Building Details

Year Built 1930

Buildings 1

Listing Agency: RE/MAX Elite

Listed By: Deborah Brennan Show Phone

Source: Gosenproperties

Added: Aug 21 Changed: Oct 28 Last Checked: Oct 28 at 4:49PM

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Investment Insights

Based on property information with market context.

This 2,220-square-foot duplex, built in 1930, contains two residential units. One is ready for occupancy, while the other requires renovation. A two-car garage and additional storage provide practical on-site space, and the water heater was replaced in 2025.

At 248 Beach 131st Street in Belle Harbor, the property is near the beach, shops, and schools.

Key Highlights

• 2,220‑square‑foot duplex with two residential units
• One unit is ready for occupancy; the second needs renovation
• Two‑car garage and additional storage

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$54,267

Cap Rate

5.29%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,085,340 $1.1M

Cap Rate 7%

$775,243 $775.2K

Cap Rate 9%

$602,967 $603.0K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,220 SF

Gross rent

$102.6K $46.20/SF

− Vacancy

−$3.9K −$1.76/SF

EGI

$98.7K $44.44/SF

− OpEx

−$44.4K −$20.00/SF

NOI

$54.3K $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 Rate 5%

$1,085,340

Cap Rate 7%

$775,243

Cap Rate 9%

$602,967

Alternative Uses

Best Use

Apartment 5plus

$775.2K

$678.3K – $904.5K (±1% cap)

NOI $54,267 @ 7.0% cap · market cap 5.29%

Second Best

Multifamily LT 5

$524.9K

$459.3K – $612.4K (±1% cap)

NOI $36,745 @ 7.0% cap · market cap 3.58%

Theoretical Best

Office A

$1.64M

$1.43M – $1.91M (±1% cap)

NOI $114,563 @ 7.0% cap · market cap 11.18%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Open Analytics

Lease Details

2

Residential units

Location Intelligence

Trade Area within ½ mile

390

Businesses Nearby

Explore this area Business Placement

Demographics for 11694, NY

19,780

Population

9,103

Households

2.2

Avg Household Size

46

Median Age

43%

College-Educated

90%

High-School Grad

1.7 sq mi

ZIP Area

11,635

Density / Sq Mi

$103,792

Median Household Income

$65,602

Median Earnings

$1,787

Median Rent

$839,000

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Similar For Sale Nearby

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Triplex with Wood-Burning Fireplace

533 Beach 130th Street, Belle Harbor, NY 11694

$999,000

2,389 SF

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Auto Repair Shop with Large Frontage

441 BEACH 129TH ST, Belle Harbor, NY 11694

Contact for pricing

14,200 SF

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Frequently Asked Questions

What type of property is this?

Duplex - One unit is ready for occupancy; the other offers a renovation project.

Where is this duplex located?

The property is located at 248 Beach 131st Street Belle Harbor, NY.

What is the asking price?

The asking price for this property is $1,025,000.

What are key features of this property?

This property features: 2,220‑square‑foot duplex with two residential units; One unit is ready for occupancy; the second needs renovation; Two‑car garage and additional storage