Renovated Duplex with Finished
For Sale
$1,280,000
3628 215th Street, Bayside, NY 11361
Two-family property with loft space, private backyard, convenient parking, and updated interior finishes.
Property Size2,500 SF
Days on Market297
Property Features for 3628 215th Street
General Information
Standard status
Active
Size
2,500 SF
Property subtype
Duplex
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,303
Amenities
private backyard
finished basement
high ceilings
loft space
large windows
parking facilities
Building Details
Building Size
2,500 SF
Year Built
1920
Listing Agency:
Royalux Realty LLC
Listed By:
Xiaoxue Su
(347) 667-9688
Source:
Barbieliteam
Added: Nov 15, 2025
Changed: Sep 7
Last Checked: Sep 7 at 4:30AM
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 Royalux Realty LLC
Investment Insights
Based on property information with market context.
This two-family duplex includes 6 bedrooms and 3 full baths within a spacious layout featuring newly renovated interiors. High ceilings, a loft area, and large windows add architectural character and bring substantial natural light into the living spaces. A finished basement provides additional flexible area for storage or recreation, while the private backyard extends the usable space outdoors. Convenient on-site parking is also included.
Built in 1920, the property is located at 3628 215th Street in Bayside, NY 11361. Shopping, dining, and leisure options are nearby, providing access to everyday amenities from the residential setting.
Built in 1920, the property is located at 3628 215th Street in Bayside, NY 11361. Shopping, dining, and leisure options are nearby, providing access to everyday amenities from the residential setting.
Key Highlights
- Two‑family duplex with 6 bedrooms and 3 full baths
- Newly renovated interiors with high ceilings and large windows
- Loft space adds flexible interior area
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
$61,111
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
4.77%
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%
$1,222,220
$1.2M
Cap Rate 7%
$873,014
$873.0K
Cap Rate 9%
$679,011
$679.0K
Market Conditions
NOI Build-Up for 2,500 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
$115.5K $46.20/SF
− Vacancy
−$4.4K −$1.76/SF
EGI
$111.1K $44.44/SF
− OpEx
−$50.0K −$20.00/SF
NOI
$61.1K $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%
$1,222,220
Cap Rate 7%
$873,014
Cap Rate 9%
$679,011
Alternative Uses
Best Use
Apartment 5plus
$873.0K
$763.9K – $1.02M
NOI $61,111 @ 7.0% cap · market cap 4.77%
Second Best
Multifamily LT 5
$591.1K
$517.2K – $689.7K
NOI $41,379 @ 7.0% cap · market cap 3.23%
Theoretical Best
Office A
$1.84M
$1.61M – $2.15M
NOI $129,012 @ 7.0% cap · market cap 10.08%
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
2,207
Businesses Nearby
Explore this area
Business Placement
Demographics for 11361, NY
29,116
Population
11,934
Households
2.4
Avg Household Size
43
Median Age
48%
College-Educated
88%
High-School Grad
1.7 sq mi
ZIP Area
17,127
Density / Sq Mi
$108,391
Median Household Income
$58,410
Median Earnings
$2,315
Median Rent
$900,700
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 - Two-family property with loft space, private backyard, convenient parking, and updated interior finishes.
Where is this duplex located?
The property is located at 3628 215th Street Bayside, 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: Two‑family duplex with 6 bedrooms and 3 full baths; Newly renovated interiors with high ceilings and large windows; Loft space adds flexible interior area
