Two-Family Residential Income
5715 224th Street Oakland Gardens, NY 11364
New
For Sale
$1,390,000
MULTI_FAMILY - Oakland Gardens, NY
Property Size2,268 SF
Lot Size0.07 Acres
Price / SF$612.87
Days on Market6
Property Features for 5715 224th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
4
Rooms
Bathroom 1, Bedroom 4, Bedroom 3, Bedroom 2, Bathroom 4, Bathroom 2, Bedroom 5, Bathroom 3, Bedroom 1, Bedroom 6
Parking features
Driveway
Interior features
First Floor Bedroom, First Floor Full Bath, Open Kitchen
Standard status
Active
APN
07525-0018
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
13689
Utilities
Utilities
Natural Gas Available
Sewer type
Public Sewer
Heating system
Baseboard
Water source
Public
Building Details
Year built
1965
Number of units
2
Building materials
Brick, Frame
Listing Agency:
E Realty International Corp
(718) 886-8110
Listed By:
Xiao H. Chen · License #10401299357
(646) 508-9880
Added: Jul 23
Changed: Jul 25
Last Checked: Jul 28 at 4:06AM
MLS# 1030112
Copyright © 2026 OneKey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Move-in-ready legal two-family home offering approximately 2,268 sq. ft. of living space on a 3,165 sq. ft. lot. The first unit includes two bedrooms, a living room, and one full bathroom. The second unit features four bedrooms, a living room, and three full bathrooms. Interior is well maintained and described as having abundant natural light. Outside, the property offers an oversized backyard and an extra-long private driveway with parking for multiple vehicles.
Located in Queens School District 26, near PS 203 and Benjamin N. Cardozo High School, with shopping, transportation, and neighborhood amenities nearby.
Designed for flexible occupancy, the configuration supports owner occupancy, extended-family living, or rental income generation.
Located in Queens School District 26, near PS 203 and Benjamin N. Cardozo High School, with shopping, transportation, and neighborhood amenities nearby.
Designed for flexible occupancy, the configuration supports owner occupancy, extended-family living, or rental income generation.
Key Highlights
- Legal two‑family home with approx. 2,268 sq. ft. of living space on a 3,165 sq. ft. lot
- Unit 1: 2 bedrooms, living room, and 1 full bathroom
- Unit 2: 4 bedrooms, living room, and 3 full bathrooms
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 | $104.8k | $46.20 |
| − Vacancy | −$4.0k | −$1.76 |
| EGI | $100.8k | $44.44 |
| − OpEx | −$45.4k | −$20.00 |
| NOI | $55.4k | $24.44 |
2,268 SF · lease $46.20/SF/yr · vacancy 3.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$792.0K
$693.0K – $924.0K
NOI $55,440 @ 7.0% cap · market cap 3.99%
Second Best
Multifamily LT 5
$536.3K
$469.2K – $625.7K
NOI $37,539 @ 7.0% cap · market cap 2.70%
Theoretical Best
Office A
$1.67M
$1.46M – $1.95M
NOI $117,040 @ 7.0% cap · market cap 8.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Duplex - Move-in-ready legal two-family home with a two-bedroom unit and a four-bedroom unit plus oversized private backyard and driveway.
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 approx. 2,268 sq. ft. of living space on a 3,165 sq. ft. lot; Unit 1: 2 bedrooms, living room, and 1 full bathroom; Unit 2: 4 bedrooms, living room, and 3 full bathrooms
