Custom-Built Duplex with Solar
For Sale
$1,350,000
Pending
98 Raritan Ave, Staten Island, NY 10304
Two-family residence with a private-entry apartment, garage, paved driveways, and a fenced outdoor area.
Property Size2,352 SF
Lot Size0.11 Acres
Days on Market25
Property Features for 98 Raritan Ave
General Information
Standard status
Pending
Size
2,352 SF
Lot size
0.11 Acres
Property subtype
Multi-Family
Units
Unit Mix
1 x 4BR/3BA, 1 x 1BR
Multifamily Units
2
Additional Details
Public Transit
Yes
Amenities
garage
paved driveways
solar panels
fenced yard
hardwood floors
fireplace
private deck
walk-in closet
washer/dryer
central air conditioning
basement office
attic
zoned heating
Building Details
Year Built
2005
Buildings
1
Listing Agency:
Tom Crimmins Realty, Ltd.
Listed By:
John J Lauria
(718) 370-3200
Source:
Statenislandhomelistings
Added: Aug 18
Changed: Sep 10
Last Checked: Sep 11 at 11:13AM
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 Tom Crimmins Realty, Ltd.
Investment Insights
Based on property information with market context.
Built in 2005, this two-family property combines a four-bedroom, three-bath main residence with a separate one-bedroom apartment. The primary home includes hardwood floors, formal living and dining rooms, an eat-in kitchen with custom cabinetry and pantry, a family room with fireplace, and access to a private deck. The upper level includes a primary suite with a walk-in shower, spa tub, walk-in closet, and washer and dryer closet. A full stand-up attic provides additional storage, while the basement includes an office.
The apartment has its own entrance and separate utilities, with a lock-off connection to the main residence for added household flexibility. Exterior features include a fenced yard, large one-car garage, two paved driveways, and solar panels. The property also offers three-zone heating, two-zone central air conditioning, and a tax abatement. Located in Dongan Hills near the Staten Island Railroad and local and express bus service.
The apartment has its own entrance and separate utilities, with a lock-off connection to the main residence for added household flexibility. Exterior features include a fenced yard, large one-car garage, two paved driveways, and solar panels. The property also offers three-zone heating, two-zone central air conditioning, and a tax abatement. Located in Dongan Hills near the Staten Island Railroad and local and express bus service.
Key Highlights
- Four‑bedroom, three‑bath main residence plus a one‑bedroom apartment
- Separate apartment entrance and utilities, with a lock‑off to the main house
- 50 x 100 lot with fenced yard, private deck, and two paved driveways
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
$58,120
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
4.31%
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%
$1,162,400
$1.2M
Cap Rate 7%
$830,286
$830.3K
Cap Rate 9%
$645,778
$645.8K
Market Conditions
NOI Build-Up for 2,352 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
$90.3K $38.40/SF
− Vacancy
−$7.3K −$3.10/SF
EGI
$83.0K $35.30/SF
− OpEx
−$24.9K −$10.59/SF
NOI
$58.1K $24.71/SF
Area
ZIP 10304
Vacancy
8.07%
Lease Rate
$38.40 /SF/Yr
Expense Ratio
30.00%
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%
$1,162,400
Cap Rate 7%
$830,286
Cap Rate 9%
$645,778
Alternative Uses
Best Use
Multifamily LT 5
$830.3K
$726.5K – $968.7K
NOI $58,120 @ 7.0% cap · market cap 4.31%
Second Best
Apartment 5plus
$760.9K
$665.8K – $887.7K
NOI $53,264 @ 7.0% cap · market cap 3.95%
Theoretical Best
Office A
$1.12M
$982.0K – $1.31M
NOI $78,557 @ 7.0% cap · market cap 5.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,432
Businesses Nearby
Explore this area
Business Placement
Demographics for 10304, NY
46,944
Population
17,524
Households
2.7
Avg Household Size
38
Median Age
31%
College-Educated
84%
High-School Grad
3.5 sq mi
ZIP Area
13,413
Density / Sq Mi
$71,506
Median Household Income
$41,752
Median Earnings
$1,516
Median Rent
$659,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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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 residence with a private-entry apartment, garage, paved driveways, and a fenced outdoor area.
Where is this duplex located?
The property is located at 98 Raritan Ave Staten Island, NY.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: Four‑bedroom, three‑bath main residence plus a one‑bedroom apartment; Separate apartment entrance and utilities, with a lock‑off to the main house; 50 x 100 lot with fenced yard, private deck, and two paved driveways
