Legal Two-Family Duplex with Detached
For Sale
$825,000
Pending
8952 218th Street, Queens Village, NY 11427
Two-family duplex with finished basement and detached two-car garage; built 1935.
Property Size1,214 SF
Lot Size0.08 Acres
Days on Market76
Property Features for 8952 218th Street
General Information
Standard status
Pending
Size
1,214 SF
Total Parking Spaces
2
Lot size
0.08 Acres
Property subtype
Duplex
Taxes and HOA fees
Annual Taxes
$5,793
Building Details
Building Size
1,214 SF
Year Built
1935
Buildings
2
Listing Agency:
Realty Executives Today
Listed By:
Imran Khan · License #40KH0856428
(718) 274-2400
Source:
Cottiemaxwellrealestate
Added: Jul 4
Changed: Sep 13
Last Checked: Sep 17 at 3:57AM
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 Realty Executives Today
Investment Insights
Based on property information with market context.
This legal two-family duplex comes with a Certificate of Occupancy from the Department of Buildings. Although it is currently being used as a one-family residence, the home is set up as a two-family property and offers flexibility for an owner-occupant or investor. The second floor features three spacious bedrooms and a full bathroom. The first floor includes a living room, an oversized formal dining room, an enclosed sunroom, an enclosed deck, and a large kitchen.
The full finished basement adds additional living space and includes a full bathroom and a gas boiler. The property sits on a 3,300 sq. ft. lot and features a detached two-car garage.
Built in 1935, the home needs updating and some TLC, with an opportunity to renovate, customize, and maximize its potential. Located in the heart of Queens Village, it is moments from Hillside Avenue and close to shopping, schools, restaurants, and public transportation.
The full finished basement adds additional living space and includes a full bathroom and a gas boiler. The property sits on a 3,300 sq. ft. lot and features a detached two-car garage.
Built in 1935, the home needs updating and some TLC, with an opportunity to renovate, customize, and maximize its potential. Located in the heart of Queens Village, it is moments from Hillside Avenue and close to shopping, schools, restaurants, and public transportation.
Key Highlights
- Legal two‑family duplex with Certificate of Occupancy from the Department of Buildings
- Second floor: three bedrooms plus a full bathroom
- First floor includes living room, oversized formal dining room, enclosed sunroom and enclosed deck, plus a large kitchen
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
$29,676
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
3.60%
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%
$593,520
$593.5K
Cap Rate 7%
$423,943
$423.9K
Cap Rate 9%
$329,733
$329.7K
Market Conditions
NOI Build-Up for 1,214 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
$56.1K $46.20/SF
− Vacancy
−$2.1K −$1.76/SF
EGI
$54.0K $44.44/SF
− OpEx
−$24.3K −$20.00/SF
NOI
$29.7K $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%
$593,520
Cap Rate 7%
$423,943
Cap Rate 9%
$329,733
Alternative Uses
Best Use
Apartment 5plus
$423.9K
$371.0K – $494.6K
NOI $29,676 @ 7.0% cap · market cap 3.60%
Second Best
Multifamily LT 5
$287.1K
$251.2K – $334.9K
NOI $20,094 @ 7.0% cap · market cap 2.44%
Theoretical Best
Office A
$895.0K
$783.1K – $1.04M
NOI $62,648 @ 7.0% cap · market cap 7.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,596
Businesses Nearby
Explore this area
Business Placement
Demographics for 11427, NY
24,555
Population
8,435
Households
2.9
Avg Household Size
44
Median Age
36%
College-Educated
84%
High-School Grad
1.6 sq mi
ZIP Area
15,347
Density / Sq Mi
$92,129
Median Household Income
$48,439
Median Earnings
$1,697
Median Rent
$690,200
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two-family duplex with finished basement and detached two-car garage; built 1935.
Where is this duplex located?
The property is located at 8952 218th Street Queens Village, NY.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: Legal two‑family duplex with Certificate of Occupancy from the Department of Buildings; Second floor: three bedrooms plus a full bathroom; First floor includes living room, oversized formal dining room, enclosed sunroom and enclosed deck, plus a large kitchen
