Two-Unit Duplex with Finished
New
For Sale
$1,049,000
8424 129th Street, Kew Gardens, NY 11415
Residential Income, Kew Gardens, NY
Property Size2,010 SF
Lot Size0.06 Acres
Price / SF$521.89
Days on Market5
Property Features for 8424 129th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bedroom 6, Bedroom 5, Bathroom 1, Basement, Bathroom 2, Bedroom 4, Bathroom 3, Bedroom 2, Bedroom 1
Parking features
On Street
Interior features
First Floor Bedroom, First Floor Full Bath, Ceiling Fan(s), Eat-in Kitchen, Pantry, Quartz/Quartzite Counters, Recessed Lighting
Basement
Finished, Full
Elementary school
Ps 99 Kew Gardens
Middle school
Jhs 217 Robert A Van Wyck
High school
Hillcrest High School
Elementary school district
Queens 28
Middle school district
Queens 28
High school district
Queens 28
Standard status
Active
APN
09249-0023
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5941
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Window Unit(s), Wall/Window Unit(s)
Water source
Public
Amenities
laundry in each unit
backyard patio
fully finished basement
Building Details
Year built
1920
Number of units
2
Flooring type
Hardwood
Building materials
Vinyl Siding
Listing Agency:
EXP Realty
(888) 276-0630
Listed By:
Tyler Radford
(516) 670-5567
Added: Sep 20
Changed: Sep 23
Last Checked: Sep 24 at 6:06AM
MLS# 1053111
Copyright © 2026 OneKey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1920 two-family duplex contains approximately 2,010 square feet on a 2,500-square-foot lot measuring 25 x 100 feet. The property includes two separate three-bedroom, one-bathroom units with six bedrooms overall. The first-floor residence is vacant and features a renovated eat-in kitchen with quartz counters and pantry storage, hardwood flooring, and a finished basement with an additional bathroom and private entrance. The second-floor unit includes in-unit laundry and is expected to be delivered vacant after the current tenancy ends on 9/30. Each unit has laundry access.
Outdoor improvements include a backyard with bluestone patio pavers, a stone planter bed, and cedar privacy fencing. Building updates include a boiler installed in 2026, partial front and rear roof replacement in 2020, and substantial PVC plumbing replacement in 2023. Public water and sewer serve the property, with on-street parking available.
The home is located mid-block on 129th Street in Kew Gardens, near grocery stores, shops, restaurants, local bus routes, and the E, F, and J subway lines. The LIRR is approximately 18 minutes from Penn Station, and Forest Park is nearby.
Outdoor improvements include a backyard with bluestone patio pavers, a stone planter bed, and cedar privacy fencing. Building updates include a boiler installed in 2026, partial front and rear roof replacement in 2020, and substantial PVC plumbing replacement in 2023. Public water and sewer serve the property, with on-street parking available.
The home is located mid-block on 129th Street in Kew Gardens, near grocery stores, shops, restaurants, local bus routes, and the E, F, and J subway lines. The LIRR is approximately 18 minutes from Penn Station, and Forest Park is nearby.
Key Highlights
- Two separate 3‑bedroom residential units with 6 bedrooms total
- Approximately 2,010 square feet on a 2,500‑square‑foot lot measuring 25 x 100 feet
- Finished basement with additional bathroom and separate entrance
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
$49,133
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
4.68%
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%
$982,660
$982.7K
Cap Rate 7%
$701,900
$701.9K
Cap Rate 9%
$545,922
$545.9K
Market Conditions
NOI Build-Up for 2,010 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
$92.9K $46.20/SF
− Vacancy
−$3.5K −$1.76/SF
EGI
$89.3K $44.44/SF
− OpEx
−$40.2K −$20.00/SF
NOI
$49.1K $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%
$982,660
Cap Rate 7%
$701,900
Cap Rate 9%
$545,922
Alternative Uses
Best Use
Apartment 5plus
$701.9K
$614.2K – $818.9K
NOI $49,133 @ 7.0% cap · market cap 4.68%
Second Best
Multifamily LT 5
$475.3K
$415.9K – $554.5K
NOI $33,269 @ 7.0% cap · market cap 3.17%
Theoretical Best
Office A
$1.48M
$1.30M – $1.73M
NOI $103,726 @ 7.0% cap · market cap 9.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
4,685
Businesses Nearby
Explore this area
Business Placement
Demographics for 11415, NY
20,241
Population
9,794
Households
2.1
Avg Household Size
41
Median Age
53%
College-Educated
89%
High-School Grad
0.6 sq mi
ZIP Area
33,735
Density / Sq Mi
$88,632
Median Household Income
$60,950
Median Earnings
$1,909
Median Rent
$367,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Renovated two-family residence with separate entrances, backyard space, and flexible owner-occupant or rental configurations.
Where is this duplex located?
The property is located at 8424 129th Street Kew Gardens, NY.
What is the asking price?
The asking price for this property is $1,049,000.
What are key features of this property?
This property features: Two separate 3‑bedroom residential units with 6 bedrooms total; Approximately 2,010 square feet on a 2,500‑square‑foot lot measuring 25 x 100 feet; Finished basement with additional bathroom and separate entrance
