Renovated Two-Family
For Sale
$1,699,000
3722 27th Street, Long Island City, NY 11101
Three-story two-family property with a renovated owner’s duplex and a separate 2-bedroom, 1-bath rental unit.
Property Size2,300 SF
Price / SF$738.70
Days on Market10
Property Features for 3722 27th Street
General Information
Standard status
Active
Size
2,300 SF
Property subtype
Duplex
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,899
Amenities
central AC
Building Details
Building Size
2,300 SF
Year Built
1915
Buildings
1
Stories
3
Listing Agency:
Keystone Realty USA Corp
(347) 419-5268
Listed By:
Gabriel Kashi
Source:
Cbwarburg
Added: Aug 20
Changed: Aug 28
Last Checked: Aug 24 at 5:38AM
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 Keystone Realty USA Corp
Investment Insights
Based on property information with market context.
This renovated three-story, two-family property combines an owner’s duplex with a separate rental residence. The rental includes 2 bedrooms and 1 bath, while both units feature open-concept living and dining areas. Kitchens are finished with floor-to-ceiling custom cabinetry, stainless steel appliances, and islands with bar seating. Fully tiled bathrooms, recessed lighting, herringbone wood flooring, updated electrical, heating, and plumbing systems, plus central AC complete the improvements.
The property is in Long Island City near major transportation and close to 21st Street, 38th Avenue, and Crescent Street. Schools, shopping centers, restaurants, cafés, parks, and other neighborhood amenities are also nearby. Originally built in 1915, the building offers a renovated residential income configuration with distinct owner and rental components.
The property is in Long Island City near major transportation and close to 21st Street, 38th Avenue, and Crescent Street. Schools, shopping centers, restaurants, cafés, parks, and other neighborhood amenities are also nearby. Originally built in 1915, the building offers a renovated residential income configuration with distinct owner and rental components.
Key Highlights
- Renovated 3‑story, two‑family property
- 2‑bedroom, 1‑bath rental over the owner’s duplex
- Open‑concept living and dining areas in both units
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
3.31%
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 3.31%
Second Best
Multifamily LT 5
$543.8K
$475.9K – $634.5K
NOI $38,069 @ 7.0% cap · market cap 2.24%
Theoretical Best
Office A
$1.70M
$1.48M – $1.98M
NOI $118,691 @ 7.0% cap · market cap 6.99%
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
6,415
Businesses Nearby
Explore this area
Business Placement
Demographics for 11101, NY
48,867
Population
27,093
Households
1.8
Avg Household Size
33
Median Age
65%
College-Educated
90%
High-School Grad
2.6 sq mi
ZIP Area
18,795
Density / Sq Mi
$116,807
Median Household Income
$83,892
Median Earnings
$2,740
Median Rent
$995,500
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 - Three-story two-family property with a renovated owner’s duplex and a separate 2-bedroom, 1-bath rental unit.
Where is this duplex located?
The property is located at 3722 27th Street Long Island City, NY.
What is the asking price?
The asking price for this property is $1,699,000.
What are key features of this property?
This property features: Renovated 3‑story, two‑family property; 2‑bedroom, 1‑bath rental over the owner’s duplex; Open‑concept living and dining areas in both units
