Vacant Duplex with
For Sale
$2,300,000
62-79 60th street, Ridgewood, NY 11385
Vacant two-family property with a substantial garage and potential owner-user or live-work utility.
Property Size4,250 SF
Price / SF$541.18
Days on Market9
Property Features for 62-79 60th street
General Information
Standard status
Active
Size
4,250 SF
Property subtype
Duplex
Taxes and HOA fees
Annual Taxes
$6,654
Building Details
Building Size
4,250 SF
Year Built
1920
Listing Agency:
Crifasi Real Estate Inc
(718) 894-8700
Listed By:
Salvatore Crifasi · License #31CR0315651
Source:
Cbwarburg
Added: Aug 20
Changed: Aug 28
Last Checked: Aug 28 at 6:58AM
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 Crifasi Real Estate Inc
Investment Insights
Based on property information with market context.
Built in 1920, this frame duplex includes two vacant two-bedroom units and will be delivered vacant at closing. The property also features a 2,500-square-foot garage with a 12-foot ceiling and a 10-foot overhead door.
The configuration supports evaluation for owner-user or live-work purposes. Any proposed garage use remains subject to the buyer’s independent determination of applicable legal requirements.
The configuration supports evaluation for owner-user or live-work purposes. Any proposed garage use remains subject to the buyer’s independent determination of applicable legal requirements.
Key Highlights
- Two‑family frame duplex with two vacant 2‑bedroom units
- 2,500‑square‑foot garage included
- Garage features a 12‑foot ceiling
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
$139,926
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
6.08%
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%
$2,798,520
$2.8M
Cap Rate 7%
$1,998,943
$2.0M
Cap Rate 9%
$1,554,733
$1.6M
Market Conditions
NOI Build-Up for 4,250 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
$214.2K $50.40/SF
− Vacancy
−$27.6K −$6.50/SF
EGI
$186.6K $43.90/SF
− OpEx
−$46.6K −$10.97/SF
NOI
$139.9K $32.92/SF
Area
Queens County, NY
Vacancy
12.90%
Lease Rate
$50.40 /SF/Yr
Expense Ratio
25.00%
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%
$2,798,520
Cap Rate 7%
$1,998,943
Cap Rate 9%
$1,554,733
Alternative Uses
Best Use
Office B
$2.00M
$1.75M – $2.33M
NOI $139,926 @ 7.0% cap · market cap 6.08%
Second Best
Apartment 5plus
$1.48M
$1.30M – $1.73M
NOI $103,889 @ 7.0% cap · market cap 4.52%
Theoretical Best
Office A
$3.13M
$2.74M – $3.66M
NOI $219,320 @ 7.0% cap · market cap 9.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,766
Businesses Nearby
Explore this area
Business Placement
Demographics for 11385, NY
100,883
Population
40,175
Households
2.5
Avg Household Size
36
Median Age
34%
College-Educated
84%
High-School Grad
3.6 sq mi
ZIP Area
28,023
Density / Sq Mi
$87,365
Median Household Income
$47,335
Median Earnings
$1,959
Median Rent
$842,800
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Vacant two-family property with a substantial garage and potential owner-user or live-work utility.
Where is this duplex located?
The property is located at 62-79 60th street Ridgewood, NY.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: Two‑family frame duplex with two vacant 2‑bedroom units; 2,500‑square‑foot garage included; Garage features a 12‑foot ceiling
