Building Details

Building Size 1,800 SF

Year Built 1940

Buildings 1

Listing Agency: S H V Real Estate Corp

Listed By: Reema Sharma · License #31SH1064229 Show Phone

Source: Cottiemaxwellrealestate

Added: Sep 17 Changed: Sep 19 Last Checked: Sep 19 at 9:51AM

Report an Issue

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 S H V Real Estate Corp

Investment Insights

Based on property information with market context.

This 1940 duplex in Bellerose Manor contains two two-bedroom apartments within approximately 1,800 square feet of built area. Each apartment includes a living room, formal dining room, kitchen, bathroom, and two bedrooms. The property also offers a full finished basement, hardwood flooring throughout, two electric meters, and two gas meters. Total configuration includes four bedrooms and three bathrooms.

Exterior features include a one-car attached garage, a front yard, and a private rear parking space accessed by easement. The property is near NYC and Long Island bus service connecting to the E, F, and J trains, as well as schools, restaurants, a gym, and highways. JFK and LGA airports are approximately 15 minutes away.

Key Highlights

• Two two‑bedroom apartments with four total bedrooms and three bathrooms
• Approximately 1,800 square feet of built area; constructed in 1940
• Full finished basement and hardwood floors throughout

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

$44,000

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

4.40%

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%

$880,000 $880.0K

Cap Rate 7%

$628,571 $628.6K

Cap Rate 9%

$488,889 $488.9K

Market Conditions

NOI Build-Up for 1,800 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

$83.2K $46.20/SF

− Vacancy

−$3.2K −$1.76/SF

EGI

$80.0K $44.44/SF

− OpEx

−$36.0K −$20.00/SF

NOI

$44.0K $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%

$880,000

Cap Rate 7%

$628,571

Cap Rate 9%

$488,889

Alternative Uses

Best Use

Apartment 5plus

$628.6K

$550.0K – $733.3K (±1% cap)

NOI $44,000 @ 7.0% cap · market cap 4.40%

Second Best

Multifamily LT 5

$425.6K

$372.4K – $496.6K (±1% cap)

NOI $29,793 @ 7.0% cap · market cap 2.98%

Theoretical Best

Office A

$1.33M

$1.16M – $1.55M (±1% cap)

NOI $92,889 @ 7.0% cap · market cap 9.30%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Unlock full access to Insights Subscribe to Realmo Intelligence

Open Analytics

Current Use

Duplexes

Suggested Use

Top Pick Law Firm Real Estate Agency Hair Salon Building Supply Spa & Massage Center Restaurant

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

Yes

Highway access

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

2,923

Businesses Nearby

Explore this area Business Placement

Demographics for 11427, NY

24,555

Population

8,435

Households

2.9

Avg Household Size

44

Median Age

36%

College-Educated

84%

High-School Grad

1.6 sq mi

ZIP Area

15,347

Density / Sq Mi

$92,129

Median Household Income

$48,439

Median Earnings

$1,697

Median Rent

$690,200

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this duplexes located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Duplex - Bellerose Manor income property with two apartments, private rear parking, and convenient access to bus service and area highways.

Where is this duplex located?

The property is located at 232-03 Hillside Avenue Bellerose Manor, NY.

What is the asking price?

The asking price for this property is $999,000.

What are key features of this property?

This property features: Two two‑bedroom apartments with four total bedrooms and three bathrooms; Approximately 1,800 square feet of built area; constructed in 1940; Full finished basement and hardwood floors throughout