Vacant 2-Family
For Sale
$828,000
8848 77th Street, Woodhaven, NY 11421
Legal two-family property offered vacant, with residential income potential and owner-occupant flexibility.
Property Size1,610 SF
Days on Market45
Property Features for 8848 77th Street
General Information
Standard status
Active
Size
1,610 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,618
Building Details
Building Size
1,610 SF
Year Built
1920
Units
2
Listing Agency:
Keystone Realty USA Corp
(347) 419-5268
Listed By:
Gabriel Kashi
(347) 419-5268
Source:
Cornerstonemyhome
Added: Jul 16
Changed: Aug 28
Last Checked: Aug 25 at 9:13AM
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 Keystone Realty USA Corp
Investment Insights
Based on property information with market context.
This legal two-family duplex at 8848 77th Street is being offered vacant, allowing the next owner to take possession without an existing occupancy arrangement. Built in 1920, the property provides a two-unit residential configuration suited to either continued rental use or an owner-occupant strategy with an additional residential unit.
The property is in Woodhaven, with Jamaica Avenue, Park Lane, and Rockaway Boulevard located a short distance away. Schools, shopping centers, restaurants, cafes, parks, JFK Airport, and Resorts World Casino are also identified among the surrounding area amenities.
The property is in Woodhaven, with Jamaica Avenue, Park Lane, and Rockaway Boulevard located a short distance away. Schools, shopping centers, restaurants, cafes, parks, JFK Airport, and Resorts World Casino are also identified among the surrounding area amenities.
Key Highlights
- Legal two‑family property with 2 residential units
- Delivered vacant at closing
- Built in 1920
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
$39,356
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
4.75%
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%
$787,120
$787.1K
Cap Rate 7%
$562,229
$562.2K
Cap Rate 9%
$437,289
$437.3K
Market Conditions
NOI Build-Up for 1,610 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
$74.4K $46.20/SF
− Vacancy
−$2.8K −$1.76/SF
EGI
$71.6K $44.44/SF
− OpEx
−$32.2K −$20.00/SF
NOI
$39.4K $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%
$787,120
Cap Rate 7%
$562,229
Cap Rate 9%
$437,289
Alternative Uses
Best Use
Apartment 5plus
$562.2K
$492.0K – $655.9K
NOI $39,356 @ 7.0% cap · market cap 4.75%
Second Best
Multifamily LT 5
$380.7K
$333.1K – $444.1K
NOI $26,648 @ 7.0% cap · market cap 3.22%
Theoretical Best
Office A
$1.19M
$1.04M – $1.38M
NOI $83,084 @ 7.0% cap · market cap 10.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,601
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
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 property offered vacant, with residential income potential and owner-occupant flexibility.
Where is this duplex located?
The property is located at 8848 77th Street Woodhaven, NY.
What is the asking price?
The asking price for this property is $828,000.
What are key features of this property?
This property features: Legal two‑family property with 2 residential units; Delivered vacant at closing; Built in 1920
