Legal Two-Family
For Sale
$1,149,999
242-19 83rd Avenue, Bellerose, NY 11426
Residential Income, Bellerose, NY
Property Size1,920 SF
Lot Size0.09 Acres
Price / SF$598.96
Days on Market99
Property Features for 242-19 83rd Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bedroom 3, Bedroom 4, Bedroom 2, Bathroom 1, Bedroom 1, Bathroom 2
Parking features
Garage
Interior features
First Floor Bedroom, First Floor Full Bath, Eat-in Kitchen
Basement
Finished
Elementary school
Ps 18 Winchester
Middle school
Irwin Altman Middle School 172
High school
Martin Van Buren High School
Elementary school district
Queens 26
Middle school district
Queens 26
High school district
Queens 26
Standard status
Active
APN
07905-0001
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
10715
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Wall/Window Unit(s), Window Unit(s)
Water source
Public
Building Details
Year built
1950
Number of units
2
Building materials
Brick, Frame, Vinyl Siding
Listing Agency:
Ciampa Realty Group LLC
(718) 343-4500
Listed By:
Mario J. Ciampa · License #49CI1169157
(516) 551-4010
Added: May 14
Changed: Aug 20
Last Checked: Aug 20 at 4:06AM
MLS# 987396
Copyright © 2026 OneKey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
242-19 83rd Avenue is a legal two-family duplex offering two spacious bedrooms over two bedrooms, with separate heating systems for each unit. The home features two separate gas boilers and is heated with natural gas. Cooling is provided by wall/window unit(s) and window unit(s). Interior details include an eat-in kitchen, plus a first-floor bedroom and first-floor full bath.
The property sits on a corner lot with south exposure, helping bring natural light into the interior. A fully finished basement includes an outside entrance, adding versatility to the layout. There is also a detached one-car garage, along with a fenced-in yard.
Additional property utilities include public water and public sewer, with cable available. Construction is described as brick with frame and vinyl siding, and the property was built in 1950.
The property sits on a corner lot with south exposure, helping bring natural light into the interior. A fully finished basement includes an outside entrance, adding versatility to the layout. There is also a detached one-car garage, along with a fenced-in yard.
Additional property utilities include public water and public sewer, with cable available. Construction is described as brick with frame and vinyl siding, and the property was built in 1950.
Key Highlights
- Two separate gas boilers serving each unit in a legal two‑family duplex
- Corner lot location with south exposure for added natural light
- 1920 interior includes a fully finished basement with an outside entrance
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
$46,933
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
4.08%
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%
$938,660
$938.7K
Cap Rate 7%
$670,471
$670.5K
Cap Rate 9%
$521,478
$521.5K
Market Conditions
NOI Build-Up for 1,920 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
$88.7K $46.20/SF
− Vacancy
−$3.4K −$1.76/SF
EGI
$85.3K $44.44/SF
− OpEx
−$38.4K −$20.00/SF
NOI
$46.9K $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%
$938,660
Cap Rate 7%
$670,471
Cap Rate 9%
$521,478
Alternative Uses
Best Use
Apartment 5plus
$670.5K
$586.7K – $782.2K
NOI $46,933 @ 7.0% cap · market cap 4.08%
Second Best
Multifamily LT 5
$454.0K
$397.2K – $529.7K
NOI $31,779 @ 7.0% cap · market cap 2.76%
Theoretical Best
Office A
$1.42M
$1.24M – $1.65M
NOI $99,081 @ 7.0% cap · market cap 8.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
887
Businesses Nearby
Explore this area
Business Placement
Demographics for 11426, NY
19,343
Population
6,813
Households
2.8
Avg Household Size
43
Median Age
44%
College-Educated
88%
High-School Grad
1.4 sq mi
ZIP Area
13,816
Density / Sq Mi
$107,591
Median Household Income
$57,622
Median Earnings
$2,158
Median Rent
$676,100
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-family duplex with two separate gas boilers, finished basement with outside entrance, and fenced yard.
Where is this duplex located?
The property is located at 242-19 83rd Avenue Bellerose, NY.
What is the asking price?
The asking price for this property is $1,149,999.
What are key features of this property?
This property features: Two separate gas boilers serving each unit in a legal two‑family duplex; Corner lot location with south exposure for added natural light; 1920 interior includes a fully finished basement with an outside entrance
