Legal Two-Family Brick
For Sale
$1,448,800
Pending
32-16 56th St, Queens, NY 11377
Well-maintained legal two-family duplex with private driveway, one-car garage, backyard, and basement.
Property Size2,680 SF
Days on Market83
Property Features for 32-16 56th St
General Information
Standard status
Pending
Size
2,680 SF
Total Parking Spaces
1
Property subtype
Investment
Additional Details
Highway Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$12,166
Amenities
private backyard
Building Details
Building Size
2,680 SF
Year Built
1965
Units
2
Construction
semi-detached brick
Tenancy
Multi
Listing Agency:
(516) 902-0789
Listed By:
John W. Keane GRI CBR
(516) 902-0789
Source:
Elliman
Added: Jun 3
Changed: Aug 8
Last Checked: Aug 24 at 9:40AM
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 John W. Keane GRI CBR
Investment Insights
Based on property information with market context.
Offered for sale is a legal two-family, semi-detached brick duplex in very well-maintained condition. The layout is described as 5/5/3 plus a basement, with ample closet space and lots of natural light throughout. The property also includes a private driveway with a one-car garage and a private backyard.
Located on the Woodside/Astoria border with easy access to highways and public transportation. The R/G subway lines are about one block away, and nearby bus routes include Q18, Q60, and Q32.
Recent upgrades include a roof installed in 2024, a boiler and hot water heater replaced in 2022, and a bathroom update completed in 2024.
Located on the Woodside/Astoria border with easy access to highways and public transportation. The R/G subway lines are about one block away, and nearby bus routes include Q18, Q60, and Q32.
Recent upgrades include a roof installed in 2024, a boiler and hot water heater replaced in 2022, and a bathroom update completed in 2024.
Key Highlights
- Legal two‑family semi‑detached brick duplex on the Woodside/Astoria border
- Private driveway plus 1‑car garage, with a private backyard and basement
- Recent upgrades include roof (2024) and boiler & hot water heater (2022)
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
$65,511
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
4.52%
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%
$1,310,220
$1.3M
Cap Rate 7%
$935,871
$935.9K
Cap Rate 9%
$727,900
$727.9K
Market Conditions
NOI Build-Up for 2,680 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
$123.8K $46.20/SF
− Vacancy
−$4.7K −$1.76/SF
EGI
$119.1K $44.44/SF
− OpEx
−$53.6K −$20.00/SF
NOI
$65.5K $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%
$1,310,220
Cap Rate 7%
$935,871
Cap Rate 9%
$727,900
Alternative Uses
Best Use
Apartment 5plus
$935.9K
$818.9K – $1.09M
NOI $65,511 @ 7.0% cap · market cap 4.52%
Second Best
Multifamily LT 5
$633.7K
$554.5K – $739.3K
NOI $44,358 @ 7.0% cap · market cap 3.06%
Theoretical Best
Office A
$1.98M
$1.73M – $2.31M
NOI $138,301 @ 7.0% cap · market cap 9.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,752
Businesses Nearby
Explore this area
Business Placement
Demographics for 11377, NY
91,512
Population
34,928
Households
2.6
Avg Household Size
39
Median Age
33%
College-Educated
82%
High-School Grad
2.5 sq mi
ZIP Area
36,605
Density / Sq Mi
$73,292
Median Household Income
$45,978
Median Earnings
$1,802
Median Rent
$670,300
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 - Well-maintained legal two-family duplex with private driveway, one-car garage, backyard, and basement.
Where is this duplex located?
The property is located at 32-16 56th St Queens, NY.
What is the asking price?
The asking price for this property is $1,448,800.
What are key features of this property?
This property features: Legal two‑family semi‑detached brick duplex on the Woodside/Astoria border; Private driveway plus 1‑car garage, with a private backyard and basement; Recent upgrades include roof (2024) and boiler & hot water heater (2022)
