Vacant Duplex with Finished
For Sale
$949,000
6431 Admiral Avenue, Middle Village, NY 11379
Two separate residences offer updated kitchens, private outdoor areas, and direct basement access.
Property Size1,775 SF
Days on Market19
Property Features for 6431 Admiral Avenue
General Information
Standard status
Active
Size
1,775 SF
Property subtype
Residential Income
Units
Unit Mix
3BR, 2BR
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$6,040
Amenities
washer/dryer
balcony
deck
private backyard
Building Details
Building Size
1,775 SF
Year Built
1925
Stories
3
Units
2
Listing Agency:
O Kane Realty
(917) 721-7670
Listed By:
Danielle J. Frank
(917) 721-7670
Source:
Mahlerrealty
Added: Aug 13
Changed: Aug 28
Last Checked: Aug 29 at 10:18AM
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 O Kane Realty
Investment Insights
Based on property information with market context.
This two-family property will be delivered vacant at closing and includes living space across three levels. The upper residence features three bedrooms, a modern bathroom, wood flooring, a combined living and dining area, a modern kitchen, in-unit laundry, and a rear balcony. The lower residence offers two bedrooms, a modern bathroom, wood floors, a spacious living and dining area, a modern kitchen, a wooden deck, and access to the private backyard.
The finished basement adds a full bathroom, storage space, a gas boiler, an extra-large hot water heater, and street access. Built in 1925, the property is situated just off Metropolitan Avenue in Middle Village, with access to the M subway line, Q38, Q54, and Q67 buses. Shopping is available at Metro Mall and along Fresh Pond Road.
The finished basement adds a full bathroom, storage space, a gas boiler, an extra-large hot water heater, and street access. Built in 1925, the property is situated just off Metropolitan Avenue in Middle Village, with access to the M subway line, Q38, Q54, and Q67 buses. Shopping is available at Metro Mall and along Fresh Pond Road.
Key Highlights
- Two‑family property with all three floors vacant at closing
- Top residence includes 3 bedrooms, rear balcony, washer and dryer
- First‑floor residence has 2 bedrooms, wooden deck, and private backyard access
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
$43,389
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
4.57%
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%
$867,780
$867.8K
Cap Rate 7%
$619,843
$619.8K
Cap Rate 9%
$482,100
$482.1K
Market Conditions
NOI Build-Up for 1,775 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
$82.0K $46.20/SF
− Vacancy
−$3.1K −$1.76/SF
EGI
$78.9K $44.44/SF
− OpEx
−$35.5K −$20.00/SF
NOI
$43.4K $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%
$867,780
Cap Rate 7%
$619,843
Cap Rate 9%
$482,100
Alternative Uses
Best Use
Apartment 5plus
$619.8K
$542.4K – $723.2K
NOI $43,389 @ 7.0% cap · market cap 4.57%
Second Best
Multifamily LT 5
$419.7K
$367.2K – $489.7K
NOI $29,379 @ 7.0% cap · market cap 3.10%
Theoretical Best
Office A
$1.31M
$1.14M – $1.53M
NOI $91,599 @ 7.0% cap · market cap 9.65%
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
1,939
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
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 separate residences offer updated kitchens, private outdoor areas, and direct basement access.
Where is this duplex located?
The property is located at 6431 Admiral Avenue Middle Village, NY.
What is the asking price?
The asking price for this property is $949,000.
What are key features of this property?
This property features: Two‑family property with all three floors vacant at closing; Top residence includes 3 bedrooms, rear balcony, washer and dryer; First‑floor residence has 2 bedrooms, wooden deck, and private backyard access
