Legal Two-Family Duplex with
For Sale
$1,558,000
64-39 83rd Street, Middle Village, NY 11379
Legal two-family duplex with double-brick construction, finished basement, and private outdoor space, vacant on title.
Property Size2,844 SF
Days on Market154
Property Features for 64-39 83rd Street
General Information
Standard status
Active
Size
2,844 SF
Property subtype
Duplex
Taxes and HOA fees
Annual Taxes
$11,558
Building Details
Building Size
2,844 SF
Year Built
1930
Listing Agency:
Coldwell Banker Phillips
Listed By:
Louis C. Pastorini
(718) 757-5877
Source:
Serhant
Added: Apr 19
Changed: Sep 18
Last Checked: Sep 19 at 12:57PM
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 Coldwell Banker Phillips
Investment Insights
Based on property information with market context.
This legal two-family, double-brick Tudor-style duplex was built in 1930 and is available vacant on title. The first-floor unit features white ash hardwood flooring, split-system ductless AC, a spacious living room opening to a formal dining room with pocket doors, and a modern kitchen with stainless steel appliances, a double wall oven, and granite countertops. It also includes one bedroom and a full modern bathroom with granite floors.
The second-floor apartment has French double doors and parquet oak floors, with a living room (used as a third bedroom by the prior owner), formal dining room, eat-in kitchen, two bedrooms, a full bathroom, and a dedicated laundry/pantry room. Permanent sleeve Friedrich air conditioner units are included. A full finished basement spanning over 900 square feet adds an additional laundry room and a private entrance.
Outdoor space includes a spacious private side yard plus a private fenced rear yard. Additional improvements include a new gas boiler and new gas hot water heater, an upgraded electric circuit box in the second-floor dwelling, and Pella casement windows on the first floor with Marvin and Pella windows on the second. The property includes a 2-car garage with side-door access and an automatic underground sprinkler system.
Zoned for PS/IS 49 and Forest Hills High School, the property is also near Juniper Valley Park and accessible to Q14, Q29, Q38, and Q47 bus lines.
The second-floor apartment has French double doors and parquet oak floors, with a living room (used as a third bedroom by the prior owner), formal dining room, eat-in kitchen, two bedrooms, a full bathroom, and a dedicated laundry/pantry room. Permanent sleeve Friedrich air conditioner units are included. A full finished basement spanning over 900 square feet adds an additional laundry room and a private entrance.
Outdoor space includes a spacious private side yard plus a private fenced rear yard. Additional improvements include a new gas boiler and new gas hot water heater, an upgraded electric circuit box in the second-floor dwelling, and Pella casement windows on the first floor with Marvin and Pella windows on the second. The property includes a 2-car garage with side-door access and an automatic underground sprinkler system.
Zoned for PS/IS 49 and Forest Hills High School, the property is also near Juniper Valley Park and accessible to Q14, Q29, Q38, and Q47 bus lines.
Key Highlights
- Legal two‑family duplex built in 1930
- Double‑brick construction with cement firewall
- Finished basement spanning over 900 square feet with private entrance
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
$69,520
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
4.46%
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%
$1,390,400
$1.4M
Cap Rate 7%
$993,143
$993.1K
Cap Rate 9%
$772,444
$772.4K
Market Conditions
NOI Build-Up for 2,844 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
$131.4K $46.20/SF
− Vacancy
−$5.0K −$1.76/SF
EGI
$126.4K $44.44/SF
− OpEx
−$56.9K −$20.00/SF
NOI
$69.5K $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 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%
$1,390,400
Cap Rate 7%
$993,143
Cap Rate 9%
$772,444
Alternative Uses
Best Use
Apartment 5plus
$993.1K
$869.0K – $1.16M
NOI $69,520 @ 7.0% cap · market cap 4.46%
Second Best
Multifamily LT 5
$672.5K
$588.4K – $784.6K
NOI $47,073 @ 7.0% cap · market cap 3.02%
Theoretical Best
Office A
$2.10M
$1.83M – $2.45M
NOI $146,764 @ 7.0% cap · market cap 9.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,549
Businesses Nearby
Explore this area
Business Placement
Demographics for 11379, NY
37,906
Population
15,237
Households
2.5
Avg Household Size
44
Median Age
35%
College-Educated
84%
High-School Grad
2.2 sq mi
ZIP Area
17,230
Density / Sq Mi
$92,509
Median Household Income
$54,109
Median Earnings
$1,989
Median Rent
$886,600
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Legal two-family duplex with double-brick construction, finished basement, and private outdoor space, vacant on title.
Where is this duplex located?
The property is located at 64-39 83rd Street Middle Village, NY.
What is the asking price?
The asking price for this property is $1,558,000.
What are key features of this property?
This property features: Legal two‑family duplex built in 1930; Double‑brick construction with cement firewall; Finished basement spanning over 900 square feet with private entrance
