Duplex with Detached Two-Car
For Sale
$1,250,000
Pending
23-40 124th Street, Queens, NY 11356
MULTI_FAMILY - Colonial - Queens, NY
Property Size2,178 SF
Lot Size0.11 Acres
Days on Market112
Property Features for 23-40 124th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R4A
Bedrooms
4
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Bedroom 2, Bedroom 3, Bedroom 4, Bathroom 3, Bathroom 2, Bedroom 1, Bathroom 1
Parking features
Off Street, Driveway
Fencing
Fenced, Chain Link
Basement
Unfinished
Lot features
Back Yard
Subdivision
Off Island
Standard status
Pending
Size
2,178 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Annual Amount
6444
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Oil
Cooling system
Window Unit(s)
Building Details
Year built
1920
Floors in Building
2
Number of units
2
Building materials
Aluminum Siding
Architectural style
Colonial
Listing Agency:
Robert DeFalco Realty, Inc.
(718) 987-7900
Listed By:
Pamela Fulfrost
(917) 567-6184
Added: Apr 16
Changed: Aug 2
Last Checked: Aug 4 at 11:06PM
MLS# 2602035
Copyright © 2026 Staten Island Board of Realtors. 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 two-family Colonial-style duplex (year built 1920) sits on a 48' x 100' lot and is in need of updating. The property includes a detached two-car garage, aluminum siding, fenced chain link perimeter fencing, and off-street parking with a driveway. Heating is provided by hot water with oil, and cooling is via window unit(s). The home is currently tenant occupied but expected to be delivered vacant, subject to confirmation, giving the next owner flexibility for renovation or other reconfiguration.
Zoned R4A, the home is described as underbuilt relative to current allowable residential FAR under the zoning, creating meaningful potential for expansion or redevelopment. The remarks also note possible opportunities to explore reconfiguration, enlargement, or the addition of an internal or external accessory dwelling unit (ADU), subject to buyer due diligence and required approvals.
With public sewer service and a residential-block setting near local shopping, schools, parks, and transportation, the layout and zoning may support either long-term rental demand or resale following improvements.
Zoned R4A, the home is described as underbuilt relative to current allowable residential FAR under the zoning, creating meaningful potential for expansion or redevelopment. The remarks also note possible opportunities to explore reconfiguration, enlargement, or the addition of an internal or external accessory dwelling unit (ADU), subject to buyer due diligence and required approvals.
With public sewer service and a residential-block setting near local shopping, schools, parks, and transportation, the layout and zoning may support either long-term rental demand or resale following improvements.
Key Highlights
- Detached two‑car garage with off‑street parking and driveway
- R4A zoning; described as underbuilt relative to current allowable residential FAR
- 48' x 100' lot size for expansion, enlargement, or redevelopment potential
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $100.6k | $46.20 |
| − Vacancy | −$3.8k | −$1.76 |
| EGI | $96.8k | $44.44 |
| − OpEx | −$43.6k | −$20.00 |
| NOI | $53.2k | $24.44 |
2,178 SF · lease $46.20/SF/yr · vacancy 3.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$760.6K
$665.5K – $887.3K
NOI $53,240 @ 7.0% cap · market cap 4.26%
Second Best
Multifamily LT 5
$515.0K
$450.6K – $600.8K
NOI $36,049 @ 7.0% cap · market cap 2.88%
Theoretical Best
Office A
$1.61M
$1.40M – $1.87M
NOI $112,395 @ 7.0% cap · market cap 8.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,811
Businesses Nearby
Explore this area
Business Placement
Demographics for 11356, NY
28,310
Population
9,003
Households
3.1
Avg Household Size
37
Median Age
25%
College-Educated
78%
High-School Grad
1.6 sq mi
ZIP Area
17,694
Density / Sq Mi
$91,445
Median Household Income
$40,928
Median Earnings
$2,160
Median Rent
$893,100
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-family duplex on an R4A-zoned lot with a detached two-car garage, off-street parking, and public sewer.
Where is this duplex located?
The property is located at 23-40 124th Street Queens, NY.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Detached two‑car garage with off‑street parking and driveway; R4A zoning; described as underbuilt relative to current allowable residential FAR; 48' x 100' lot size for expansion, enlargement, or redevelopment potential
