Two-Family Brick
New
For Sale
$1,658,000
8103 31st Avenue Unit 2, East Elmhurst, NY 11370
Brick residential income property with a two-family configuration.
Property Size2,112 SF
Price / SF$785.04
Days on Market4
Property Features for 8103 31st Avenue Unit 2
General Information
Standard status
Active
Size
2,112 SF
Property subtype
Duplex
Taxes and HOA fees
Annual Taxes
$12,466
Building Details
Building Size
2,112 SF
Year Built
1970
Listing Agency:
RE/MAX Southshore Realty
Listed By:
Andres R. Laucet · License #30LA1174627
(347) 706-2949
Source:
Cbwarburg
Added: Sep 4
Changed: Sep 6
Last Checked: Sep 7 at 6:18AM
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 RE/MAX Southshore Realty
Investment Insights
Based on property information with market context.
This two-family brick residence offers a flexible residential layout for occupants seeking separate living arrangements within one property. The home was built in 1970 and includes a boiler and roof that are 3 years old.
Located in East Elmhurst, Queens, the property is near stores and transportation. Its two-family design supports a range of residential ownership and occupancy arrangements.
Located in East Elmhurst, Queens, the property is near stores and transportation. Its two-family design supports a range of residential ownership and occupancy arrangements.
Key Highlights
- Two‑family brick residence
- Boiler and roof are 3 years old
- Built in 1970
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
$51,627
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
3.11%
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%
$1,032,540
$1.0M
Cap Rate 7%
$737,529
$737.5K
Cap Rate 9%
$573,633
$573.6K
Market Conditions
NOI Build-Up for 2,112 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
$97.6K $46.20/SF
− Vacancy
−$3.7K −$1.76/SF
EGI
$93.9K $44.44/SF
− OpEx
−$42.2K −$20.00/SF
NOI
$51.6K $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%
$1,032,540
Cap Rate 7%
$737,529
Cap Rate 9%
$573,633
Alternative Uses
Best Use
Apartment 5plus
$737.5K
$645.3K – $860.5K
NOI $51,627 @ 7.0% cap · market cap 3.11%
Second Best
Multifamily LT 5
$499.4K
$437.0K – $582.6K
NOI $34,957 @ 7.0% cap · market cap 2.11%
Theoretical Best
Office A
$1.56M
$1.36M – $1.82M
NOI $108,989 @ 7.0% cap · market cap 6.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,518
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Brick residential income property with a two-family configuration.
Where is this duplex located?
The property is located at 8103 31st Avenue Unit 2 East Elmhurst, NY.
What is the asking price?
The asking price for this property is $1,658,000.
What are key features of this property?
This property features: Two‑family brick residence; Boiler and roof are 3 years old; Built in 1970
