Remodeled Brick
For Sale
$1,988,000
24560 61st Avenue, Little Neck, NY 11362
Flexible multi-level residence with finished basement, private outdoor space, detached garage, and generous off-street parking.
Property Size2,409 SF
Price / SF$825.24
Days on Market67
Property Features for 24560 61st Avenue
General Information
Standard status
Active
Size
2,409 SF
Property subtype
Duplex
Taxes and HOA fees
Annual Taxes
$17,673
Amenities
ductless heating and cooling units
private outdoor space
landscaped gated entrance
Building Details
Building Size
2,409 SF
Year Built
1950
Year Renovated
2017
Buildings
2
Construction
brick
Listing Agency:
EXP Realty
Listed By:
Andrew Wu AHWD MRP
(888) 276-0630
Source:
Cottiemaxwellrealestate
Added: Jul 15
Changed: Sep 4
Last Checked: Sep 18 at 11:36AM
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 detached brick duplex offers approximately 2,409 square feet of interior living space, excluding the full finished basement, and was completely remodeled in 2017. The multi-level layout includes five full bathrooms, spacious living and dining areas, wood flooring, high ceilings, crown molding, recessed lighting, and abundant natural light. Kitchens feature sleek cabinetry, stone countertops, mosaic-tile backsplashes, stainless-steel appliances, ample storage, and large seating peninsulas. A dramatic double-height foyer includes an oversized arched window, crystal chandelier, and sweeping staircase.
The finished basement adds substantial space with backyard egress, a full bathroom, laundry area, and storage. Additional features include multiple ductless heating and cooling units, private outdoor space, a long private driveway, generous off-street parking, a detached garage, and a landscaped, gated entrance. The property is located near shopping, dining, parks, schools, transportation, and major roadways in Little Neck, NY.
The finished basement adds substantial space with backyard egress, a full bathroom, laundry area, and storage. Additional features include multiple ductless heating and cooling units, private outdoor space, a long private driveway, generous off-street parking, a detached garage, and a landscaped, gated entrance. The property is located near shopping, dining, parks, schools, transportation, and major roadways in Little Neck, NY.
Key Highlights
- Approximately 2,409 square feet of interior living space, excluding the full finished basement
- Completely remodeled in 2017
- Five full bathrooms across a flexible multi‑level layout
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
$58,887
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
2.96%
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%
$1,177,740
$1.2M
Cap Rate 7%
$841,243
$841.2K
Cap Rate 9%
$654,300
$654.3K
Market Conditions
NOI Build-Up for 2,409 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
$111.3K $46.20/SF
− Vacancy
−$4.2K −$1.76/SF
EGI
$107.1K $44.44/SF
− OpEx
−$48.2K −$20.00/SF
NOI
$58.9K $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%
$1,177,740
Cap Rate 7%
$841,243
Cap Rate 9%
$654,300
Alternative Uses
Best Use
Apartment 5plus
$841.2K
$736.1K – $981.5K
NOI $58,887 @ 7.0% cap · market cap 2.96%
Second Best
Multifamily LT 5
$569.6K
$498.4K – $664.6K
NOI $39,873 @ 7.0% cap · market cap 2.01%
Theoretical Best
Office A
$1.78M
$1.55M – $2.07M
NOI $124,316 @ 7.0% cap · market cap 6.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
496
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
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Flexible multi-level residence with finished basement, private outdoor space, detached garage, and generous off-street parking.
Where is this duplex located?
The property is located at 24560 61st Avenue Little Neck, NY.
What is the asking price?
The asking price for this property is $1,988,000.
What are key features of this property?
This property features: Approximately 2,409 square feet of interior living space, excluding the full finished basement; Completely remodeled in 2017; Five full bathrooms across a flexible multi‑level layout
