Legal Two-Family
New
For Sale
$1,070,000
71-15 68th Street, Glendale, NY 11385
Vacant duplex with finished basement, separate entrances, and flexible owner-occupancy potential.
Property Size2,320 SF
Lot Size0.04 Acres
Days on Market7
Property Features for 71-15 68th Street
General Information
Standard status
Active
Size
2,320 SF
Lot size
0.04 Acres
Property subtype
Duplex
Units
Unit Mix
1 x 2BR/1BA, 1 x 3BR/1BA
Multifamily Units
2
Additional Details
Asking Price
$1,070,000
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$7,926
Building Details
Building Size
2,320 SF
Year Built
1910
Buildings
1
Listing Agency:
EXP Realty
Listed By:
Lisa Grassia
(718) 268-8868
Source:
Serhant
Added: Sep 16
Changed: Sep 20
Last Checked: Sep 21 at 7:30AM
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 EXP Realty
Investment Insights
Based on property information with market context.
This legal two-family residence is configured for comfortable multi-generational living or separate household use. The first floor includes a living room, formal dining room, windowed kitchen, full bathroom, and two bedrooms. Upstairs, a second living room, dining room, windowed kitchen, full bathroom, and three bedrooms provide a distinct second-level layout. A finished full basement adds additional rooms, a bathroom, laundry area, and a dedicated workshop. Front and rear entrances connect the home to the front and backyard, and the property will be delivered vacant.
The home occupies a 20' x 95' lot with a 20' x 55' building size and was built in 1910. It is located near Myrtle Avenue shops, restaurants, bakeries, markets, and neighborhood services. The Shops at Atlas Park adds shopping, dining, and entertainment options, while Forest Park provides trails, open space, and recreational amenities. Local bus service and nearby subway access connect the property with Queens and surrounding areas.
The home occupies a 20' x 95' lot with a 20' x 55' building size and was built in 1910. It is located near Myrtle Avenue shops, restaurants, bakeries, markets, and neighborhood services. The Shops at Atlas Park adds shopping, dining, and entertainment options, while Forest Park provides trails, open space, and recreational amenities. Local bus service and nearby subway access connect the property with Queens and surrounding areas.
Key Highlights
- Legal two‑family home with 5 bedrooms and 3 full bathrooms
- Finished full basement with additional rooms, bathroom, laundry area, and workshop
- Two distinct residential levels, each with a living room, dining room, kitchen, and full bathroom
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
$56,711
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
5.30%
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%
$1,134,220
$1.1M
Cap Rate 7%
$810,157
$810.2K
Cap Rate 9%
$630,122
$630.1K
Market Conditions
NOI Build-Up for 2,320 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
$107.2K $46.20/SF
− Vacancy
−$4.1K −$1.76/SF
EGI
$103.1K $44.44/SF
− OpEx
−$46.4K −$20.00/SF
NOI
$56.7K $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%
$1,134,220
Cap Rate 7%
$810,157
Cap Rate 9%
$630,122
Alternative Uses
Best Use
Apartment 5plus
$810.2K
$708.9K – $945.2K
NOI $56,711 @ 7.0% cap · market cap 5.30%
Second Best
Multifamily LT 5
$548.6K
$480.0K – $640.0K
NOI $38,400 @ 7.0% cap · market cap 3.59%
Theoretical Best
Office A
$1.71M
$1.50M – $2.00M
NOI $119,723 @ 7.0% cap · market cap 11.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,672
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
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Cap Rate, Value Estimation, Potential NOI and more
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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 - Vacant duplex with finished basement, separate entrances, and flexible owner-occupancy potential.
Where is this duplex located?
The property is located at 71-15 68th Street Glendale, NY.
What is the asking price?
The asking price for this property is $1,070,000.
What are key features of this property?
This property features: Legal two‑family home with 5 bedrooms and 3 full bathrooms; Finished full basement with additional rooms, bathroom, laundry area, and workshop; Two distinct residential levels, each with a living room, dining room, kitchen, and full bathroom
