Updated Two-Family
For Sale
$998,000
56-23 61st Street, Maspeth, NY 11378
Semi-detached legal two-family property with two apartments, a full basement, and private outdoor space.
Property Size1,600 SF
Price / SF$623.75
Days on Market10
Property Features for 56-23 61st Street
General Information
Standard status
Active
Size
1,600 SF
Property subtype
Duplex
Units
Unit Mix
1 x 1BR, 1 x 2BR
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$7,468
Amenities
private fenced backyard
Building Details
Building Size
1,600 SF
Year Built
1910
Buildings
1
Listing Agency:
Coldwell Banker Phillips
Listed By:
David J. Pastorini CBR
Source:
Cbwarburg
Added: Aug 19
Changed: Aug 28
Last Checked: Aug 28 at 1:07AM
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 Coldwell Banker Phillips
Investment Insights
Based on property information with market context.
This semi-detached legal two-family residence contains approximately 1,600 square feet, with separate apartments arranged across the first and second floors. The lower apartment offers one bedroom, a modern kitchen, dining and living areas, and a full bathroom, while the upper apartment includes two bedrooms, living and dining rooms, a modern kitchen, and a full bathroom. A full basement adds additional space, and the first floor connects directly to the fenced private backyard.
Property improvements include new windows under warranty, a new boiler, a new hot water heater, and a roof coated in 2018. Built in 1910, the home is located at 56-23 61st Street in Maspeth, near shopping, dining, schools, parks, and the Q39, B57, and Q59 bus lines.
Property improvements include new windows under warranty, a new boiler, a new hot water heater, and a roof coated in 2018. Built in 1910, the home is located at 56-23 61st Street in Maspeth, near shopping, dining, schools, parks, and the Q39, B57, and Q59 bus lines.
Key Highlights
- Legal two‑family semi‑detached property with two separate apartments
- 1,600 square feet with a full basement
- First‑floor 1‑bedroom apartment with direct backyard access
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
$39,111
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
3.92%
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%
$782,220
$782.2K
Cap Rate 7%
$558,729
$558.7K
Cap Rate 9%
$434,567
$434.6K
Market Conditions
NOI Build-Up for 1,600 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
$73.9K $46.20/SF
− Vacancy
−$2.8K −$1.76/SF
EGI
$71.1K $44.44/SF
− OpEx
−$32.0K −$20.00/SF
NOI
$39.1K $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%
$782,220
Cap Rate 7%
$558,729
Cap Rate 9%
$434,567
Alternative Uses
Best Use
Apartment 5plus
$558.7K
$488.9K – $651.9K
NOI $39,111 @ 7.0% cap · market cap 3.92%
Second Best
Multifamily LT 5
$378.3K
$331.0K – $441.4K
NOI $26,483 @ 7.0% cap · market cap 2.65%
Theoretical Best
Office A
$1.18M
$1.03M – $1.38M
NOI $82,568 @ 7.0% cap · market cap 8.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
3,766
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
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 - Semi-detached legal two-family property with two apartments, a full basement, and private outdoor space.
Where is this duplex located?
The property is located at 56-23 61st Street Maspeth, NY.
What is the asking price?
The asking price for this property is $998,000.
What are key features of this property?
This property features: Legal two‑family semi‑detached property with two separate apartments; 1,600 square feet with a full basement; First‑floor 1‑bedroom apartment with direct backyard access
