Vacant Two-Family
For Sale
$699,500
55 Luke Ct, Staten Island, NY 10306
Two independent residential units sit above a full unfinished basement with a separate side entrance.
Property Size2,376 SF
Price / SF$294.40
Days on Market12
Property Features for 55 Luke Ct
General Information
Standard status
Active
Size
2,376 SF
Property subtype
Multi-Family
Building Details
Year Built
1986
Buildings
2
Listing Agency:
Tom Crimmins Realty, Ltd.
(718) 619-7976
Listed By:
Ross Buxbaum · License #40BU1069624
Source:
Statenislandhomelistings
Added: Aug 21
Changed: Aug 31
Last Checked: Aug 31 at 5:33PM
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 Tom Crimmins Realty, Ltd.
Investment Insights
Based on property information with market context.
This 1986-built duplex contains two vacant residential units, each configured with two bedrooms and one bathroom. The property also includes a full, high-and-dry unfinished basement accessed from the side, providing additional space for storage or future buildout. The lot measures 21 by 118 feet, totaling 2,478 square feet.
The sale includes 55 Luke Court together with 53 Luke Court as a package, with both properties conveyed together. The existing two-family layout and vacancy provide flexibility for residential occupancy or leasing, subject to applicable requirements.
The sale includes 55 Luke Court together with 53 Luke Court as a package, with both properties conveyed together. The existing two-family layout and vacancy provide flexibility for residential occupancy or leasing, subject to applicable requirements.
Key Highlights
- Two vacant units, each with 2 bedrooms and 1 bathroom
- Full high‑and‑dry unfinished basement with side entrance
- 21 x 118 lot totaling 2,478 sq. ft.
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
$60,354
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
8.63%
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%
$1,207,080
$1.2M
Cap Rate 7%
$862,200
$862.2K
Cap Rate 9%
$670,600
$670.6K
Market Conditions
NOI Build-Up for 2,376 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
$91.2K $38.40/SF
− Vacancy
−$5.0K −$2.11/SF
EGI
$86.2K $36.29/SF
− OpEx
−$25.9K −$10.89/SF
NOI
$60.4K $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%
$1,207,080
Cap Rate 7%
$862,200
Cap Rate 9%
$670,600
Alternative Uses
Best Use
Multifamily LT 5
$862.2K
$754.4K – $1.01M
NOI $60,354 @ 7.0% cap · market cap 8.63%
Second Best
Apartment 5plus
$766.2K
$670.4K – $893.9K
NOI $53,631 @ 7.0% cap · market cap 7.67%
Theoretical Best
Office A
$1.13M
$992.0K – $1.32M
NOI $79,359 @ 7.0% cap · market cap 11.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
395
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 independent residential units sit above a full unfinished basement with a separate side entrance.
Where is this duplex located?
The property is located at 55 Luke Ct Staten Island, NY.
What is the asking price?
The asking price for this property is $699,500.
What are key features of this property?
This property features: Two vacant units, each with 2 bedrooms and 1 bathroom; Full high‑and‑dry unfinished basement with side entrance; 21 x 118 lot totaling 2,478 sq. ft.
