Queens Multifamily Investment
For Sale
Contact for pricing
74-12 66th Drive, Middle Village, NY 11379
Well-maintained two-family property portfolio in desirable Queens neighborhoods.
Property Size1,140 SF
Price / SF$745.61
Days on Market103
Property Features for 74-12 66th Drive
General Information
Standard status
Active
Size
1,140 SF
Property subtype
Mixed Use
Building Details
Year Built
1920
Listing Agency:
JZ REAL ESTATE PARTNERS LLC
(646) 397-1162
Listed By:
Jennifer Zajfe
Source:
Crexi
Added: May 12
Changed: Aug 8
Last Checked: Jul 20 at 5:25AM
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 JZ REAL ESTATE PARTNERS LLC
Investment Insights
Based on property information with market context.
This property is part of a three-property portfolio and will not be sold separately; all three properties must be purchased together. The portfolio includes properties at 64-49 Shaler Avenue, Ridgewood, NY 11385, and 63-22 71st Street, Middle Village, NY 11379. The portfolio is offered at $2,700,000. This presents an opportunity to acquire a well-maintained portfolio of three two-family properties located in desirable Queens, NY neighborhoods. Included are one property in Ridgewood and two in Middle Village, areas experiencing rising demand. Several units throughout the portfolio feature renovated kitchens and bathrooms. All three properties have been consistently maintained and offer upside income potential. This is suited for investors seeking income-producing assets, portfolio diversification, and potential long-term appreciation in thriving Queens communities. The subject property contains 1140 square feet.
Key Highlights
- Portfolio of three 2‑family properties in desirable Queens neighborhoods (Ridgewood and Middle Village).
- Offered as a package deal for $2,700,000, presenting a single investment opportunity.
- Potential for long‑term appreciation in thriving Queens communities.
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
$27,867
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
3.28%
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%
$557,340
$557.3K
Cap Rate 7%
$398,100
$398.1K
Cap Rate 9%
$309,633
$309.6K
Market Conditions
NOI Build-Up for 1,140 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
$52.7K $46.20/SF
− Vacancy
−$2.0K −$1.76/SF
EGI
$50.7K $44.44/SF
− OpEx
−$22.8K −$20.00/SF
NOI
$27.9K $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%
$557,340
Cap Rate 7%
$398,100
Cap Rate 9%
$309,633
Alternative Uses
Best Use
Apartment 5plus
$398.1K
$348.3K – $464.5K
NOI $27,867 @ 7.0% cap · market cap 3.28%
Second Best
Multifamily LT 5
$269.6K
$235.9K – $314.5K
NOI $18,869 @ 7.0% cap · market cap 2.22%
Theoretical Best
Office A
$840.4K
$735.4K – $980.5K
NOI $58,829 @ 7.0% cap · market cap 6.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,281
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 - Well-maintained two-family property portfolio in desirable Queens neighborhoods.
Where is this duplex located?
The property is located at 74-12 66th Drive Middle Village, NY.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Portfolio of three 2‑family properties in desirable Queens neighborhoods (Ridgewood and Middle Village).; Offered as a package deal for $2,700,000, presenting a single investment opportunity.; Potential for long‑term appreciation in thriving Queens communities.
