Semi-Detached Two-Family
For Sale
Contact for pricing
60-16 69th Place, Maspeth, NY 11378
Two 2-bedroom apartments plus an unfinished basement with separate outside entrance, featuring updated gas heat and a replaced roof.
Property Size2,900 SF
Lot Size0.07 Acres
Price / SF$396.55
Days on Market55
Property Features for 60-16 69th Place
General Information
Standard status
Active
Size
2,900 SF
Lot size
0.07 Acres
Property subtype
Mixed Use
Additional Details
Multifamily Units
2
Building Details
Year Built
1920
Listing Agency:
LANDMARK INTERNATIONAL REAL ESTATE GROUP LLC
(718) 898-8300
Listed By:
Lucy Lu
Source:
Crexi
Added: Jun 15
Changed: Aug 8
Last Checked: Jul 21 at 5:11AM
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 LANDMARK INTERNATIONAL REAL ESTATE GROUP LLC
Investment Insights
Based on property information with market context.
This semi-detached two-family home is arranged with two separate 2-bedroom apartments. The property also includes a full-sized, unfinished basement with a separate outside entrance, offering additional flexibility for storage, workshop use, or future finishing. Interior systems include updated gas heat, and the roof has been recently replaced. Additional improvements include the practical benefits of private off-street access, along with a garage and a spacious backyard for day-to-day utility.
Located on 69th Place in Maspeth, the property sits on a 29' by 100' lot with a building footprint of 20' by 40'. The home is described as being in a quiet area and is positioned near shopping and transportation, supporting convenient access for tenants or future occupants.
For buyers seeking a residential income property, the current setup provides two independent 2-bedroom units under one roof, with an unfinished basement that can be utilized immediately due to the separate exterior entrance. Updated heating and a replaced roof help support near-term maintenance planning, while the private driveway, garage, and backyard add everyday value for residents. The overall configuration is well-suited to owner-occupants who want rental income while remaining in a self-contained home setting.
Located on 69th Place in Maspeth, the property sits on a 29' by 100' lot with a building footprint of 20' by 40'. The home is described as being in a quiet area and is positioned near shopping and transportation, supporting convenient access for tenants or future occupants.
For buyers seeking a residential income property, the current setup provides two independent 2-bedroom units under one roof, with an unfinished basement that can be utilized immediately due to the separate exterior entrance. Updated heating and a replaced roof help support near-term maintenance planning, while the private driveway, garage, and backyard add everyday value for residents. The overall configuration is well-suited to owner-occupants who want rental income while remaining in a self-contained home setting.
Key Highlights
- Semi‑detached two‑family home built in 1920
- Two 2‑bedroom apartments plus a full‑sized unfinished basement with a separate outside entrance
- 9' private driveway and spacious 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
$70,889
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
6.16%
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%
$1,417,780
$1.4M
Cap Rate 7%
$1,012,700
$1.0M
Cap Rate 9%
$787,656
$787.7K
Market Conditions
NOI Build-Up for 2,900 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
$134.0K $46.20/SF
− Vacancy
−$5.1K −$1.76/SF
EGI
$128.9K $44.44/SF
− OpEx
−$58.0K −$20.00/SF
NOI
$70.9K $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%
$1,417,780
Cap Rate 7%
$1,012,700
Cap Rate 9%
$787,656
Alternative Uses
Best Use
Apartment 5plus
$1.01M
$886.1K – $1.18M
NOI $70,889 @ 7.0% cap · market cap 6.16%
Second Best
Multifamily LT 5
$685.7K
$600.0K – $800.0K
NOI $48,000 @ 7.0% cap · market cap 4.17%
Theoretical Best
Office A
$2.14M
$1.87M – $2.49M
NOI $149,654 @ 7.0% cap · market cap 13.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,303
Businesses Nearby
Explore this area
Business Placement
Demographics for 11378, NY
38,288
Population
14,522
Households
2.6
Avg Household Size
40
Median Age
26%
College-Educated
83%
High-School Grad
2.4 sq mi
ZIP Area
15,953
Density / Sq Mi
$84,762
Median Household Income
$52,281
Median Earnings
$1,932
Median Rent
$832,700
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 2-bedroom apartments plus an unfinished basement with separate outside entrance, featuring updated gas heat and a replaced roof.
Where is this duplex located?
The property is located at 60-16 69th Place Maspeth, NY.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Semi‑detached two‑family home built in 1920; Two 2‑bedroom apartments plus a full‑sized unfinished basement with a separate outside entrance; 9' private driveway and spacious backyard
