Renovated Two-Family
For Sale
$1,195,000
2418 42nd St, Queens, NY 11103
Separate owner and rental layouts combine updated finishes with flexible residential use.
Property Size1,440 SF
Days on Market10
Property Features for 2418 42nd St
General Information
Standard status
Active
Size
1,440 SF
Total Parking Spaces
2
Property subtype
Investment
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 2BR/2BA, 1 x 1BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$9,750
Amenities
private rear yard
private terrace
washer and dryer
energy-efficient mini-split systems
breakfast bar
stainless steel appliances
dishwasher
Building Details
Building Size
1,440 SF
Year Built
1935
Buildings
1
Units
2
Construction
brick
Listing Agency:
Blue Brick Real Estate
(917) 837-2072
Listed By:
Antonino Lo Verme · License #10491211001
(917) 837-2072
Source:
Elliman
Added: Aug 14
Changed: Aug 21
Last Checked: Aug 22 at 7:21AM
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 Blue Brick Real Estate
Investment Insights
Based on property information with market context.
This fully renovated brick duplex property provides two distinct residences within a two-family home. The primary residence occupies the first floor and finished basement, with two bedrooms, two full bathrooms, a living room, an open kitchen with breakfast bar, stainless steel appliances, dishwasher, and laundry facilities. The upper apartment includes one bedroom, one bathroom, and a private terrace. Mini-split systems are installed throughout the home for room-by-room heating and cooling.
Outdoor features include a private rear yard and detached two-car garage. The property is near restaurants, cafés, shopping, parks, schools, and daily services, with N/W subway access, multiple bus routes, and connections to the Grand Central Parkway, BQE, and LaGuardia Airport. Built in 1935, it also carries a bike score of 80, walk score of 97, and transit score of 99.
Outdoor features include a private rear yard and detached two-car garage. The property is near restaurants, cafés, shopping, parks, schools, and daily services, with N/W subway access, multiple bus routes, and connections to the Grand Central Parkway, BQE, and LaGuardia Airport. Built in 1935, it also carries a bike score of 80, walk score of 97, and transit score of 99.
Key Highlights
- Fully renovated brick two‑family home built in 1935
- Primary duplex includes 2 bedrooms, 2 full bathrooms, and a finished basement
- Second‑floor apartment offers 1 bedroom, 1 bathroom, and a private terrace
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
$35,200
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
2.95%
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%
$704,000
$704.0K
Cap Rate 7%
$502,857
$502.9K
Cap Rate 9%
$391,111
$391.1K
Market Conditions
NOI Build-Up for 1,440 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
$66.5K $46.20/SF
− Vacancy
−$2.5K −$1.76/SF
EGI
$64.0K $44.44/SF
− OpEx
−$28.8K −$20.00/SF
NOI
$35.2K $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%
$704,000
Cap Rate 7%
$502,857
Cap Rate 9%
$391,111
Alternative Uses
Best Use
Apartment 5plus
$502.9K
$440.0K – $586.7K
NOI $35,200 @ 7.0% cap · market cap 2.95%
Second Best
Multifamily LT 5
$340.5K
$297.9K – $397.2K
NOI $23,834 @ 7.0% cap · market cap 1.99%
Theoretical Best
Office A
$1.06M
$928.9K – $1.24M
NOI $74,311 @ 7.0% cap · market cap 6.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
5,376
Businesses Nearby
Explore this area
Business Placement
Demographics for 11103, NY
37,362
Population
18,833
Households
2
Avg Household Size
36
Median Age
52%
College-Educated
89%
High-School Grad
0.7 sq mi
ZIP Area
53,374
Density / Sq Mi
$92,787
Median Household Income
$59,050
Median Earnings
$2,120
Median Rent
$1,003,500
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 - Separate owner and rental layouts combine updated finishes with flexible residential use.
Where is this duplex located?
The property is located at 2418 42nd St Queens, NY.
What is the asking price?
The asking price for this property is $1,195,000.
What are key features of this property?
This property features: Fully renovated brick two‑family home built in 1935; Primary duplex includes 2 bedrooms, 2 full bathrooms, and a finished basement; Second‑floor apartment offers 1 bedroom, 1 bathroom, and a private terrace
