Maspeth Income-Producing Mixed-Use
For Sale
Contact for pricing
59-49 56th Dr, Queens, NY 11378
Mixed-use property with residential, commercial, and parking components.
Property Size5,250 SF
Lot Size0.14 Acres
Price / SF$418.67
Days on Market698
Property Features for 59-49 56th Dr
General Information
Standard status
Active
Size
5,250 SF
Class
C
Total Parking Spaces
6
Lot size
0.14 Acres
Property subtype
Mixed Use, Multifamily
Zoning
M1-1
Lease Type
Gross
Investment Type
Stabilized
Net Operating Income
$120,000
Building Details
Year Built
1922
Buildings
2
Stories
2
Units
7
Listing Agency:
MIdtown - Keller Williams NYC
Listed By:
Jay Marku · License #10301220874
Source:
Crexi
Added: Sep 11, 2024
Changed: Aug 8
Last Checked: May 12 at 9:02PM
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 MIdtown - Keller Williams NYC
Investment Insights
Based on property information with market context.
Located in the heart of Maspeth, this income-producing property features a mix of residential and commercial spaces. The residential component includes seven apartments, consisting of one large three-bedroom unit and six one-bedroom units that have the potential to be converted into two-bedroom apartments. The property also includes two large commercial garages, one office space, and six outdoor parking spots. The basement houses a laundry room, storage lockers, and an apartment. The lot measures 100 x 63 feet, while the building itself measures 45 x 25 feet, with a gross building area of 5,250 square feet. The zoning is M1-1, with an unused FAR of 1,000 square feet. Tenants are responsible for their own utilities, and the apartments have separate boilers. This property presents an opportunity for a business owner, contractor, plumber, electrician, or family business.
Key Highlights
- High income‑producing property with diverse revenue streams.
- Seven residential units featuring a mix of 3BR and 1BR apartments. 1BR apartments are convertible to 2BR.
- Two large commercial garages and one office space provide additional income.
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
$172,850
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
7.86%
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%
$3,457,000
$3.5M
Cap Rate 7%
$2,469,286
$2.5M
Cap Rate 9%
$1,920,556
$1.9M
Market Conditions
NOI Build-Up for 5,250 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
$264.6K $50.40/SF
− Vacancy
−$34.1K −$6.50/SF
EGI
$230.5K $43.90/SF
− OpEx
−$57.6K −$10.97/SF
NOI
$172.8K $32.92/SF
Area
Queens County, NY
Vacancy
12.90%
Lease Rate
$50.40 /SF/Yr
Expense Ratio
25.00%
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%
$3,457,000
Cap Rate 7%
$2,469,286
Cap Rate 9%
$1,920,556
Alternative Uses
Best Use
Office B
$2.47M
$2.16M – $2.88M
NOI $172,850 @ 7.0% cap · market cap 7.86%
Second Best
Apartment 5plus
$1.83M
$1.60M – $2.14M
NOI $128,333 @ 7.0% cap · market cap 5.84%
Theoretical Best
Office A
$3.87M
$3.39M – $4.52M
NOI $270,925 @ 7.0% cap · market cap 12.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use property with residential, commercial, and parking components.
Where is this mixed-use property located?
The property is located at 59-49 56th Dr Queens, NY.
What is the asking price?
The asking price for this property is $2,198,000.
What are key features of this property?
This property features: High income‑producing property with diverse revenue streams.; Seven residential units featuring a mix of 3BR and 1BR apartments. 1BR apartments are convertible to 2BR.; Two large commercial garages and one office space provide additional income.
