Detached Duplex with
New
For Sale
$1,248,000
79-07 24th Avenue, East Elmhurst, NY 11370
Legal two-family residence with a separate one-bedroom apartment, updated building systems, and outdoor space.
Property Size2,140 SF
Lot Size0.06 Acres
Days on Market5
Property Features for 79-07 24th Avenue
General Information
Standard status
Active
Size
2,140 SF
Lot size
0.06 Acres
Property subtype
Duplex
Zoning
R4
Units
Unit Mix
1 x 2BR/2BA, 1 x 1BR/1BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$7,084
Amenities
backyard
washer/dryer hookup
Building Details
Building Size
2,140 SF
Year Built
1920
Buildings
1
Listing Agency:
Carmela Homes Corp
(718) 274-2400
Listed By:
Carmela Vlacich · License #4OVL0647854
Source:
Barbieliteam
Added: Aug 17
Changed: Aug 20
Last Checked: Aug 20 at 8:24AM
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 Carmela Homes Corp
Investment Insights
Based on property information with market context.
This legal two-family property is fully detached and includes a backyard. The main residence spans the first and second floors, with a kitchen, dining area, living room, two bedrooms, and two bathrooms. A separate top-floor apartment provides a kitchen and dining area, living room, one bedroom, and one bathroom. A washer and dryer hookup is located on the lower level.
The 1920 building measures 20 x 38 on a 25 x 100 lot and is zoned R4. The roof was updated in 2023, followed by installation of two boilers and two hot water heaters in 2024. The property is located at 79-07 24th Avenue in East Elmhurst, near neighborhood shops, services, and schools, with access to the Grand Central Parkway, BQE, and RFK Bridge.
The 1920 building measures 20 x 38 on a 25 x 100 lot and is zoned R4. The roof was updated in 2023, followed by installation of two boilers and two hot water heaters in 2024. The property is located at 79-07 24th Avenue in East Elmhurst, near neighborhood shops, services, and schools, with access to the Grand Central Parkway, BQE, and RFK Bridge.
Key Highlights
- Legal 2‑family property with a fully detached building and backyard
- First- and second‑floor duplex includes 2 bedrooms and 2 bathrooms
- Separate top‑floor apartment offers 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
$52,311
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
4.19%
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%
$1,046,220
$1.0M
Cap Rate 7%
$747,300
$747.3K
Cap Rate 9%
$581,233
$581.2K
Market Conditions
NOI Build-Up for 2,140 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
$98.9K $46.20/SF
− Vacancy
−$3.8K −$1.76/SF
EGI
$95.1K $44.44/SF
− OpEx
−$42.8K −$20.00/SF
NOI
$52.3K $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%
$1,046,220
Cap Rate 7%
$747,300
Cap Rate 9%
$581,233
Alternative Uses
Best Use
Apartment 5plus
$747.3K
$653.9K – $871.9K
NOI $52,311 @ 7.0% cap · market cap 4.19%
Second Best
Multifamily LT 5
$506.0K
$442.8K – $590.3K
NOI $35,420 @ 7.0% cap · market cap 2.84%
Theoretical Best
Office A
$1.58M
$1.38M – $1.84M
NOI $110,434 @ 7.0% cap · market cap 8.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,363
Businesses Nearby
Explore this area
Business Placement
Demographics for 11370, NY
34,683
Population
11,679
Households
3
Avg Household Size
38
Median Age
25%
College-Educated
77%
High-School Grad
1.5 sq mi
ZIP Area
23,122
Density / Sq Mi
$74,895
Median Household Income
$43,313
Median Earnings
$2,071
Median Rent
$843,600
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 - Legal two-family residence with a separate one-bedroom apartment, updated building systems, and outdoor space.
Where is this duplex located?
The property is located at 79-07 24th Avenue East Elmhurst, NY.
What is the asking price?
The asking price for this property is $1,248,000.
What are key features of this property?
This property features: Legal 2‑family property with a fully detached building and backyard; First- and second‑floor duplex includes 2 bedrooms and 2 bathrooms; Separate top‑floor apartment offers 1 bedroom and 1 bathroom
