Detached Brick Two-Family
For Sale
$1,150,000
Pending
61-38 Grand Ave, Queens, NY 11378
Two-family colonial with spacious layout, close to amenities.
Property Size2,180 SF
Lot Size0.04 Acres
Days on Market270
Property Features for 61-38 Grand Ave
General Information
Standard status
Pending
Size
2,180 SF
Lot size
0.04 Acres
Property subtype
Other
Taxes and HOA fees
Annual Taxes
$7,600
Building Details
Building Size
2,180 SF
Year Built
1920
Units
2
Listing Agency:
(718) 779-1111
Listed By:
Jacqueline A. Abramaitis
(718) 779-1111
Source:
Elliman
Added: Nov 27, 2025
Changed: Aug 24
Last Checked: Aug 23 at 8:46AM
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 Jacqueline A. Abramaitis
Investment Insights
Based on property information with market context.
This completely detached brick two-family colonial benefits from natural light and airy conditions. The building, with dimensions of 20 x 56, features a spacious layout. The first floor comprises 6 rooms, while the second floor offers 7 rooms. A finished basement provides additional space. The gas heat boiler and hot water system are approximately 5 years old. The property is located close to shopping, schools, and transportation options, with the LIE, BQE, and Queens Boulevard within minutes. This property presents an excellent investment opportunity.
Key Highlights
- Detached Brick 2 Family Colonial: Offers independent living and potential rental income.
- Spacious Building Size (20 X 56): Provides ample living space.
- Finished Basement: Adds extra usable space.
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
$53,289
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
4.63%
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%
$1,065,780
$1.1M
Cap Rate 7%
$761,271
$761.3K
Cap Rate 9%
$592,100
$592.1K
Market Conditions
NOI Build-Up for 2,180 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
$100.7K $46.20/SF
− Vacancy
−$3.8K −$1.76/SF
EGI
$96.9K $44.44/SF
− OpEx
−$43.6K −$20.00/SF
NOI
$53.3K $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%
$1,065,780
Cap Rate 7%
$761,271
Cap Rate 9%
$592,100
Alternative Uses
Best Use
Apartment 5plus
$761.3K
$666.1K – $888.2K
NOI $53,289 @ 7.0% cap · market cap 4.63%
Second Best
Multifamily LT 5
$515.5K
$451.0K – $601.4K
NOI $36,083 @ 7.0% cap · market cap 3.14%
Theoretical Best
Office A
$1.61M
$1.41M – $1.87M
NOI $112,498 @ 7.0% cap · market cap 9.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,773
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-family colonial with spacious layout, close to amenities.
Where is this duplex located?
The property is located at 61-38 Grand Ave Queens, 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: Detached Brick 2 Family Colonial: Offers independent living and potential rental income.; Spacious Building Size (20 X 56): Provides ample living space.; Finished Basement: Adds extra usable space.
