Income-Producing Colonial Two-Family
For Sale
$998,000
508 New Dorp Ln, Staten Island, NY 10306
Two-family colonial in the heart of New Dorp.
Property Size1,600 SF
Price / SF$380.19
Days on Market119
Property Features for 508 New Dorp Ln
General Information
Standard status
Active
Size
1,600 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$6,091
Building Details
Building Size
1,600 SF
Year Built
2004
Stories
2
Listing Agency:
ANNE LOPA REAL ESTATE
(718) 227-1111
Listed By:
Ann Lopa
(718) 227-1111
Source:
Elliman
Added: Apr 27
Changed: Aug 16
Last Checked: Aug 23 at 7:49AM
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 ANNE LOPA REAL ESTATE
Investment Insights
Based on property information with market context.
This wonderful two-family colonial, approximately 2625 sq ft, is an income-producing property located in the heart of New Dorp. The home is situated close to grocery stores, coffee shops, restaurants, a gym, Staten Island Tech High School, New Dorp High School, buses, trains, and is just minutes from the bridge. The main house is approximately 1750 sq ft, while the apartment is approximately 875 sq ft. The main house features a custom eat-in kitchen with stainless steel appliances, granite countertops, and a glass subway tile backsplash, a family room, a living room, a dining room, and a 1/2 bath. Oak floors and railings run throughout. The upper level includes a large master bedroom with a private full bath, a large bedroom, a third bedroom, and a second full bath. The apartment includes a large eat-in kitchen with stainless steel appliances, including a dishwasher, a living room, a dining area, and a bedroom. The yard features a pool with a new liner and a pool deck, a garden area, and space for tables, chairs, and lounges, plus a driveway and a PVC fence around the property. The tenant has a separate central air unit and a separate heating system. The main house includes a washer and dryer, which the tenant can share if the owner allows. There are two separate heating units, two central air units, and two separate electric meters.
Key Highlights
- Income‑producing 2‑family home in a highly desirable location in the heart of New Dorp.
- Convenient access to amenities: grocery stores, coffee shops, restaurants, gym, top‑rated schools, buses, trains, and the bridge.
- Main house features a custom eat‑in kitchen with stainless steel appliances, granite countertops, and glass subway tile backsplash, plus oak floors and railings throughout.
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
$66,679
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
6.68%
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%
$1,333,580
$1.3M
Cap Rate 7%
$952,557
$952.6K
Cap Rate 9%
$740,878
$740.9K
Market Conditions
NOI Build-Up for 2,625 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
$100.8K $38.40/SF
− Vacancy
−$5.5K −$2.11/SF
EGI
$95.3K $36.29/SF
− OpEx
−$28.6K −$10.89/SF
NOI
$66.7K $25.40/SF
Area
ZIP 10306
Vacancy
5.50%
Lease Rate
$38.40 /SF/Yr
Expense Ratio
30.00%
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%
$1,333,580
Cap Rate 7%
$952,557
Cap Rate 9%
$740,878
Alternative Uses
Best Use
Multifamily LT 5
$952.6K
$833.5K – $1.11M
NOI $66,679 @ 7.0% cap · market cap 6.68%
Second Best
Apartment 5plus
$846.5K
$740.7K – $987.5K
NOI $59,252 @ 7.0% cap · market cap 5.94%
Theoretical Best
Office A
$1.25M
$1.10M – $1.46M
NOI $87,676 @ 7.0% cap · market cap 8.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,483
Businesses Nearby
Explore this area
Business Placement
Demographics for 10306, NY
57,919
Population
21,299
Households
2.7
Avg Household Size
43
Median Age
34%
College-Educated
88%
High-School Grad
7.2 sq mi
ZIP Area
8,044
Density / Sq Mi
$97,746
Median Household Income
$54,052
Median Earnings
$1,743
Median Rent
$675,400
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 colonial in the heart of New Dorp.
Where is this duplex located?
The property is located at 508 New Dorp Ln Staten Island, NY.
What is the asking price?
The asking price for this property is $998,000.
What are key features of this property?
This property features: Income‑producing 2‑family home in a highly desirable location in the heart of New Dorp.; Convenient access to amenities: grocery stores, coffee shops, restaurants, gym, top‑rated schools, buses, trains, and the bridge.; Main house features a **custom eat‑in kitchen with stainless steel appliances, granite countertops, and glass subway tile backsplash**, plus oak floors and railings throughout.
