Colonial Duplex with Detached
For Sale
$890,000
Pending
8860 240th Street, Bellerose, NY 11426
Residential Income, Bellerose, NY
Property Size1,580 SF
Lot Size0.07 Acres
Days on Market152
Property Features for 8860 240th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Rooms
Basement
Parking features
Garage
Interior features
First Floor Full Bath
Fireplace
1
Basement
Finished
Elementary school
Ps 33 Edward M Funk
Middle school
Jean Nuzzi Intermediate School
High school
Benjamin Franklin Hs-Finance-Info
Elementary school district
Queens 29
Middle school district
Queens 29
High school district
Queens 29
Standard status
Pending
APN
07978-0064
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7523
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Central Air
Water source
Public
Amenities
yard
Building Details
Year built
1920
Number of units
2
Building materials
Frame
Architectural style
Colonial
Listing Agency:
Tony & William R E Brotherhood
(347) 368-6775
Listed By:
Chun H. Xie
(718) 775-2219
Added: Apr 1
Changed: Aug 20
Last Checked: Aug 30 at 11:06AM
MLS# 979230
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 Colonial two-family property is currently arranged and occupied as a single-family residence. The home provides approximately 1,580 sq ft of interior living space on a 3,000 sq ft lot, with 3 bedrooms, 2 full bathrooms, a loft area, and a full basement. Hardwood floors, central heating and air conditioning, natural gas service, and a detached two-car garage are included. The property was built in 1920 and has a frame construction.
Located on a residential street in Bellerose, the home is approximately a 20-minute drive from Flushing, Long Island, and JFK Airport, with access to the Cross Island Parkway. Public transportation, restaurants, banks, and local shops are nearby. Public water and public sewer serve the property, and the generously sized yard provides outdoor space.
Located on a residential street in Bellerose, the home is approximately a 20-minute drive from Flushing, Long Island, and JFK Airport, with access to the Cross Island Parkway. Public transportation, restaurants, banks, and local shops are nearby. Public water and public sewer serve the property, and the generously sized yard provides outdoor space.
Key Highlights
- Two‑family Colonial property currently configured as a single‑family residence
- Approximately 1,580 sq ft of interior living space on a 3,000 sq ft lot
- 3 bedrooms, 2 full bathrooms, loft area, and full basement
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
$38,622
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
4.34%
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%
$772,440
$772.4K
Cap Rate 7%
$551,743
$551.7K
Cap Rate 9%
$429,133
$429.1K
Market Conditions
NOI Build-Up for 1,580 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
$73.0K $46.20/SF
− Vacancy
−$2.8K −$1.76/SF
EGI
$70.2K $44.44/SF
− OpEx
−$31.6K −$20.00/SF
NOI
$38.6K $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%
$772,440
Cap Rate 7%
$551,743
Cap Rate 9%
$429,133
Alternative Uses
Best Use
Apartment 5plus
$551.7K
$482.8K – $643.7K
NOI $38,622 @ 7.0% cap · market cap 4.34%
Second Best
Multifamily LT 5
$373.6K
$326.9K – $435.9K
NOI $26,152 @ 7.0% cap · market cap 2.94%
Theoretical Best
Office A
$1.16M
$1.02M – $1.36M
NOI $81,536 @ 7.0% cap · market cap 9.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,254
Businesses Nearby
Explore this area
Business Placement
Demographics for 11426, NY
19,343
Population
6,813
Households
2.8
Avg Household Size
43
Median Age
44%
College-Educated
88%
High-School Grad
1.4 sq mi
ZIP Area
13,816
Density / Sq Mi
$107,591
Median Household Income
$57,622
Median Earnings
$2,158
Median Rent
$676,100
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 - Two-family home with central air, a full basement, hardwood floors, and a detached garage.
Where is this duplex located?
The property is located at 8860 240th Street Bellerose, NY.
What is the asking price?
The asking price for this property is $890,000.
What are key features of this property?
This property features: Two‑family Colonial property currently configured as a single‑family residence; Approximately 1,580 sq ft of interior living space on a 3,000 sq ft lot; 3 bedrooms, 2 full bathrooms, loft area, and full basement
