New-Construction Duplex with Rooftop
New
For Sale
$1,699,000
38-22 56th Street, Queens, NY 11377
Seven-bedroom duplex with central HVAC, finished basement, private driveway, garage, and multiple outdoor areas.
Property Size3,400 SF
Days on Market6
Property Features for 38-22 56th Street
General Information
Standard status
Active
Size
3,400 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$11,790
Building Details
Building Size
3,400 SF
Year Built
2026
Listing Agency:
Compass
Listed By:
Marc A Dimov
(516) 728-6521
Source:
Serhant
Added: Sep 14
Changed: Sep 18
Last Checked: Sep 18 at 11:32AM
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.
Completed in 2026, this duplex provides 3,400 square feet across multiple finished levels with seven bedrooms, six full bathrooms, central HVAC, and a flexible layout. The first two floors each contain three bedrooms, two bathrooms, and open living and kitchen areas with stainless-steel refrigerators, microwaves, and ranges. The upper level adds a large bedroom, full bathroom, laundry room with washer and dryer hookups, and rooftop deck access. A finished basement contributes open recreation space, another full bathroom, a full-size washer and dryer, and a connection to the backyard.
The property includes a private driveway and single-car garage. Located at 38-22 56th Street in Woodside, Queens, it is steps from the Long Island Rail Road, providing access toward Manhattan and throughout Queens. The configuration supports both owner occupancy and investment use.
The property includes a private driveway and single-car garage. Located at 38-22 56th Street in Woodside, Queens, it is steps from the Long Island Rail Road, providing access toward Manhattan and throughout Queens. The configuration supports both owner occupancy and investment use.
Key Highlights
- 3,400‑square‑foot duplex completed in 2026
- Seven bedrooms and six full bathrooms
- Rooftop deck, backyard access, and multiple outdoor spaces
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
$83,111
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
4.89%
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%
$1,662,220
$1.7M
Cap Rate 7%
$1,187,300
$1.2M
Cap Rate 9%
$923,456
$923.5K
Market Conditions
NOI Build-Up for 3,400 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
$157.1K $46.20/SF
− Vacancy
−$6.0K −$1.76/SF
EGI
$151.1K $44.44/SF
− OpEx
−$68.0K −$20.00/SF
NOI
$83.1K $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%
$1,662,220
Cap Rate 7%
$1,187,300
Cap Rate 9%
$923,456
Alternative Uses
Best Use
Apartment 5plus
$1.19M
$1.04M – $1.39M
NOI $83,111 @ 7.0% cap · market cap 4.89%
Second Best
Multifamily LT 5
$803.9K
$703.4K – $937.9K
NOI $56,275 @ 7.0% cap · market cap 3.31%
Theoretical Best
Office A
$2.51M
$2.19M – $2.92M
NOI $175,456 @ 7.0% cap · market cap 10.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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 - Seven-bedroom duplex with central HVAC, finished basement, private driveway, garage, and multiple outdoor areas.
Where is this duplex located?
The property is located at 38-22 56th Street Queens, NY.
What is the asking price?
The asking price for this property is $1,699,000.
What are key features of this property?
This property features: 3,400‑square‑foot duplex completed in 2026; Seven bedrooms and six full bathrooms; Rooftop deck, backyard access, and multiple outdoor spaces
