Two-Family Home with Vacant
For Sale
$1,300,000
72-15 73 Street, Glendale, NY 11385
MULTI_FAMILY - Glendale, NY
Property Size2,240 SF
Lot Size0.12 Acres
Price / SF$580.36
Days on Market122
Property Features for 72-15 73 Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
7
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 7, Basement, Bedroom 5, Dining Room, Bedroom 2, Bedroom 4, Bedroom 1, Bedroom 3, Bathroom 2, Bedroom 6, Bathroom 1
Parking
2
Parking features
Garage, Driveway
Patio and Porch features
Porch, Patio
Interior features
First Floor Bedroom, First Floor Full Bath, Beamed Ceilings, Ceiling Fan(s), Chandelier, Eat-in Kitchen, Entrance Foyer, Formal Dining, High Ceilings, Natural Woodwork, Pantry, Master Downstairs, Recessed Lighting, Smart Thermostat, Storage, Walk Through Kitchen, Washer/Dryer Hookup
Exterior features
Mailbox, Rain Gutters
Fencing
Perimeter
Basement
Full
Lot features
Near School, Near Shops, Private
Elementary school
Ps 91 Richard Arkwright
Middle school
PS/IS 119 Glendale
High school
Queens Technical High School
Elementary school district
Queens 24
Middle school district
Queens24
High school district
Queens24
Directions
See Waze , See Map Exit Jackie Robinson Parkway - make a left on Myrtle Ave -Make a Right on 73rd Street on the right side Just Before Cooper Ave.
Standard status
Active
APN
03696-0081 03696-0083
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
10775
Utilities
Utilities
Phone Available
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Natural Gas
Cooling system
Window Unit(s), Wall/Window Unit(s)
Water source
Public
Building Details
Year built
1925
Number of units
2
Flooring type
Tile - Ceramic, Carpet, Linoleum
Building materials
Brick
Additional Structures
Storage
Listing Agency:
Coldwell Banker American Homes · Coldwell Banker Real Estate
(516) 825-6511
Listed By:
Elisette Ocampo · License #10301200859
(516) 642-4178
Added: Apr 9
Changed: Aug 1
Last Checked: Aug 8 at 8:06PM
MLS# 983093
Copyright © 2026 OneKey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This offering includes a legal 2-family home plus an adjacent matching vacant lot, sold together as a package. The home is a 3-level interior structure built in 1925, configured as a 6 over 6 over a basement, and includes a full finished basement. Additional features include a 2-car garage and a four-car private driveway. The listing also notes two tax lots and provides tax information for the home lot and the vacant lot, with buyers advised to verify all details.
The property is located at 72-15 73 Street in Glendale, Queens. The address is described as being on a quiet, tree-lined block in the heart of Glendale, with express bus connections to Midtown and FiDi. Access to Fresh Pond Road and Myrtle Avenue shopping is noted, and the area includes nearby parks and bike paths. The Fresh Pond Road station for the M train is described as approximately 1 to 1.5 miles away.
For buyers seeking rental income, owner-occupancy, or development flexibility, the combined footprint of the legal 2-family home and adjacent buildable vacant lot may support expansion or outdoor-use options. The home sits on a double-width parcel (50 x 100.83, per the listing description), and the adjacent lot is presented as an opportunity for new construction or additional improvements, subject to buyer verification and applicable approvals.
The property is located at 72-15 73 Street in Glendale, Queens. The address is described as being on a quiet, tree-lined block in the heart of Glendale, with express bus connections to Midtown and FiDi. Access to Fresh Pond Road and Myrtle Avenue shopping is noted, and the area includes nearby parks and bike paths. The Fresh Pond Road station for the M train is described as approximately 1 to 1.5 miles away.
For buyers seeking rental income, owner-occupancy, or development flexibility, the combined footprint of the legal 2-family home and adjacent buildable vacant lot may support expansion or outdoor-use options. The home sits on a double-width parcel (50 x 100.83, per the listing description), and the adjacent lot is presented as an opportunity for new construction or additional improvements, subject to buyer verification and applicable approvals.
Key Highlights
- Legal 2‑family home built in 1925 with 2,240 SF interior area across 3 levels (6 over 6 plus basement).
- Full finished basement plus 2‑car garage and a four‑car private driveway.
- Sold together as two tax lots: Lot #83 home and adjacent matching vacant lot #81.
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
$54,756
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
4.21%
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%
$1,095,120
$1.1M
Cap Rate 7%
$782,229
$782.2K
Cap Rate 9%
$608,400
$608.4K
Market Conditions
NOI Build-Up for 2,240 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
$103.5K $46.20/SF
− Vacancy
−$3.9K −$1.76/SF
EGI
$99.6K $44.44/SF
− OpEx
−$44.8K −$20.00/SF
NOI
$54.8K $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%
$1,095,120
Cap Rate 7%
$782,229
Cap Rate 9%
$608,400
Alternative Uses
Best Use
Apartment 5plus
$782.2K
$684.5K – $912.6K
NOI $54,756 @ 7.0% cap · market cap 4.21%
Second Best
Multifamily LT 5
$529.7K
$463.5K – $617.9K
NOI $37,076 @ 7.0% cap · market cap 2.85%
Theoretical Best
Office A
$1.65M
$1.44M – $1.93M
NOI $115,595 @ 7.0% cap · market cap 8.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,747
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 Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Legal 2-family home with a full finished basement, garage, and an adjacent buildable vacant lot sold together.
Where is this duplex located?
The property is located at 72-15 73 Street Glendale, NY.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Legal 2‑family home built in 1925 with 2,240 SF interior area across 3 levels (6 over 6 plus basement).; Full finished basement plus 2‑car garage and a four‑car private driveway.; Sold together as two tax lots: Lot #83 home and adjacent matching vacant lot #81.
