Legally Permitted Two-Family Corner
For Sale
$1,048,000
Pending
23-58 80th Street, East Elmhurst, NY 11370
Newly renovated 2006 all-brick two-family with three above-ground floors, basement, and R4 zoning near transit.
Property Size1,365 SF
Days on Market89
Property Features for 23-58 80th Street
General Information
Standard status
Pending
Size
1,365 SF
Total Parking Spaces
5
Property subtype
Duplex
Zoning
R4
Additional Details
Cap Rate
8%
Taxes and HOA fees
Annual Taxes
$8,882
Amenities
sitting area for barbecues
Building Details
Building Size
1,365 SF
Year Built
2006
Buildings
1
Stories
3
Construction
all-brick
Tenancy
Multi
Listing Agency:
E Realty International Corp
Listed By:
Yanan Eill · License #984506
(516) 493-5363
Source:
Serhant
Added: Jun 23
Changed: Sep 12
Last Checked: Sep 19 at 11:58AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of E Realty International Corp
Investment Insights
Based on property information with market context.
This legally permitted two-family, all-brick corner home was built in 2006 and features three above-ground floors plus a basement. The property has been newly renovated with high ceilings and hardwood floors.
The first floor includes one bedroom and one bathroom, with a kitchen and living room. The second and third floors are each configured with two bedrooms and two bathrooms, along with kitchen and living room space. The basement has a separate entrance, a storage room, and an additional bathroom.
The home offers outdoor sitting space and multiple parking spaces for four to five cars. It is zoned R4. For transportation, it is about a two-minute walk to bus stops for Q19, Q69, Q33, and Q47, supporting convenient access for Manhattan commuters.
The first floor includes one bedroom and one bathroom, with a kitchen and living room. The second and third floors are each configured with two bedrooms and two bathrooms, along with kitchen and living room space. The basement has a separate entrance, a storage room, and an additional bathroom.
The home offers outdoor sitting space and multiple parking spaces for four to five cars. It is zoned R4. For transportation, it is about a two-minute walk to bus stops for Q19, Q69, Q33, and Q47, supporting convenient access for Manhattan commuters.
Key Highlights
- Legally permitted two‑family all‑brick corner home built in 2006
- Newly renovated interiors with high ceilings and hardwood floors
- Three above‑ground floors plus basement; basement has separate entrance
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
$33,367
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
3.18%
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%
$667,340
$667.3K
Cap Rate 7%
$476,671
$476.7K
Cap Rate 9%
$370,744
$370.7K
Market Conditions
NOI Build-Up for 1,365 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
$63.1K $46.20/SF
− Vacancy
−$2.4K −$1.76/SF
EGI
$60.7K $44.44/SF
− OpEx
−$27.3K −$20.00/SF
NOI
$33.4K $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 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%
$667,340
Cap Rate 7%
$476,671
Cap Rate 9%
$370,744
Alternative Uses
Best Use
Apartment 5plus
$476.7K
$417.1K – $556.1K
NOI $33,367 @ 7.0% cap · market cap 3.18%
Second Best
Multifamily LT 5
$322.8K
$282.4K – $376.6K
NOI $22,593 @ 7.0% cap · market cap 2.16%
Theoretical Best
Office A
$1.01M
$880.5K – $1.17M
NOI $70,441 @ 7.0% cap · market cap 6.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
890
Businesses Nearby
Explore this area
Business Placement
Demographics for 11370, NY
34,683
Population
11,679
Households
3
Avg Household Size
38
Median Age
25%
College-Educated
77%
High-School Grad
1.5 sq mi
ZIP Area
23,122
Density / Sq Mi
$74,895
Median Household Income
$43,313
Median Earnings
$2,071
Median Rent
$843,600
Median Home Value
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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 - Newly renovated 2006 all-brick two-family with three above-ground floors, basement, and R4 zoning near transit.
Where is this duplex located?
The property is located at 23-58 80th Street East Elmhurst, NY.
What is the asking price?
The asking price for this property is $1,048,000.
What are key features of this property?
This property features: Legally permitted two‑family all‑brick corner home built in 2006; Newly renovated interiors with high ceilings and hardwood floors; Three above‑ground floors plus basement; basement has separate entrance
