Two-Family Duplex with Rooftop
For Sale
$1,049,000
244 Beach 79th Street, Rockaway Beach, NY 11693
Updated owner’s residence, separate rental unit, private yard, driveway, attached garage, and ocean access nearby.
Property Size3,681 SF
Days on Market37
Property Features for 244 Beach 79th Street
General Information
Standard status
Active
Size
3,681 SF
Property subtype
Residential Income
Additional Details
Public Transit
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,451
Amenities
private backyard
rooftop deck
generous storage
Building Details
Building Size
3,681 SF
Year Built
2005
Buildings
1
Units
2
Listing Agency:
EXP Realty
(347) 891-0842
Listed By:
Fabiana T. Reyes · License #10401236775
(347) 891-0842
Source:
Millenniumhomes
Added: Jul 23
Changed: Aug 28
Last Checked: Aug 28 at 8:35PM
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 well-maintained duplex includes an owner’s residence with an open, light-filled layout, hardwood floors, granite countertops, stainless steel appliances, updated bathrooms, and a tankless hot water heater. The second unit provides separate space for rental income, extended household use, or flexible occupancy. A private backyard, rooftop deck, attached garage, private driveway, and generous storage add practical outdoor and utility space. The property was built in 2005.
Set in Arverne by the Sea, the home is moments from the beach, boardwalk, parks, restaurants, shopping, schools, and the YMCA. The NYC Ferry and A train provide transportation connections to Manhattan and other parts of New York City. The address is 244 Beach 79th Street, Rockaway Beach, NY 11693.
Set in Arverne by the Sea, the home is moments from the beach, boardwalk, parks, restaurants, shopping, schools, and the YMCA. The NYC Ferry and A train provide transportation connections to Manhattan and other parts of New York City. The address is 244 Beach 79th Street, Rockaway Beach, NY 11693.
Key Highlights
- Two‑family duplex with a separate second unit
- Owner’s residence features hardwood floors, granite countertops, stainless steel appliances, and updated bathrooms
- Rooftop deck and private backyard
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
$89,980
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
8.58%
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%
$1,799,600
$1.8M
Cap Rate 7%
$1,285,429
$1.3M
Cap Rate 9%
$999,778
$999.8K
Market Conditions
NOI Build-Up for 3,681 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
$170.1K $46.20/SF
− Vacancy
−$6.5K −$1.76/SF
EGI
$163.6K $44.44/SF
− OpEx
−$73.6K −$20.00/SF
NOI
$90.0K $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%
$1,799,600
Cap Rate 7%
$1,285,429
Cap Rate 9%
$999,778
Alternative Uses
Best Use
Apartment 5plus
$1.29M
$1.12M – $1.50M
NOI $89,980 @ 7.0% cap · market cap 8.58%
Second Best
Multifamily LT 5
$870.4K
$761.6K – $1.02M
NOI $60,926 @ 7.0% cap · market cap 5.81%
Theoretical Best
Office A
$2.71M
$2.37M – $3.17M
NOI $189,957 @ 7.0% cap · market cap 18.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
759
Businesses Nearby
Explore this area
Business Placement
Demographics for 11693, NY
12,467
Population
5,850
Households
2.1
Avg Household Size
42
Median Age
36%
College-Educated
84%
High-School Grad
1.0 sq mi
ZIP Area
12,467
Density / Sq Mi
$67,829
Median Household Income
$47,632
Median Earnings
$1,198
Median Rent
$473,200
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 - Updated owner’s residence, separate rental unit, private yard, driveway, attached garage, and ocean access nearby.
Where is this duplex located?
The property is located at 244 Beach 79th Street Rockaway Beach, NY.
What is the asking price?
The asking price for this property is $1,049,000.
What are key features of this property?
This property features: Two‑family duplex with a separate second unit; Owner’s residence features hardwood floors, granite countertops, stainless steel appliances, and updated bathrooms; Rooftop deck and private backyard
