Two-Family Duplex with
New
For Sale
$1,190,000
2518 123rd Street, Flushing, NY 11354
Semi-detached duplex with separate laundry, private parking, and access to Q25 and Q26 bus service.
Property Size2,052 SF
Lot Size0.10 Acres
Days on Market3
Property Features for 2518 123rd Street
General Information
Standard status
Active
Size
2,052 SF
Lot size
0.10 Acres
Property subtype
Duplex
Units
Unit Mix
1 x 3BR/1BA, 1 x 3BR/2BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$9,954
Amenities
backyard
in-unit washer/dryer
Building Details
Building Size
2,052 SF
Year Built
1950
Buildings
1
Stories
2
Listing Agency:
City Realty Group
Listed By:
Emmy D. Cai CBR · License #10311207995
(718) 888-9005
Source:
Serhant
Added: Sep 21
Changed: Sep 23
Last Checked: Sep 22 at 6:29PM
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 City Realty Group
Investment Insights
Based on property information with market context.
This legal two-family duplex at 2518 123rd Street in Flushing, NY, was built in 1950 and offers two distinct residential layouts. The first-floor residence includes three bedrooms and one bath, while the upper residence provides three bedrooms and two full baths. Each level has its own washer and dryer, supporting independent household use.
The property occupies a 4,240-square-foot lot, with a 22-by-48-foot building footprint. Exterior features include a private 40-by-50-foot parking area accommodating five or more vehicles and a 25-by-35-foot backyard suitable for garden or outdoor use. Q25 and Q26 bus stops are located just steps away, with service connecting to Main Street’s 7 train.
The property occupies a 4,240-square-foot lot, with a 22-by-48-foot building footprint. Exterior features include a private 40-by-50-foot parking area accommodating five or more vehicles and a 25-by-35-foot backyard suitable for garden or outdoor use. Q25 and Q26 bus stops are located just steps away, with service connecting to Main Street’s 7 train.
Key Highlights
- Legal two‑family duplex with 3‑bedroom layouts on both levels
- First floor includes 1 bath; second floor includes 2 full baths
- Separate washer and dryer provided on each floor
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
$50,160
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
4.22%
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%
$1,003,200
$1.0M
Cap Rate 7%
$716,571
$716.6K
Cap Rate 9%
$557,333
$557.3K
Market Conditions
NOI Build-Up for 2,052 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
$94.8K $46.20/SF
− Vacancy
−$3.6K −$1.76/SF
EGI
$91.2K $44.44/SF
− OpEx
−$41.0K −$20.00/SF
NOI
$50.2K $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%
$1,003,200
Cap Rate 7%
$716,571
Cap Rate 9%
$557,333
Alternative Uses
Best Use
Apartment 5plus
$716.6K
$627.0K – $836.0K
NOI $50,160 @ 7.0% cap · market cap 4.22%
Second Best
Multifamily LT 5
$485.2K
$424.6K – $566.1K
NOI $33,964 @ 7.0% cap · market cap 2.85%
Theoretical Best
Office A
$1.51M
$1.32M – $1.76M
NOI $105,893 @ 7.0% cap · market cap 8.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,726
Businesses Nearby
Explore this area
Business Placement
Demographics for 11354, NY
61,276
Population
22,979
Households
2.7
Avg Household Size
45
Median Age
33%
College-Educated
79%
High-School Grad
2.2 sq mi
ZIP Area
27,853
Density / Sq Mi
$62,833
Median Household Income
$40,404
Median Earnings
$1,766
Median Rent
$521,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Semi-detached duplex with separate laundry, private parking, and access to Q25 and Q26 bus service.
Where is this duplex located?
The property is located at 2518 123rd Street Flushing, NY.
What is the asking price?
The asking price for this property is $1,190,000.
What are key features of this property?
This property features: Legal two‑family duplex with 3‑bedroom layouts on both levels; First floor includes 1 bath; second floor includes 2 full baths; Separate washer and dryer provided on each floor
