Six-Family Apartment
For Sale
$1,180,000
110-06 56th Avenue, Queens, NY 11368
The property offers one-bedroom, one-bath layouts with tenant-paid electricity and private parking.
Property Size4,278 SF
Price / SF$275.83
Days on Market227
Property Features for 110-06 56th Avenue
General Information
Standard status
Active
Size
4,278 SF
Total Parking Spaces
1
Property subtype
Multi Family
Units
Unit Mix
6 x 1BR/1BA
Multifamily Units
6
Additional Details
Public Transit
Yes
Building Details
Year Built
1972
Buildings
1
Listing Agency:
Compass
(917) 340-0731
Listed By:
Polly Cheung · License #10301218815
(917) 340-0731
Source:
Compass
Added: Jan 17
Changed: Aug 30
Last Checked: Aug 31 at 10:11PM
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 Compass
Investment Insights
Based on property information with market context.
This 4,278-square-foot apartment building contains six residential units, each configured with one bedroom and one full bathroom. Constructed in 1972, the property includes a private parking spot, while residents are responsible for their individual electricity service.
The building is located at 110-06 56th Avenue in Queens, NY 11368, near the Q58 bus route, restaurants, and shopping. Its six-unit configuration provides a straightforward multifamily layout with consistent unit designs throughout.
The building is located at 110-06 56th Avenue in Queens, NY 11368, near the Q58 bus route, restaurants, and shopping. Its six-unit configuration provides a straightforward multifamily layout with consistent unit designs throughout.
Key Highlights
- Six‑family apartment building with 4,278 SF
- Six units, each with one bedroom and one full bathroom
- Built in 1972
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
$104,573
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
8.86%
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%
$2,091,460
$2.1M
Cap Rate 7%
$1,493,900
$1.5M
Cap Rate 9%
$1,161,922
$1.2M
Market Conditions
NOI Build-Up for 4,278 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
$197.6K $46.20/SF
− Vacancy
−$7.5K −$1.76/SF
EGI
$190.1K $44.44/SF
− OpEx
−$85.6K −$20.00/SF
NOI
$104.6K $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%
$2,091,460
Cap Rate 7%
$1,493,900
Cap Rate 9%
$1,161,922
Alternative Uses
Best Use
Apartment 5plus
$1.49M
$1.31M – $1.74M
NOI $104,573 @ 7.0% cap · market cap 8.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.15M
$2.76M – $3.68M
NOI $220,765 @ 7.0% cap · market cap 18.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
2,548
Businesses Nearby
Explore this area
Business Placement
Demographics for 11368, NY
117,110
Population
31,165
Households
3.8
Avg Household Size
34
Median Age
14%
College-Educated
65%
High-School Grad
2.6 sq mi
ZIP Area
45,042
Density / Sq Mi
$71,798
Median Household Income
$33,742
Median Earnings
$1,925
Median Rent
$751,700
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?
Apartment building - The property offers one-bedroom, one-bath layouts with tenant-paid electricity and private parking.
Where is this apartment building located?
The property is located at 110-06 56th Avenue Queens, NY.
What is the asking price?
The asking price for this property is $1,180,000.
What are key features of this property?
This property features: Six‑family apartment building with 4,278 SF; Six units, each with one bedroom and one full bathroom; Built in 1972
