Building Details

Year built 1930

Number of units 2

Flooring type Hardwood

Building materials Brick, Wood Frame

Listing Agency: RE/MAX Elite Show Phone

Listed By: Deborah Brennan Show Phone

Added: Aug 21 Changed: Sep 15 Last Checked: Oct 6 at 4:06AM

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MLS# 503768

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Investment Insights

Based on property information with market context.

This two-unit duplex contains 2,220 square feet on a 0.0689-acre lot and was built in 1930. One unit is move-in ready, while the second requires renovations. The property includes five bedrooms, three bathrooms, hardwood flooring, a deck, and a detached two-car garage with additional storage. Interior features include a washer, dryer, refrigerator, stove, and garage door opener. A new water heater was installed in 2025.

The property is located in Belle Harbor near the beach, shops, and schools. Brick and wood-frame construction support the building’s existing residential configuration, while R2 zoning is identified for the property. The detached garage and on-site storage add functional utility for occupants.

Key Highlights

• 2,220‑square‑foot duplex on a 0.0689‑acre lot
• Two residential units, with one move‑in ready and the other requiring renovations
• Five bedrooms and three bathrooms

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

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.

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Law Firm Parking Lot & Garage Big Box & Wholesale Store (Bike/Boat/Book/etc) Store Hair Salon Barber Shop

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this duplexes located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Duplex - R2-zoned duplex with one ready unit, one renovation opportunity, detached garage, and updated water heater.

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 on a 0.0689‑acre lot; Two residential units, with one move‑in ready and the other requiring renovations; Five bedrooms and three bathrooms