Legal Two-Family Brick
For Sale
$1,280,000
34-55 60th St, Queens, NY 11377
Two-family brick house with walkout basement and private parking.
Property Size2,305 SF
Lot Size0.05 Acres
Days on Market272
Property Features for 34-55 60th St
General Information
Standard status
Active
Size
2,305 SF
Lot size
0.05 Acres
Property subtype
Other
Taxes and HOA fees
Annual Taxes
$4,080
Building Details
Building Size
2,305 SF
Year Built
1950
Units
2
Listing Agency:
(646) 639-2110
Listed By:
Sew L. Ang
(646) 639-2110
Source:
Elliman
Added: Nov 27, 2025
Changed: Aug 14
Last Checked: Aug 26 at 9:55AM
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 Sew L. Ang
Investment Insights
Based on property information with market context.
This is a legal two-family attached brick house with R5 zoning and a walkout basement. The property features a three-bedroom apartment over a two-bedroom duplex with three bathrooms. The walk-out level provides storage and living space. Each level offers approximately 1,200 square feet of space. The property includes private parking and backyard space. The home will be delivered vacant, offering the potential for excellent rental income. It is located close to the M and R trains at Northern Boulevard, as well as H Mart supermarket, Home Depot, coffee shops, restaurants, and other conveniences.
Key Highlights
- Legal 2‑family brick house with R5 zoning, offering flexibility for living and investment.
- Delivered vacant, allowing immediate occupancy or rental opportunities.
- Convenient location near M,R train, H Mart, Home Depot, restaurants, and shops.
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
$56,344
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
4.40%
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%
$1,126,880
$1.1M
Cap Rate 7%
$804,914
$804.9K
Cap Rate 9%
$626,044
$626.0K
Market Conditions
NOI Build-Up for 2,305 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
$106.5K $46.20/SF
− Vacancy
−$4.0K −$1.76/SF
EGI
$102.4K $44.44/SF
− OpEx
−$46.1K −$20.00/SF
NOI
$56.3K $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%
$1,126,880
Cap Rate 7%
$804,914
Cap Rate 9%
$626,044
Alternative Uses
Best Use
Apartment 5plus
$804.9K
$704.3K – $939.1K
NOI $56,344 @ 7.0% cap · market cap 4.40%
Second Best
Multifamily LT 5
$545.0K
$476.9K – $635.9K
NOI $38,151 @ 7.0% cap · market cap 2.98%
Theoretical Best
Office A
$1.70M
$1.49M – $1.98M
NOI $118,949 @ 7.0% cap · market cap 9.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,752
Businesses Nearby
Explore this area
Business Placement
Demographics for 11377, NY
91,512
Population
34,928
Households
2.6
Avg Household Size
39
Median Age
33%
College-Educated
82%
High-School Grad
2.5 sq mi
ZIP Area
36,605
Density / Sq Mi
$73,292
Median Household Income
$45,978
Median Earnings
$1,802
Median Rent
$670,300
Median Home Value
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 - Two-family brick house with walkout basement and private parking.
Where is this duplex located?
The property is located at 34-55 60th St Queens, NY.
What is the asking price?
The asking price for this property is $1,280,000.
What are key features of this property?
This property features: Legal 2‑family brick house with R5 zoning, offering flexibility for living and investment.; Delivered vacant, allowing immediate occupancy or rental opportunities.; Convenient location near M,R train, H Mart, Home Depot, restaurants, and shops.
