Renovated Duplex with Finished
For Sale
$1,380,000
9209 88th Avenue, Woodhaven, NY 11421
Two-family property with updated interiors, high ceilings, and a practical layout for owner occupancy or rental use.
Property Size2,000 SF
Price / SF$690
Days on Market149
Property Features for 9209 88th Avenue
General Information
Standard status
Active
Size
2,000 SF
Property subtype
Duplex
Site & Location
Road Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,615
Building Details
Building Size
2,000 SF
Year Built
1901
Listing Agency:
Sweet Key Realty Group Inc
Listed By:
Qun D. Lin
(347) 323-2443
Source:
Cbwarburg
Added: Apr 13
Changed: Sep 8
Last Checked: Sep 8 at 10:35AM
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 Sweet Key Realty Group Inc
Investment Insights
Based on property information with market context.
Built in 1901, this duplex offers a two-family configuration with 6 bedrooms, 5 full bathrooms, high ceilings, and a finished basement. The property has undergone renovation, including updated kitchens and bathrooms, premium flooring, new windows and doors, and replacement roof and siding. An energy-efficient heating and cooling system further updates the building’s core improvements.
The property occupies the corner of Jamaica Ave and Woodhaven Blvd at 9209 88th Ave in Woodhaven, NY 11421. J/Z subway service is located minutes away, providing rail access toward Manhattan and connections across the city. The two-family arrangement supports either residential use by an owner or separate rental occupancy, subject to applicable requirements.
The property occupies the corner of Jamaica Ave and Woodhaven Blvd at 9209 88th Ave in Woodhaven, NY 11421. J/Z subway service is located minutes away, providing rail access toward Manhattan and connections across the city. The two-family arrangement supports either residential use by an owner or separate rental occupancy, subject to applicable requirements.
Key Highlights
- Renovated two‑family duplex with 6 bedrooms and 5 full bathrooms
- Finished basement and high ceilings add usable interior space
- New roof and siding, windows, and doors
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
$48,889
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
3.54%
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%
$977,780
$977.8K
Cap Rate 7%
$698,414
$698.4K
Cap Rate 9%
$543,211
$543.2K
Market Conditions
NOI Build-Up for 2,000 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
$92.4K $46.20/SF
− Vacancy
−$3.5K −$1.76/SF
EGI
$88.9K $44.44/SF
− OpEx
−$40.0K −$20.00/SF
NOI
$48.9K $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%
$977,780
Cap Rate 7%
$698,414
Cap Rate 9%
$543,211
Alternative Uses
Best Use
Apartment 5plus
$698.4K
$611.1K – $814.8K
NOI $48,889 @ 7.0% cap · market cap 3.54%
Second Best
Multifamily LT 5
$472.9K
$413.8K – $551.7K
NOI $33,103 @ 7.0% cap · market cap 2.40%
Theoretical Best
Office A
$1.47M
$1.29M – $1.72M
NOI $103,210 @ 7.0% cap · market cap 7.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,530
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 - Two-family property with updated interiors, high ceilings, and a practical layout for owner occupancy or rental use.
Where is this duplex located?
The property is located at 9209 88th Avenue Woodhaven, NY.
What is the asking price?
The asking price for this property is $1,380,000.
What are key features of this property?
This property features: Renovated two‑family duplex with 6 bedrooms and 5 full bathrooms; Finished basement and high ceilings add usable interior space; New roof and siding, windows, and doors
