Two-Family Colonial
For Sale
$1,399,900
8442 88th Street, Woodhaven, NY 11421
Residential Income, Woodhaven, NY
Property Size2,750 SF
Lot Size0.09 Acres
Price / SF$509.05
Days on Market15
Property Features for 8442 88th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 2, Bathroom 2, Bathroom 3, Bathroom 1, Basement, Bedroom 3, Bedroom 4, Bedroom 1
Parking
2
Parking features
Garage
Window features
Double Pane Windows
Patio and Porch features
Patio
Interior features
First Floor Bedroom, First Floor Full Bath, Crown Molding, Eat-in Kitchen, Granite Counters, High Ceilings, Natural Woodwork, Open Floorplan, Open Kitchen, Primary Bathroom, Washer/Dryer Hookup
Basement
Walk-Out Access, Finished, Full
Lot features
Corner Lot
View
City
Elementary school
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Middle school
Call Listing Agent
High school
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Elementary school district
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Middle school district
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High school district
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Directions
Park Lane south to 88th Street towards Jamaica Avenue
Standard status
Active
APN
08866-0027
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
9478
Utilities
Utilities
Water Available
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Wall/Window Unit(s), Window Unit(s)
Water source
Public
Amenities
finished basement
finished attic
spacious backyard
Building Details
Year built
1920
Number of units
2
Flooring type
Hardwood
Building materials
Frame, Vinyl Siding
Architectural style
Colonial
Listing Agency:
Douglas Elliman Real Estate
(718) 631-8900
Listed By:
Christopher L. Espinal · License #40ES1144459
(917) 945-5418
Added: Sep 1
Changed: Sep 15
Last Checked: Sep 15 at 3:06AM
MLS# 1045867
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 Colonial-style duplex contains approximately 2,750 square feet on a 40 x 100 lot. The property includes two separate apartments, each with two bedrooms and one full bathroom. The first-floor unit has an open kitchen, hardwood flooring, and direct access to a finished basement. A finished attic adds further interior space, while separate boilers and hot water heaters serve the apartments individually.
Exterior features include a spacious backyard, two-car garage, additional carport, patio, vinyl siding, and a roof updated in 2010. South and east exposures bring natural light to the corner property. Public water and public sewer serve the home, with natural gas heating and wall or window unit cooling. The property is near public transportation and Forest Park in Woodhaven, Queens.
Exterior features include a spacious backyard, two-car garage, additional carport, patio, vinyl siding, and a roof updated in 2010. South and east exposures bring natural light to the corner property. Public water and public sewer serve the home, with natural gas heating and wall or window unit cooling. The property is near public transportation and Forest Park in Woodhaven, Queens.
Key Highlights
- Two separate apartments, each with 2 bedrooms and 1 full bathroom
- Approximately 2,750 square feet on a 40 x 100 lot
- Finished basement with direct access from the first‑floor apartment
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
$67,222
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
4.80%
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%
$1,344,440
$1.3M
Cap Rate 7%
$960,314
$960.3K
Cap Rate 9%
$746,911
$746.9K
Market Conditions
NOI Build-Up for 2,750 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
$127.1K $46.20/SF
− Vacancy
−$4.8K −$1.76/SF
EGI
$122.2K $44.44/SF
− OpEx
−$55.0K −$20.00/SF
NOI
$67.2K $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%
$1,344,440
Cap Rate 7%
$960,314
Cap Rate 9%
$746,911
Alternative Uses
Best Use
Apartment 5plus
$960.3K
$840.3K – $1.12M
NOI $67,222 @ 7.0% cap · market cap 4.80%
Second Best
Multifamily LT 5
$650.2K
$569.0K – $758.6K
NOI $45,517 @ 7.0% cap · market cap 3.25%
Theoretical Best
Office A
$2.03M
$1.77M – $2.37M
NOI $141,913 @ 7.0% cap · market cap 10.14%
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
1,971
Businesses Nearby
Explore this area
Business Placement
Demographics for 11421, NY
42,586
Population
12,776
Households
3.3
Avg Household Size
38
Median Age
26%
College-Educated
79%
High-School Grad
1.3 sq mi
ZIP Area
32,758
Density / Sq Mi
$89,439
Median Household Income
$40,934
Median Earnings
$1,901
Median Rent
$682,800
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 - Corner residence offers two separate apartments, finished lower-level space, and dedicated parking.
Where is this duplex located?
The property is located at 8442 88th Street Woodhaven, NY.
What is the asking price?
The asking price for this property is $1,399,900.
What are key features of this property?
This property features: Two separate apartments, each with 2 bedrooms and 1 full bathroom; Approximately 2,750 square feet on a 40 x 100 lot; Finished basement with direct access from the first‑floor apartment
