Legal 3-Family Home
For Sale
$1,499,998
6089 54th St, Queens, NY 11378
Renovated first-floor unit plus two apartments, including a vacant unit, with a finished basement and private fenced yard access.
Property Size2,434 SF
Days on Market94
Property Features for 6089 54th St
General Information
Standard status
Active
Size
2,434 SF
Property subtype
Investment
Additional Details
Business Included
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$5,332
Building Details
Building Size
2,434 SF
Year Built
1920
Year Renovated
2024
Units
3
Tenancy
Multi
Listing Agency:
Exit Realty Prime
Listed By:
Saif Ahmed
(347) 571-3065
Source:
Elliman
Added: Jun 11
Changed: Sep 11
Last Checked: Sep 12 at 8:38AM
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 Exit Realty Prime
Investment Insights
Based on property information with market context.
This legal, attached 3-family home offers a practical live-and-rent layout. The first-floor unit was fully renovated in Summer 2024 and includes three bedrooms, a home office, 1.5 bathrooms, and a modern kitchen with stainless steel appliances. It also provides private access to a large, fully fenced backyard with patio space. The second floor contains two two-bedroom apartments with separate utilities, and one unit is currently vacant.
The property includes a fully finished basement completed in 2021, offering flexible bonus space. The basement features a washer and dryer, two additional rooms, its own entrance, ductless climate control, and two exits. Additional stated features include owned solar panels, air humidifiers in all units, and a newly renovated exterior with durable NewTechWood composite siding. The property is in Queens near public transportation with easy access to Manhattan.
For tenants or owner-occupants, the configuration supports a comfortable primary residence while drawing rental income from the other units. The presence of a vacant apartment can simplify occupancy planning, and the basement’s separate entrance and multiple exits add versatility for a range of everyday uses. The property is being sold as-is, with a video tour available.
The property includes a fully finished basement completed in 2021, offering flexible bonus space. The basement features a washer and dryer, two additional rooms, its own entrance, ductless climate control, and two exits. Additional stated features include owned solar panels, air humidifiers in all units, and a newly renovated exterior with durable NewTechWood composite siding. The property is in Queens near public transportation with easy access to Manhattan.
For tenants or owner-occupants, the configuration supports a comfortable primary residence while drawing rental income from the other units. The presence of a vacant apartment can simplify occupancy planning, and the basement’s separate entrance and multiple exits add versatility for a range of everyday uses. The property is being sold as-is, with a video tour available.
Key Highlights
- Legal 3‑family attached home built in 1920 with separate units, including a vacant second‑floor unit
- First‑floor unit fully renovated in Summer 2024 with 3 bedrooms, home office, 1.5 baths, and stainless steel appliances
- Finished basement completed in 2021 with washer/dryer, two additional rooms, ductless climate control, and its own entrance
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
$59,498
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
3.97%
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%
$1,189,960
$1.2M
Cap Rate 7%
$849,971
$850.0K
Cap Rate 9%
$661,089
$661.1K
Market Conditions
NOI Build-Up for 2,434 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
$112.5K $46.20/SF
− Vacancy
−$4.3K −$1.76/SF
EGI
$108.2K $44.44/SF
− OpEx
−$48.7K −$20.00/SF
NOI
$59.5K $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%
$1,189,960
Cap Rate 7%
$849,971
Cap Rate 9%
$661,089
Alternative Uses
Best Use
Apartment 5plus
$850.0K
$743.7K – $991.6K
NOI $59,498 @ 7.0% cap · market cap 3.97%
Second Best
Multifamily LT 5
$575.5K
$503.6K – $671.5K
NOI $40,287 @ 7.0% cap · market cap 2.69%
Theoretical Best
Office A
$1.79M
$1.57M – $2.09M
NOI $125,606 @ 7.0% cap · market cap 8.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,773
Businesses Nearby
Explore this area
Business Placement
Demographics for 11378, NY
38,288
Population
14,522
Households
2.6
Avg Household Size
40
Median Age
26%
College-Educated
83%
High-School Grad
2.4 sq mi
ZIP Area
15,953
Density / Sq Mi
$84,762
Median Household Income
$52,281
Median Earnings
$1,932
Median Rent
$832,700
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?
Triplex - Renovated first-floor unit plus two apartments, including a vacant unit, with a finished basement and private fenced yard access.
Where is this triplex located?
The property is located at 6089 54th St Queens, NY.
What is the asking price?
The asking price for this property is $1,499,998.
What are key features of this property?
This property features: Legal 3‑family attached home built in 1920 with separate units, including a vacant second‑floor unit; First‑floor unit fully renovated in Summer 2024 with 3 bedrooms, home office, 1.5 baths, and stainless steel appliances; Finished basement completed in 2021 with washer/dryer, two additional rooms, ductless climate control, and its own entrance
