Arvene Beach House For
For Sale
$959,000
74-17 Hillmeyer Ave, Queens, NY 11692
Legal 2-family house with ocean view in Far Rockaway.
Property Size1,874 SF
Lot Size0.06 Acres
Days on Market272
Property Features for 74-17 Hillmeyer Ave
General Information
Standard status
Active
Size
1,874 SF
Lot size
0.06 Acres
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$7,000
Building Details
Building Size
1,874 SF
Year Built
2012
Units
2
Listing Agency:
(646) 639-2110
Listed By:
Sew L. Ang
(646) 639-2110
Source:
Elliman
Added: Nov 27, 2025
Changed: Aug 24
Last Checked: Aug 26 at 9:27AM
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 Sew L. Ang
Investment Insights
Based on property information with market context.
This recently built beach house is located in Arvene, Far Rockaway, NY, and offers an ocean view. The legal 2-family house can be used as three residences with a finished walkout basement. It can serve as a primary residence, vacation home, or investment property. An elevator provides access throughout the building. The first floor, which is a walkout basement, includes two bedrooms, one bathroom, and an open kitchen, and is currently renting for $1,850. The property can be delivered vacant. The second and third floors each feature three bedrooms, one bathroom, one kitchen, and a washer/dryer, and are currently renting for $2,600 each. The property is located minutes from Rockaway Beach. The annual property tax is $7,100.
Key Highlights
- Stunning ocean view.
- Legal 2‑family house usable as 3 residences with finished walkout basement.
- High income‑producing property with existing rental income.
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
$45,809
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
4.78%
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%
$916,180
$916.2K
Cap Rate 7%
$654,414
$654.4K
Cap Rate 9%
$508,989
$509.0K
Market Conditions
NOI Build-Up for 1,874 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
$86.6K $46.20/SF
− Vacancy
−$3.3K −$1.76/SF
EGI
$83.3K $44.44/SF
− OpEx
−$37.5K −$20.00/SF
NOI
$45.8K $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%
$916,180
Cap Rate 7%
$654,414
Cap Rate 9%
$508,989
Alternative Uses
Best Use
Apartment 5plus
$654.4K
$572.6K – $763.5K
NOI $45,809 @ 7.0% cap · market cap 4.78%
Second Best
Multifamily LT 5
$443.1K
$387.7K – $517.0K
NOI $31,018 @ 7.0% cap · market cap 3.23%
Theoretical Best
Office A
$1.38M
$1.21M – $1.61M
NOI $96,707 @ 7.0% cap · market cap 10.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
716
Businesses Nearby
Explore this area
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
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 house with ocean view in Far Rockaway.
Where is this duplex located?
The property is located at 74-17 Hillmeyer Ave Queens, NY.
What is the asking price?
The asking price for this property is $959,000.
What are key features of this property?
This property features: Stunning ocean view.; Legal 2‑family house usable as 3 residences with finished walkout basement.; High income‑producing property with existing rental income.
