Two-Family with Adjacent Development
For Sale
$2,600,000
25-44 22 St, Queens, NY 11102
Combined parcels offer R5B zoning flexibility and substantial frontage for residential development planning in Astoria, Queens.
Property Size6,000 SF
Price / SF$433.33
Days on Market57
Property Features for 25-44 22 St
General Information
Standard status
Active
Size
6,000 SF
Property subtype
Land
Zoning
R5B
Taxes and HOA fees
Annual Taxes
$1,404
Listing Agency:
A Class Realty
(516) 226-1420
Listed By:
Anthoane C. Mazzara CBR · License #1018889
(516) 226-1420
Source:
Elliman
Added: Jun 14
Changed: Aug 8
Last Checked: Jul 16 at 7:15AM
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 A Class Realty
Investment Insights
Based on property information with market context.
This for-sale package combines a legal two-family residential property with an adjacent vacant parcel, sold strictly together. The offering includes 25-44 22nd Street and the contiguous vacant lot identified as Block 884, Lot 97 (measuring 25' x 80'). Together, the parcels create an expansive combined building footprint of approximately 4,000 square feet with 50 feet of street frontage and 80 feet of depth.
The combined site is located in Astoria, Queens, NY 11102. The property is positioned on a street-fronting parcel with meaningful depth to support development layouts subject to local approvals. Provided mobility indicators include a BikeScore of 80, a WalkScore of 97, and a TransitScore of 99.
For developers and investors seeking a consolidated, contiguous lot package, this configuration may support residential redevelopment planning under R5B zoning. The property is described as having zoning flexibility for up to 6,000 maximum buildable gross square feet, subject to permitting and final approvals. Buyers evaluating the site can plan around the combination of frontage, depth, and the legal two-family component as part of their next-step due diligence.
The combined site is located in Astoria, Queens, NY 11102. The property is positioned on a street-fronting parcel with meaningful depth to support development layouts subject to local approvals. Provided mobility indicators include a BikeScore of 80, a WalkScore of 97, and a TransitScore of 99.
For developers and investors seeking a consolidated, contiguous lot package, this configuration may support residential redevelopment planning under R5B zoning. The property is described as having zoning flexibility for up to 6,000 maximum buildable gross square feet, subject to permitting and final approvals. Buyers evaluating the site can plan around the combination of frontage, depth, and the legal two-family component as part of their next-step due diligence.
Key Highlights
- Legal two‑family home at 25‑44 22nd Street sold strictly together with adjacent vacant parcel (Block 884, Lot 97).
- Combined contiguous parcels include a 25' x 80' vacant lot, with 50' of street frontage and 80' depth across the package.
- Combined parcels create an estimated 4,000 SF building footprint for development planning.
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
$146,667
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
5.64%
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%
$2,933,340
$2.9M
Cap Rate 7%
$2,095,243
$2.1M
Cap Rate 9%
$1,629,633
$1.6M
Market Conditions
NOI Build-Up for 6,000 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
$277.2K $46.20/SF
− Vacancy
−$10.5K −$1.76/SF
EGI
$266.7K $44.44/SF
− OpEx
−$120.0K −$20.00/SF
NOI
$146.7K $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%
$2,933,340
Cap Rate 7%
$2,095,243
Cap Rate 9%
$1,629,633
Alternative Uses
Best Use
Apartment 5plus
$2.10M
$1.83M – $2.44M
NOI $146,667 @ 7.0% cap · market cap 5.64%
Second Best
Multifamily LT 5
$1.42M
$1.24M – $1.66M
NOI $99,310 @ 7.0% cap · market cap 3.82%
Theoretical Best
Office A
$4.42M
$3.87M – $5.16M
NOI $309,629 @ 7.0% cap · market cap 11.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,849
Businesses Nearby
Explore this area
Business Placement
Demographics for 11102, NY
37,468
Population
19,431
Households
1.9
Avg Household Size
36
Median Age
58%
College-Educated
90%
High-School Grad
0.7 sq mi
ZIP Area
53,526
Density / Sq Mi
$102,996
Median Household Income
$70,557
Median Earnings
$2,248
Median Rent
$779,800
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 - Combined parcels offer R5B zoning flexibility and substantial frontage for residential development planning in Astoria, Queens.
Where is this duplex located?
The property is located at 25-44 22 St Queens, NY.
What is the asking price?
The asking price for this property is $2,600,000.
What are key features of this property?
This property features: Legal two‑family home at 25‑44 22nd Street sold strictly together with adjacent vacant parcel (Block 884, Lot 97).; Combined contiguous parcels include a 25' x 80' vacant lot, with 50' of street frontage and 80' depth across the package.; Combined parcels create an estimated 4,000 SF building footprint for development planning.
