Brick Two-Family
For Sale
$979,000
24-33 82nd Street, East Elmhurst, NY 11370
Legal two-unit attached home with private parking, outdoor space, and separate front and rear apartment entrances.
Property Size1,536 SF
Price / SF$637.37
Days on Market99
Property Features for 24-33 82nd Street
General Information
Standard status
Active
Size
1,536 SF
Total Parking Spaces
2
Property subtype
Duplex
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$8,052
Building Details
Building Size
1,536 SF
Year Built
1940
Buildings
1
Construction
brick
Tenancy
Multi
Listing Agency:
EXP Realty
Listed By:
Vincent Koo CBR SRS
(917) 920-6386
Source:
Cbwarburg
Added: Jun 3
Changed: Sep 8
Last Checked: Sep 8 at 11:49AM
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 EXP Realty
Investment Insights
Based on property information with market context.
This legal two-family attached brick home at 24-33 82nd Street includes two 2-bedroom, 1-bath units. The first-floor apartment offers vaulted ceilings and an eat-in kitchen, while the lower unit features hardwood floors, natural light, and entrances from the front and rear of the house. The property was built in 1940 and sits on a 21-foot-wide lot.
Private 2-car parking, a fenced front yard, and rear outdoor space provide practical amenities for occupants. The property is near shopping, restaurants, schools, parks, public transportation, LaGuardia Airport, and major highways in East Elmhurst, Queens.
Private 2-car parking, a fenced front yard, and rear outdoor space provide practical amenities for occupants. The property is near shopping, restaurants, schools, parks, public transportation, LaGuardia Airport, and major highways in East Elmhurst, Queens.
Key Highlights
- Legal 2‑family attached brick home at 24‑33 82nd Street
- Two 2‑bedroom, 1‑bath units
- 21‑foot‑wide lot; property built in 1940
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
$37,547
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
3.84%
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%
$750,940
$750.9K
Cap Rate 7%
$536,386
$536.4K
Cap Rate 9%
$417,189
$417.2K
Market Conditions
NOI Build-Up for 1,536 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
$71.0K $46.20/SF
− Vacancy
−$2.7K −$1.76/SF
EGI
$68.3K $44.44/SF
− OpEx
−$30.7K −$20.00/SF
NOI
$37.5K $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%
$750,940
Cap Rate 7%
$536,386
Cap Rate 9%
$417,189
Alternative Uses
Best Use
Apartment 5plus
$536.4K
$469.3K – $625.8K
NOI $37,547 @ 7.0% cap · market cap 3.84%
Second Best
Multifamily LT 5
$363.2K
$317.8K – $423.7K
NOI $25,423 @ 7.0% cap · market cap 2.60%
Theoretical Best
Office A
$1.13M
$990.8K – $1.32M
NOI $79,265 @ 7.0% cap · market cap 8.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,549
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
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 - Legal two-unit attached home with private parking, outdoor space, and separate front and rear apartment entrances.
Where is this duplex located?
The property is located at 24-33 82nd Street East Elmhurst, NY.
What is the asking price?
The asking price for this property is $979,000.
What are key features of this property?
This property features: Legal 2‑family attached brick home at 24‑33 82nd Street; Two 2‑bedroom, 1‑bath units; 21‑foot‑wide lot; property built in 1940
