Two-Family Duplex with
New
For Sale
$998,000
78-22 79th Lane, Glendale, NY 11385
Separate apartments provide a two-bedroom lower residence and a one-bedroom upper unit.
Property Size1,328 SF
Days on Market4
Property Features for 78-22 79th Lane
General Information
Standard status
Active
Size
1,328 SF
Total Parking Spaces
2
Property subtype
Duplex
Units
Unit Mix
1 x 2BR/1.5BA, 1 x 1BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$7,678
Amenities
backyard deck
finished basement
separate entrance
Building Details
Building Size
1,328 SF
Year Built
1920
Buildings
1
Listing Agency:
Coldwell Banker Phillips
Listed By:
David J. Pastorini CBR
(718) 757-5881
Source:
Serhant
Added: Oct 2
Changed: Oct 3
Last Checked: Oct 4 at 5:32PM
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 Phillips
Investment Insights
Based on property information with market context.
Built in 1920, this legal two-family duplex has a first-floor residence with two bedrooms and 1.5 bathrooms, plus a finished basement with its own entrance. The second-floor apartment includes one bedroom and one bathroom. A driveway, two-car garage, and backyard deck complete the property.
The home is in Glendale near Atlas Park, supermarkets, shops, restaurants, and schools, including PS/IS 119. Bus service is available on the Q29, Q47, Q54, and Q55 routes. Forest Park, a 165-acre park, is also nearby.
The home is in Glendale near Atlas Park, supermarkets, shops, restaurants, and schools, including PS/IS 119. Bus service is available on the Q29, Q47, Q54, and Q55 routes. Forest Park, a 165-acre park, is also nearby.
Key Highlights
- Legal two‑family duplex with separate first‑floor and second‑floor residences
- Lower unit includes 2 bedrooms, 1.5 bathrooms, and a finished basement with a separate entrance
- Upper apartment has 1 bedroom and 1 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
$32,462
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
3.25%
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%
$649,240
$649.2K
Cap Rate 7%
$463,743
$463.7K
Cap Rate 9%
$360,689
$360.7K
Market Conditions
NOI Build-Up for 1,328 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
$61.4K $46.20/SF
− Vacancy
−$2.3K −$1.76/SF
EGI
$59.0K $44.44/SF
− OpEx
−$26.6K −$20.00/SF
NOI
$32.5K $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%
$649,240
Cap Rate 7%
$463,743
Cap Rate 9%
$360,689
Alternative Uses
Best Use
Apartment 5plus
$463.7K
$405.8K – $541.0K
NOI $32,462 @ 7.0% cap · market cap 3.25%
Second Best
Multifamily LT 5
$314.0K
$274.8K – $366.4K
NOI $21,981 @ 7.0% cap · market cap 2.20%
Theoretical Best
Office A
$979.0K
$856.6K – $1.14M
NOI $68,531 @ 7.0% cap · market cap 6.87%
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
1,641
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
Check the figures for this property
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 - Separate apartments provide a two-bedroom lower residence and a one-bedroom upper unit.
Where is this duplex located?
The property is located at 78-22 79th Lane Glendale, NY.
What is the asking price?
The asking price for this property is $998,000.
What are key features of this property?
This property features: Legal two‑family duplex with separate first‑floor and second‑floor residences; Lower unit includes 2 bedrooms, 1.5 bathrooms, and a finished basement with a separate entrance; Upper apartment has 1 bedroom and 1 bathroom
