Two-Unit Duplex with
New
For Sale
$1,808,000
32 - 07 148th Street, Flushing, NY 11354
Well-maintained duplex with separate living areas, a walk-out basement, attic storage, and convenient parking.
Property Size2,300 SF
Lot Size0.13 Acres
Price / SF$786.09
Days on Market5
Property Features for 32 - 07 148th Street
General Information
Standard status
Active
Size
2,300 SF
Total Parking Spaces
2
Lot size
0.13 Acres
Property subtype
Duplex
Units
Unit Mix
1 x 2BR/2BA, 1 x 3BR/1BA
Multifamily Units
2
Additional Details
Furnished
Yes
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$12,797
Amenities
fireplace
two washers and two dryers
backyard
Building Details
Building Size
2,300 SF
Year Built
1940
Buildings
1
Listing Agency:
EXP Realty
(917) 273-5462
Listed By:
Glenn F. Pinzon
Source:
Cbwarburg
Added: Aug 8
Changed: Aug 10
Last Checked: Aug 11 at 12:12PM
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 EXP Realty
Investment Insights
Based on property information with market context.
This 1940 duplex sits on a 5,781-square-foot lot and includes two separate residential units: one with 2 bedrooms and 2 bathrooms, and another with 3 bedrooms and 1 bathroom. A sizable walk-out basement has separate exterior entrances, while the full attic provides approximately 9-foot clearance. Hardwood flooring, a fireplace, cabinetry, appliances, and abundant natural light are among the interior features. Two washers and two dryers support daily household use, and the detached two-car garage adds parking and storage.
The property is located at 32 - 07 148th Street in Flushing, NY 11354, within walking distance of the Murray Hill LIRR Station and nearby bus routes. Downtown Flushing is a short ride away, providing access to shopping, dining, and entertainment.
The property is located at 32 - 07 148th Street in Flushing, NY 11354, within walking distance of the Murray Hill LIRR Station and nearby bus routes. Downtown Flushing is a short ride away, providing access to shopping, dining, and entertainment.
Key Highlights
- Two residential units: 2‑bedroom, 2‑bath and 3‑bedroom, 1‑bath layouts
- 5,781‑square‑foot lot with a 2,300‑square‑foot property
- Walk‑out basement with separate exterior entrances
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
$56,222
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
3.11%
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%
$1,124,440
$1.1M
Cap Rate 7%
$803,171
$803.2K
Cap Rate 9%
$624,689
$624.7K
Market Conditions
NOI Build-Up for 2,300 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
$106.3K $46.20/SF
− Vacancy
−$4.0K −$1.76/SF
EGI
$102.2K $44.44/SF
− OpEx
−$46.0K −$20.00/SF
NOI
$56.2K $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%
$1,124,440
Cap Rate 7%
$803,171
Cap Rate 9%
$624,689
Alternative Uses
Best Use
Apartment 5plus
$803.2K
$702.8K – $937.0K
NOI $56,222 @ 7.0% cap · market cap 3.11%
Second Best
Multifamily LT 5
$543.8K
$475.9K – $634.5K
NOI $38,069 @ 7.0% cap · market cap 2.11%
Theoretical Best
Office A
$1.70M
$1.48M – $1.98M
NOI $118,691 @ 7.0% cap · market cap 6.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,907
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
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 - Well-maintained duplex with separate living areas, a walk-out basement, attic storage, and convenient parking.
Where is this duplex located?
The property is located at 32 - 07 148th Street Flushing, NY.
What is the asking price?
The asking price for this property is $1,808,000.
What are key features of this property?
This property features: Two residential units: 2‑bedroom, 2‑bath and 3‑bedroom, 1‑bath layouts; 5,781‑square‑foot lot with a 2,300‑square‑foot property; Walk‑out basement with separate exterior entrances
