Brick Duplex with Two-Car
For Sale
$1,649,000
48-22 Oceania Street, Queens, NY 11364
Residential, Queens, NY
Property Size2,050 SF
Lot Size0.14 Acres
Price / SF$804.39
Days on Market48
Property Features for 48-22 Oceania Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 2
Patio and Porch features
Patio
Pets allowed
Call
High school
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Elementary school district
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Middle school district
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High school district
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Standard status
Active
Size
2,050 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Annual Amount
700
Listing Agency:
R New York
(212) 688-1000
Listed By:
Stefani Berkin
(212) 688-1000
Added: Jul 16
Changed: Aug 20
Last Checked: Sep 1 at 12:06PM
MLS# 1027472
Copyright © 2026 OneKey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This brick duplex is arranged as two residential units with distinct entrances. The ground level includes two bedrooms and living areas, while the upper apartment provides one bedroom and its own entry. A finished basement with a separate entrance adds additional living space and may accommodate bedroom use, subject to verification. The home includes three full bathrooms and hardwood floors throughout.
The property occupies a 60 x 100 ft lot in Oakland Gardens and includes a detached two-car garage, private driveway, patio, and backyard. R2A zoning applies. The surrounding area provides access to LIRR Bayside station, bus service, major highways, Alley Pond Park, Cunningham Park, Bell Blvd shops and restaurants, and waterfront areas. Schools identified in the property information include P.S. 203 Oakland Gardens, P.S. 31 Bayside, I.S. 74, I.S. 25, Bayside High School, and Benjamin N. Cardozo High School.
The property occupies a 60 x 100 ft lot in Oakland Gardens and includes a detached two-car garage, private driveway, patio, and backyard. R2A zoning applies. The surrounding area provides access to LIRR Bayside station, bus service, major highways, Alley Pond Park, Cunningham Park, Bell Blvd shops and restaurants, and waterfront areas. Schools identified in the property information include P.S. 203 Oakland Gardens, P.S. 31 Bayside, I.S. 74, I.S. 25, Bayside High School, and Benjamin N. Cardozo High School.
Key Highlights
- Duplex configuration with a two‑bedroom ground‑floor unit and one‑bedroom upper apartment
- 60 x 100 ft lot totaling 6,000 sq ft
- Finished basement with separate entrance and additional living space
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
$50,111
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
3.04%
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%
$1,002,220
$1.0M
Cap Rate 7%
$715,871
$715.9K
Cap Rate 9%
$556,789
$556.8K
Market Conditions
NOI Build-Up for 2,050 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
$94.7K $46.20/SF
− Vacancy
−$3.6K −$1.76/SF
EGI
$91.1K $44.44/SF
− OpEx
−$41.0K −$20.00/SF
NOI
$50.1K $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%
$1,002,220
Cap Rate 7%
$715,871
Cap Rate 9%
$556,789
Alternative Uses
Best Use
Apartment 5plus
$715.9K
$626.4K – $835.2K
NOI $50,111 @ 7.0% cap · market cap 3.04%
Second Best
Multifamily LT 5
$484.7K
$424.1K – $565.5K
NOI $33,931 @ 7.0% cap · market cap 2.06%
Theoretical Best
Office A
$1.51M
$1.32M – $1.76M
NOI $105,790 @ 7.0% cap · market cap 6.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,710
Businesses Nearby
Explore this area
Business Placement
Demographics for 11364, NY
37,032
Population
14,527
Households
2.5
Avg Household Size
45
Median Age
49%
College-Educated
86%
High-School Grad
2.5 sq mi
ZIP Area
14,813
Density / Sq Mi
$101,222
Median Household Income
$55,295
Median Earnings
$2,330
Median Rent
$770,100
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 layout with separate entrances, finished basement, private driveway, and flexible additional living space.
Where is this duplex located?
The property is located at 48-22 Oceania Street Queens, NY.
What is the asking price?
The asking price for this property is $1,649,000.
What are key features of this property?
This property features: Duplex configuration with a two‑bedroom ground‑floor unit and one‑bedroom upper apartment; 60 x 100 ft lot totaling 6,000 sq ft; Finished basement with separate entrance and additional living space
