Two-Family Duplex
For Sale
$1,980,000
245-71 61st Avenue, Little Neck, NY 11362
Front-and-rear configuration with separate living and dining areas, storage spaces, and flexible room arrangements.
Property Size2,824 SF
Lot Size0.08 Acres
Price / SF$701.13
Days on Market14
Property Features for 245-71 61st Avenue
General Information
Standard status
Active
Size
2,824 SF
Lot size
0.08 Acres
Property subtype
Duplex
Zoning
R3X
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$15,361
Building Details
Building Size
2,824 SF
Year Built
1950
Buildings
1
Listing Agency:
Homix Realty Inc
(516) 888-6000
Listed By:
Si Zhang
Source:
Luxuryhomeny
Added: Aug 7
Changed: Aug 18
Last Checked: Aug 19 at 3:03PM
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 Homix Realty Inc
Investment Insights
Based on property information with market context.
This legal two-family residence is arranged as a front-and-rear duplex configuration. Each residence extends across the basement, first floor, and second floor, with separate living and dining areas, multiple storage spaces, and adaptable room layouts. The interior includes a living room with high ceilings and large arched windows that bring natural light into the space. The property contains approximately 2,824 square feet of interior living area on an approximately 36' × 100' lot, with R3X zoning, and was built in 1950.
The property is located in the Douglaston/Little Neck neighborhood of Queens, near I-495, Northern Boulevard, the LIRR Douglaston Station, shopping, restaurants, supermarkets, banks, and other neighborhood amenities. It is within New York City School District 26.
The property is located in the Douglaston/Little Neck neighborhood of Queens, near I-495, Northern Boulevard, the LIRR Douglaston Station, shopping, restaurants, supermarkets, banks, and other neighborhood amenities. It is within New York City School District 26.
Key Highlights
- Legal two‑family residence with front‑and‑rear configuration
- Each residence spans the basement, first floor, and second floor
- Approximately 2,824 square feet of interior living space
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
$69,031
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
3.49%
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%
$1,380,620
$1.4M
Cap Rate 7%
$986,157
$986.2K
Cap Rate 9%
$767,011
$767.0K
Market Conditions
NOI Build-Up for 2,824 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
$130.5K $46.20/SF
− Vacancy
−$5.0K −$1.76/SF
EGI
$125.5K $44.44/SF
− OpEx
−$56.5K −$20.00/SF
NOI
$69.0K $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%
$1,380,620
Cap Rate 7%
$986,157
Cap Rate 9%
$767,011
Alternative Uses
Best Use
Apartment 5plus
$986.2K
$862.9K – $1.15M
NOI $69,031 @ 7.0% cap · market cap 3.49%
Second Best
Multifamily LT 5
$667.7K
$584.3K – $779.0K
NOI $46,742 @ 7.0% cap · market cap 2.36%
Theoretical Best
Office A
$2.08M
$1.82M – $2.43M
NOI $145,732 @ 7.0% cap · market cap 7.36%
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
413
Businesses Nearby
Explore this area
Business Placement
Demographics for 11362, NY
18,139
Population
7,634
Households
2.4
Avg Household Size
48
Median Age
52%
College-Educated
93%
High-School Grad
2.1 sq mi
ZIP Area
8,638
Density / Sq Mi
$118,989
Median Household Income
$62,132
Median Earnings
$2,548
Median Rent
$634,500
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 - Front-and-rear configuration with separate living and dining areas, storage spaces, and flexible room arrangements.
Where is this duplex located?
The property is located at 245-71 61st Avenue Little Neck, NY.
What is the asking price?
The asking price for this property is $1,980,000.
What are key features of this property?
This property features: Legal two‑family residence with front‑and‑rear configuration; Each residence spans the basement, first floor, and second floor; Approximately 2,824 square feet of interior living space
