2-Unit Residential
New
For Sale
$1,298,000
7008 Coral Reef Way #A, Arverne, NY 11692
Separate owner and tenant residences pair upgraded interiors with private outdoor areas and garage parking.
Property Size2,944 SF
Price / SF$440.90
Days on Market7
Property Features for 7008 Coral Reef Way #A
General Information
Standard status
Active
Size
2,944 SF
Property subtype
Residential Income
Units
Unit Mix
1 x 3BR/2.5BA, 1 x 2BR/1BA
Multifamily Units
2
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$6,504
Amenities
roof terrace
garage
private driveway
hardwood flooring
custom cabinetry
granite countertops
stainless steel appliances
washer/dryer
soundproofing
recessed lighting
crown molding
Entrance Foyer
Granite Counters
Open Floorplan
Building Details
Building Size
2,944 SF
Year Built
2007
Units
2
Listing Agency:
Coldwell Banker American Homes
Listed By:
Alice O Connor
(646) 431-4296
Source:
Georgemcknight
Added: Oct 19
Changed: Oct 23
Last Checked: Oct 23 at 2:17PM
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 American Homes
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Investment Insights
Based on property information with market context.
Built in 2007, this semi-attached duplex property contains two residences: an owner’s duplex with three bedrooms and 2.5 bathrooms, and a renovated tenant duplex with two bedrooms and one bathroom. The owner’s kitchen has stainless steel appliances, custom cabinetry and granite counters. Hardwood floors, recessed lighting and crown molding are among the interior finishes. The tenant residence includes new flooring, appliances and a bathroom with a walk-in shower; soundproofing was installed beneath its flooring. A garage and private driveway provide on-site parking, while the landscaped, paved backyard connects to the dining room and street side. The tenant unit also has a roof terrace with a New York City skyline view.
The property is on Commodore Circle in Arverne by the Sea, near transportation to Manhattan, local shops and restaurants, and Rockaway Beach. The backyard provides access toward the beach.
The property is on Commodore Circle in Arverne by the Sea, near transportation to Manhattan, local shops and restaurants, and Rockaway Beach. The backyard provides access toward the beach.
Key Highlights
- Owner’s duplex has 3 bedrooms and 2.5 bathrooms
- Renovated tenant duplex has 2 bedrooms and 1 bathroom
- Tenant unit features a roof terrace with a New York City skyline view
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$71,964
Cap Rate
5.54%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,439,280
$1.4M
Cap Rate 7%
$1,028,057
$1.0M
Cap Rate 9%
$799,600
$799.6K
Market Conditions
NOI Build-Up for 2,944 SF
Gross rent
$136.0K $46.20/SF
− Vacancy
−$5.2K −$1.76/SF
EGI
$130.8K $44.44/SF
− OpEx
−$58.9K −$20.00/SF
NOI
$72.0K $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 Rate 5%
$1,439,280
Cap Rate 7%
$1,028,057
Cap Rate 9%
$799,600
Alternative Uses
Best Use
Apartment 5plus
$1.03M
$899.6K – $1.20M
NOI $71,964 @ 7.0% cap · market cap 5.54%
Second Best
Multifamily LT 5
$696.1K
$609.1K – $812.1K
NOI $48,728 @ 7.0% cap · market cap 3.75%
Theoretical Best
Office A
$2.17M
$1.90M – $2.53M
NOI $151,925 @ 7.0% cap · market cap 11.70%
Zoning and permitted uses should be independently verified with authorities.
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Who owns this building?
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
663
Businesses Nearby
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Business Placement
Demographics for 11692, NY
22,776
Population
8,475
Households
2.7
Avg Household Size
36
Median Age
27%
College-Educated
86%
High-School Grad
1.0 sq mi
ZIP Area
22,776
Density / Sq Mi
$49,507
Median Household Income
$39,737
Median Earnings
$1,274
Median Rent
$650,000
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Separate owner and tenant residences pair upgraded interiors with private outdoor areas and garage parking.
Where is this duplex located?
The property is located at 7008 Coral Reef Way #A Arverne, NY.
What is the asking price?
The asking price for this property is $1,298,000.
What are key features of this property?
This property features: Owner’s duplex has 3 bedrooms and 2.5 bathrooms; Renovated tenant duplex has 2 bedrooms and 1 bathroom; Tenant unit features a roof terrace with a New York City skyline view
