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 Market99
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
(646) 508-9880
Source:
Cottiemaxwellrealestate
Added: Jul 23
Changed: Oct 26
Last Checked: Oct 28 at 4:54PM
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
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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 / Yr
$57,493
Cap Rate
4.14%
Suggested Prices Based on Cap Rates
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
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 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.
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Location Intelligence
Trade Area within ½ mile
800
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Northeast region
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
