Legal Two-Family Home with Extra-Large
For Sale
$1,390,000
Pending
5715 224th Street, Oakland Gardens, NY 11364
Move-in-ready legal two-family home with two units, an oversized backyard, and private driveway parking.
Property Size2,352 SF
Days on Market54
Property Features for 5715 224th Street
General Information
Standard status
Pending
Size
2,352 SF
Property subtype
Duplex
Taxes and HOA fees
Annual Taxes
$13,689
Building Details
Building Size
2,352 SF
Year Built
1965
Listing Agency:
E Realty International Corp
Listed By:
Xiao H. Chen · License #10401299357
(917) 225-1560
Source:
Cottiemaxwellrealestate
Added: Jul 23
Changed: Sep 8
Last Checked: Sep 13 at 11:40AM
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
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
$57,493
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
4.14%
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%
$1,149,860
$1.1M
Cap Rate 7%
$821,329
$821.3K
Cap Rate 9%
$638,811
$638.8K
Market Conditions
NOI Build-Up for 2,352 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
$108.7K $46.20/SF
− Vacancy
−$4.1K −$1.76/SF
EGI
$104.5K $44.44/SF
− OpEx
−$47.0K −$20.00/SF
NOI
$57.5K $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%
$1,149,860
Cap Rate 7%
$821,329
Cap Rate 9%
$638,811
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
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Open 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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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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
