second Best

Multifamily LT 5

$536.3K

$469.2K – $625.7K (±1% cap)

NOI $37,539 @ 7.0% cap · market cap 2.59%

Theoretical Best

Office A

$1.67M

$1.46M – $1.95M (±1% cap)

NOI $117,040 @ 7.0% cap · market cap 8.07%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Lease Details

2

Residential units

Location Intelligence

Trade Area within ½ mile

1,032

Businesses Nearby

Explore this area Business Placement

Demographics for 11364, NY

37,032

Population

14,527

Households

2.5

Avg Household Size

45

Median Age

49%

College-Educated

86%

High-School Grad

2.5 sq mi

ZIP Area

14,813

Density / Sq Mi

$101,222

Median Household Income

$55,295

Median Earnings

$2,330

Median Rent

$770,100

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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$1,499,949

2,340 SF

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Contemporary Brick Duplex

61-36 Cloverdale Blvd, Oakland Gardens, NY 11364

$2,550,000

3,430 SF

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Frequently Asked Questions

What type of property is this?

Duplex - Two apartments provide a three-bedroom unit above a separate two-bedroom residence, with private driveway parking.

Where is this duplex located?

The property is located at 223-54 56th Road Oakland Gardens, NY.

What is the asking price?

The asking price for this property is $1,450,000.

What are key features of this property?

This property features: Two apartments: 3 bedrooms and 2 baths upstairs; 2 bedrooms and 1 bath downstairs; Building dimensions: 21.5x54.5 feet; 3,075‑square‑foot property