Two-Unit Duplex with
New
For Sale
$1,025,000
248 Beach 131st Street, Belle Harbor, NY 11694
Residential, Belle Harbor, NY
Property Size2,220 SF
Lot Size0.07 Acres
Price / SF$461.71
Days on Market1
Property Features for 248 Beach 131st Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R2
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Bathroom 2, Bedroom 3, Bathroom 1, Bedroom 4, Bedroom 2, Bedroom 1, Bedroom 5
Parking features
Garage - Detached
Patio and Porch features
Deck
Interior features
Deck, Dryer, Garage Door Opener(s), Refrigerator, Stove, Washer
Basement
Full, Unfinished
Subdivision
Belle harbor
Standard status
Active
Size
2,220 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Annual Amount
11042
Building Details
Year built
1930
Number of units
2
Flooring type
Hardwood
Building materials
Brick, Wood Frame
Listing Agency:
RE/MAX Elite
(718) 690-3900
Listed By:
Deborah Brennan
(718) 690-3900
Added: Aug 21
Last Checked: Aug 21 at 11:06PM
MLS# 503768
Copyright © 2026 Brooklyn New York Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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.
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 = 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
$54,267
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
5.29%
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%
$1,085,340
$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
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
$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 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%
$1,085,340
Cap Rate 7%
$775,243
Cap Rate 9%
$602,967
Alternative Uses
Best Use
Apartment 5plus
$775.2K
$678.3K – $904.5K
NOI $54,267 @ 7.0% cap · market cap 5.29%
Second Best
Multifamily LT 5
$524.9K
$459.3K – $612.4K
NOI $36,745 @ 7.0% cap · market cap 3.58%
Theoretical Best
Office A
$1.64M
$1.43M – $1.91M
NOI $114,563 @ 7.0% cap · market cap 11.18%
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
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
Questions? Ask Rey
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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
