Renovated Two-Family Colonial
For Sale
Contact for pricing
24-27 92 STREET, East Elmhurst, NY 11369
Vacant, fully renovated 2-family colonial with four bedrooms total, private driveway parking, and a fully paved, fenced backyard.
Property Size1,800 SF
Price / SF$611.05
Days on Market69
Property Features for 24-27 92 STREET
General Information
Standard status
Active
Size
1,800 SF
Property subtype
Mixed Use
Additional Details
Fenced Yard
Yes
Multifamily Units
2
Building Details
Year Built
1940
Listing Agency:
LOMBARDO HOMES & ESTATES
(516) 200-6448
Listed By:
Joseph Lombardo · License #10311204851
Source:
Crexi
Added: Jun 2
Changed: Aug 8
Last Checked: Aug 8 at 3:23PM
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 LOMBARDO HOMES & ESTATES
Investment Insights
Based on property information with market context.
Vacant and move-in ready, this fully renovated brick colonial 2-family home was built in 1940 and offers modern updates throughout. The property contains a total of four bedrooms and three full bathrooms with approximately 2,382 sq. ft. of living space, including the full above-grade basement. The first-floor apartment includes one bedroom, a kitchen, a living room, and one full bathroom. The second-floor unit features a kitchen, living room, dining room, and one full bathroom. The third floor provides three bedrooms and one full bathroom. Recent improvements include a fully remodeled kitchen with brand-new stainless steel appliances and updated finishes, along with renovated bathrooms and updated mortar on the brick exterior.
Outside, the home features a fully paved backyard with fencing for privacy, along with a private driveway that supports off-street parking. Showings are available Monday–Friday from 5–8 PM and anytime on weekends. The home is located near shopping, schools, parks, public transportation, LaGuardia Airport, and major highways.
With separate living arrangements across the first, second, and third-floor levels, this layout may suit multi-generational households or buyers seeking rental flexibility. The combination of renovated interiors, off-street parking, and an enclosed outdoor space provides a practical foundation for long-term occupancy planning.
Outside, the home features a fully paved backyard with fencing for privacy, along with a private driveway that supports off-street parking. Showings are available Monday–Friday from 5–8 PM and anytime on weekends. The home is located near shopping, schools, parks, public transportation, LaGuardia Airport, and major highways.
With separate living arrangements across the first, second, and third-floor levels, this layout may suit multi-generational households or buyers seeking rental flexibility. The combination of renovated interiors, off-street parking, and an enclosed outdoor space provides a practical foundation for long-term occupancy planning.
Key Highlights
- Fully renovated Colonial 2‑family home built in 1940 with 4 total bedrooms, 3 total bathrooms, and about 2,382 sq ft of living space
- Multi‑level layout: first‑floor apartment has 1 bedroom, kitchen, living room, and 1 full bath; second floor has kitchen, living room, dining room, and 1 full bath
- Third floor features 3 bedrooms and 1 full bathroom
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
4.00%
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
NOI $44,000 @ 7.0% cap · market cap 4.00%
Second Best
Multifamily LT 5
$425.6K
$372.4K – $496.6K
NOI $29,793 @ 7.0% cap · market cap 2.71%
Theoretical Best
Office A
$1.33M
$1.16M – $1.55M
NOI $92,889 @ 7.0% cap · market cap 8.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
1,376
Businesses Nearby
Explore this area
Business Placement
Demographics for 11369, NY
40,805
Population
13,893
Households
2.9
Avg Household Size
37
Median Age
24%
College-Educated
79%
High-School Grad
1.1 sq mi
ZIP Area
37,095
Density / Sq Mi
$80,577
Median Household Income
$40,089
Median Earnings
$1,983
Median Rent
$734,900
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 - Vacant, fully renovated 2-family colonial with four bedrooms total, private driveway parking, and a fully paved, fenced backyard.
Where is this duplex located?
The property is located at 24-27 92 STREET East Elmhurst, NY.
What is the asking price?
The asking price for this property is $1,099,888.
What are key features of this property?
This property features: Fully renovated Colonial 2‑family home built in 1940 with 4 total bedrooms, 3 total bathrooms, and about 2,382 sq ft of living space; Multi‑level layout: first‑floor apartment has 1 bedroom, kitchen, living room, and 1 full bath; second floor has kitchen, living room, dining room, and 1 full bath; Third floor features 3 bedrooms and 1 full bathroom
