Two-Family Brick Property in
For Sale
Contact for pricing
Pending
24-41 82nd St, East Elmhurst, NY 11370
Two-family property in a desirable Queens location with income potential.
Property Size1,756 SF
Days on Market173
Property Features for 24-41 82nd St
General Information
Standard status
Pending
Size
1,756 SF
Class
A
Property subtype
Multifamily
Zoning
R4B
Occupancy
100%
Building Details
Year Built
1940
Year Renovated
2021
Stories
2
Units
2
Listing Agency:
Compass
Listed By:
Darrell Williams · License #NY 10301213424
Source:
Crexi
Added: Mar 2
Changed: Aug 8
Last Checked: Jul 24 at 5:06PM
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 Compass
Investment Insights
Based on property information with market context.
This two-family brick property is situated in the Jackson Heights / East Elmhurst area of Queens. Configured as two residential units, the property offers stable in-place income with rental upside. It presents an opportunity for investors seeking cash flow with long-term appreciation, or an end user looking to offset ownership costs. The location is transit-accessible with consistent rental demand. Jackson Heights demonstrates resilient fundamentals due to limited supply, strong neighborhood amenities, and proximity to major transportation lines connecting to Manhattan and throughout Queens. The property size is 1756 square feet.
Key Highlights
- Located in the highly desirable Jackson Heights / East Elmhurst area of Queens.
- Offers stable in‑place income with clear rental upside.
- Presents an excellent opportunity for investors seeking steady cash flow with long‑term appreciation.
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
$42,924
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
3.90%
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%
$858,480
$858.5K
Cap Rate 7%
$613,200
$613.2K
Cap Rate 9%
$476,933
$476.9K
Market Conditions
NOI Build-Up for 1,756 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
$81.1K $46.20/SF
− Vacancy
−$3.1K −$1.76/SF
EGI
$78.0K $44.44/SF
− OpEx
−$35.1K −$20.00/SF
NOI
$42.9K $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%
$858,480
Cap Rate 7%
$613,200
Cap Rate 9%
$476,933
Alternative Uses
Best Use
Apartment 5plus
$613.2K
$536.6K – $715.4K
NOI $42,924 @ 7.0% cap · market cap 3.90%
Second Best
Multifamily LT 5
$415.2K
$363.3K – $484.4K
NOI $29,065 @ 7.0% cap · market cap 2.64%
Theoretical Best
Office A
$1.29M
$1.13M – $1.51M
NOI $90,618 @ 7.0% cap · market cap 8.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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 - Two-family property in a desirable Queens location with income potential.
Where is this duplex located?
The property is located at 24-41 82nd St East Elmhurst, NY.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Located in the highly desirable Jackson Heights / East Elmhurst area of Queens.; Offers stable in‑place income with clear rental upside.; Presents an excellent opportunity for investors seeking steady cash flow with long‑term appreciation.
