Detached Victorian Two-Family
For Sale
$1,280,000
Pending
8517 115th Street, Richmond Hill, NY 11418
MULTI_FAMILY - Victorian - Richmond Hill, NY
Property Size3,123 SF
Lot Size0.13 Acres
Days on Market207
Property Features for 8517 115th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
3
Rooms
Bedroom 2, Bedroom 3, Bedroom 1, Basement, Dining Room
Parking
4
Parking features
Driveway
Window features
Aluminum Frames
Interior features
First Floor Bedroom, Beamed Ceilings, Cathedral Ceiling(s), Crown Molding, ENERGY STAR Qualified Door(s), Formal Dining
Basement
Finished, Walk-Out Access, Full
Elementary school
Ps 56 Harry Eichler
Middle school
Ms 137 America'S School-Heroes
High school
Richmond Hill High School
Elementary school district
Queens 27
Middle school district
Queens 27
High school district
Queens 27
Directions
GOOGLE MAP
Standard status
Pending
APN
09223-0050
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
10933
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Window Unit(s), Wall/Window Unit(s)
Water source
Public
Building Details
Year built
1910
Number of units
2
Flooring type
Hardwood
Building materials
Stucco
Architectural style
Victorian
Listing Agency:
Landmark International R E LLC
(718) 898-8300
Listed By:
Sammi Chen
(646) 886-9899
Added: Jan 21
Changed: Aug 2
Last Checked: Aug 16 at 2:06PM
MLS# 952989
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.
Detached Victorian two-family duplex in Richmond Hill, positioned near the Richmond Hill and Kew Gardens border. The home features seven oversized bedrooms, four full baths, and hardwood floors with high ceilings, including formal living and dining rooms. Interior details include first-floor bedroom space, crown molding, and beamed and cathedral ceilings.
The property includes a finished attic and a finished basement with OSE, providing additional usable space. Utilities include natural gas heating with cooling via window and wall/window unit(s), plus two electric meters and two gas meters supported by one heating zone. Parking is available via a driveway and two detached garages.
Set on a 5,833 sq ft lot with 3,123 sq ft of living space, the detached structure was built in 1910 with stucco construction. Public water and public sewer service are provided.
The property includes a finished attic and a finished basement with OSE, providing additional usable space. Utilities include natural gas heating with cooling via window and wall/window unit(s), plus two electric meters and two gas meters supported by one heating zone. Parking is available via a driveway and two detached garages.
Set on a 5,833 sq ft lot with 3,123 sq ft of living space, the detached structure was built in 1910 with stucco construction. Public water and public sewer service are provided.
Key Highlights
- 7 oversized bedrooms and 4 full baths in a detached Victorian two‑family home
- 5,833 sq ft lot with 3,123 sq ft of living space
- Finished attic plus finished basement with OSE
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
$76,340
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
5.96%
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%
$1,526,800
$1.5M
Cap Rate 7%
$1,090,571
$1.1M
Cap Rate 9%
$848,222
$848.2K
Market Conditions
NOI Build-Up for 3,123 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
$144.3K $46.20/SF
− Vacancy
−$5.5K −$1.76/SF
EGI
$138.8K $44.44/SF
− OpEx
−$62.5K −$20.00/SF
NOI
$76.3K $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%
$1,526,800
Cap Rate 7%
$1,090,571
Cap Rate 9%
$848,222
Alternative Uses
Best Use
Apartment 5plus
$1.09M
$954.3K – $1.27M
NOI $76,340 @ 7.0% cap · market cap 5.96%
Second Best
Multifamily LT 5
$738.4K
$646.1K – $861.5K
NOI $51,691 @ 7.0% cap · market cap 4.04%
Theoretical Best
Office A
$2.30M
$2.01M – $2.69M
NOI $161,162 @ 7.0% cap · market cap 12.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
3,263
Businesses Nearby
Explore this area
Business Placement
Demographics for 11418, NY
37,596
Population
12,072
Households
3.1
Avg Household Size
37
Median Age
32%
College-Educated
81%
High-School Grad
1.7 sq mi
ZIP Area
22,115
Density / Sq Mi
$84,927
Median Household Income
$44,818
Median Earnings
$1,788
Median Rent
$772,800
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 - Detached Victorian duplex with seven oversized bedrooms, four full baths, hardwood floors, and a finished attic.
Where is this duplex located?
The property is located at 8517 115th Street Richmond Hill, NY.
What is the asking price?
The asking price for this property is $1,280,000.
What are key features of this property?
This property features: 7 oversized bedrooms and 4 full baths in a detached Victorian two‑family home; 5,833 sq ft lot with 3,123 sq ft of living space; Finished attic plus finished basement with OSE
