Legal Two-Family Home with Extra-Large
For Sale
$1,390,000
5715 224th Street, Oakland Gardens, NY 11364
Move-in-ready legal two-family home with two units, an oversized backyard, and private driveway parking.
Days on Market9
Property Features for 5715 224th Street
General Information
Standard status
Active
Property subtype
Duplex
Building Details
Building Size
2,352 SF
Year Built
1965
Listing Agency:
E Realty International Corp
(917) 225-1560
Listed By:
Xiao H. Chen · License #10401299357
Source:
Cottiemaxwellrealestate
Added: Jul 23
Changed: Jul 30
Last Checked: Jul 30 at 11:38AM
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 E Realty International Corp
Investment Insights
Based on property information with market context.
A move-in-ready legal two-family home in the Oakland Gardens/Bayside area, offering approximately 2,268 sq. ft. of living space on a 3,165 sq. ft. lot. The first unit features two bedrooms, a living room, and one full bathroom. The second unit features four bedrooms, a living room, and three full bathrooms. Both units benefit from abundant natural light, along with a well-maintained interior.
Outside, the property includes an oversized backyard and an extra-long private driveway with parking for multiple vehicles.
The home was built in 1965. It is located in Queens School District 26 near PS 203 and Benjamin N. Cardozo High School, with shopping, transportation, and neighborhood amenities nearby.
Outside, the property includes an oversized backyard and an extra-long private driveway with parking for multiple vehicles.
The home was built in 1965. It is located in Queens School District 26 near PS 203 and Benjamin N. Cardozo High School, with shopping, transportation, and neighborhood amenities nearby.
Key Highlights
- Legal two‑family home with two separate units
- Approx 2,268 sq. ft. of living space
- 3,165 sq. ft. lot with oversized backyard
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $108.7k | $46.20 |
| − Vacancy | −$4.1k | −$1.76 |
| EGI | $104.5k | $44.44 |
| − OpEx | −$47.0k | −$20.00 |
| NOI | $57.5k | $24.44 |
2,352 SF · lease $46.20/SF/yr · vacancy 3.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$821.3K
$718.7K – $958.2K
NOI $57,493 @ 7.0% cap · market cap 4.14%
Second Best
Multifamily LT 5
$556.1K
$486.6K – $648.8K
NOI $38,929 @ 7.0% cap · market cap 2.80%
Theoretical Best
Office A
$1.73M
$1.52M – $2.02M
NOI $121,374 @ 7.0% cap · market cap 8.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
800
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 - Move-in-ready legal two-family home with two units, an oversized backyard, and private driveway parking.
Where is this duplex located?
The property is located at 5715 224th Street Oakland Gardens, NY.
What is the asking price?
The asking price for this property is $1,390,000.
What are key features of this property?
This property features: Legal two‑family home with two separate units; Approx 2,268 sq. ft. of living space; 3,165 sq. ft. lot with oversized backyard
