Two-Family
New
For Sale
$1,300,000
39-41 24th Street, Queens, NY 11101
The existing two-family configuration can be renovated or evaluated for redevelopment.
Property Size2,290 SF
Lot Size0.03 Acres
Price / SF$567.69
Days on Market7
Property Features for 39-41 24th Street
General Information
Standard status
Active
Size
2,290 SF
Lot size
0.03 Acres
Property subtype
Multi Family
Zoning
M1-2/R5D
Property Condition
Severity
Repairs Needed
Evidence
In need of work
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,816
Building Details
Building Size
2,290 SF
Year Built
1920
Listing Agency:
Compass
Listed By:
Erion Ahmetaj · License #10301219187
(917) 597-5736
Source:
Lenasimpson
Added: Oct 26
Changed: Oct 31
Last Checked: Oct 30 at 7:52PM
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 Compass
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
Located at 39-41 24th Street in Long Island City, this 1920-built property is configured as a two-family home and requires work. The lot contains 1,502 square feet and measures 20 feet by 75.08 feet; the building dimensions are 20 feet by 35 feet.
The property is in the M1-2/R5D zoning districts and the Long Island City Mixed Use District. Supplied zoning figures indicate a current FAR of 0.97, 1,457 square feet of existing built area, and a potential maximum buildable area of 4,506 square feet, including 3,049 square feet of potential additional buildable area. These figures are approximate; legal use, allowable floor area, and development feasibility require independent verification, and additional buildable area is not guaranteed.
The property is in the M1-2/R5D zoning districts and the Long Island City Mixed Use District. Supplied zoning figures indicate a current FAR of 0.97, 1,457 square feet of existing built area, and a potential maximum buildable area of 4,506 square feet, including 3,049 square feet of potential additional buildable area. These figures are approximate; legal use, allowable floor area, and development feasibility require independent verification, and additional buildable area is not guaranteed.
Key Highlights
- Two‑family configuration in a 1920‑built property
- 1,502‑square‑foot lot measuring 20 feet by 75.08 feet
- Building dimensions of 20 feet by 35 feet
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$55,978
Cap Rate
4.31%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,119,560
$1.1M
Cap Rate 7%
$799,686
$799.7K
Cap Rate 9%
$621,978
$622.0K
Market Conditions
NOI Build-Up for 2,290 SF
Gross rent
$105.8K $46.20/SF
− Vacancy
−$4.0K −$1.76/SF
EGI
$101.8K $44.44/SF
− OpEx
−$45.8K −$20.00/SF
NOI
$56.0K $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 Rate 5%
$1,119,560
Cap Rate 7%
$799,686
Cap Rate 9%
$621,978
Alternative Uses
Best Use
Apartment 5plus
$799.7K
$699.7K – $933.0K
NOI $55,978 @ 7.0% cap · market cap 4.31%
Second Best
Multifamily LT 5
$541.5K
$473.8K – $631.7K
NOI $37,903 @ 7.0% cap · market cap 2.92%
Theoretical Best
Office A
$1.69M
$1.48M – $1.97M
NOI $118,175 @ 7.0% cap · market cap 9.09%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
6,099
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
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
Frequently Asked Questions
What type of property is this?
Duplex - The existing two-family configuration can be renovated or evaluated for redevelopment.
Where is this duplex located?
The property is located at 39-41 24th Street Queens, NY.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Two‑family configuration in a 1920‑built property; 1,502‑square‑foot lot measuring 20 feet by 75.08 feet; Building dimensions of 20 feet by 35 feet
