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    Bayside 3-Bedroom Corner Unit Title is generated by Realmo AI

    223-03 56th Road Unit 2, Queens, NY 11364

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    Spacious Bayside 3-bedroom with modern kitchen and convenient transportation.

    Type:Multi Family
    Property size:
    3,374 SF
    Added:
    Jan 19, 2023
    Days on Market:
    1231
    Last Refresh:
    May 13 at 10:07 pm

    Property Features for 223-03 56th Road Unit 2

    General Information

    Standard status
    Active
    Size
    3,374 SF
    Property subtype
    Multi Family

    Building Details

    Year Built
    1970

    We can help!

    Listing Contact
    Christine Chiu

    Listing agent Christine Chiu License #10401289670

    Listing office Compass

    Listing date Jan 19, 2023

    Source Compass

    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

    HighLights

    • Excellent Commuting Location: Easy access to multiple expressways, bus lines and LIRR.
    • Corner Unit with Abundant Natural Light: Southern, northern, and western exposures provide all‑day sunlight.
    • Modern Kitchen with New Appliances: Includes a brand new electric range, dishwasher, and washer and dryer.
    • Newly Installed High‑End Bathroom Fixtures: Both bathrooms feature new Toto toilets and Kohler dual shower heads.
    • Ample Storage Space: Closets in all three bedrooms, plus a coat closet and linen closet.
    • Desirable Bayside Location: Combines a peaceful suburban feel with city convenience.

    Overview

    This 3-bedroom corner unit in Bayside offers a peaceful suburban feel with the convenience of city dwelling. The unit features southern, northern, and western exposures, providing ample sunlight and views of trees and the sky throughout the day. The large, modern kitchen is equipped with a new electric range, dishwasher, washer, and dryer. Both bathrooms include newly installed high-end Toto toilets and Kohler dual shower heads. Storage is plentiful with closets in all three bedrooms, as well as a coat closet and linen closet. Commuting is convenient with easy access to the Long Island Expressway, Clearview Expressway, Cross Island Parkway, and Grand Central Parkway. Bus lines No. 27 and No. 30 are minutes away, the express bus to Manhattan is a few blocks away, and the LIRR Bayside and Douglaston stations are easily reachable. The property size is 3374 square feet.
    Location Intelligence

    Current Use by Public Records

    Residential income properties

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Hair Salon Dental Office Nail Salon Food Market Grocery & Convenience Store Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Queens
    County
    Queens
    State
    New York
    Longitude
    -73.7574
    Latitude
    40.7457

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    FAQs

    What type of property is this?
    Residential income property - Spacious Bayside 3-bedroom with modern kitchen and convenient transportation.
    Where is this residential income property located?
    The property is located at 223-03 56th Road Unit 2 Queens, NY.
    What are key features of this property?
    This property features: Excellent Commuting Location: Easy access to multiple expressways, bus lines and LIRR.; Corner Unit with Abundant Natural Light: Southern, northern, and western exposures provide all‑day sunlight.; Modern Kitchen with New Appliances: Includes a brand new electric range, dishwasher, and washer and dryer.
    (646) 251-7102
    We can help!
    Listing Contact
    Christine Chiu
    Real Estate License ID: 10401289670
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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