Mixed-Use Property With Commercial
For Sale
Contact for pricing
5949 56th Dr, Maspeth, NY 11378
Seven-unit brick property with finished basement space, coin laundry, separate boilers, and commercial garage areas.
Property Size6,250 SF
Lot Size0.14 Acres
Price / SF$336
Days on Market165
Property Features for 5949 56th Dr
General Information
Standard status
Active
Size
6,250 SF
Lot size
0.14 Acres
Property subtype
Mixed Use
Zoning
M1-1
Units
Unit Mix
1 x 3BR, 2 x 1BR, 4 x 1BR
Multifamily Units
7
Additional Details
Highway Access
Yes
Building Details
Year Built
1922
Construction
brick
Listing Agency:
DIAZ FRANCISCO
(347) 620-3635
Listed By:
Karina Sarmiento
Source:
Crexi
Added: Mar 19
Changed: Aug 29
Last Checked: Aug 29 at 1:11PM
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 DIAZ FRANCISCO
Investment Insights
Based on property information with market context.
This mixed-use property is a 6,250-square-foot brick building completed in 1922 with seven dwelling units. The first floor contains one three-bedroom apartment and two one-bedroom apartments, while the second floor offers four additional one-bedroom apartments. Separate boilers serve the building. A fully finished basement includes a laundry room with coin-operated machines, boiler and storage rooms, and office space. Two large commercial garages are also part of the property.
The parcel measures 63 by 100 feet and carries M1-1 zoning. The property is near Grand Avenue, Maurice Avenue, and the Long Island Expressway, providing access to major area roads. Basement and garage components add functional space beyond the residential units.
The parcel measures 63 by 100 feet and carries M1-1 zoning. The property is near Grand Avenue, Maurice Avenue, and the Long Island Expressway, providing access to major area roads. Basement and garage components add functional space beyond the residential units.
Key Highlights
- Seven dwelling units: one 3‑bedroom apartment and six 1‑bedroom apartments
- 6,250‑square‑foot brick building constructed in 1922
- 63x100‑foot lot with two large commercial garages
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
$152,778
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
7.28%
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%
$3,055,560
$3.1M
Cap Rate 7%
$2,182,543
$2.2M
Cap Rate 9%
$1,697,533
$1.7M
Market Conditions
NOI Build-Up for 6,250 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
$288.8K $46.20/SF
− Vacancy
−$11.0K −$1.76/SF
EGI
$277.8K $44.44/SF
− OpEx
−$125.0K −$20.00/SF
NOI
$152.8K $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%
$3,055,560
Cap Rate 7%
$2,182,543
Cap Rate 9%
$1,697,533
Alternative Uses
Best Use
Apartment 5plus
$2.18M
$1.91M – $2.55M
NOI $152,778 @ 7.0% cap · market cap 7.28%
Second Best
Mixed Use
$1.15M
$1.01M – $1.34M
NOI $80,438 @ 7.0% cap · market cap 3.83%
Theoretical Best
Office A
$4.61M
$4.03M – $5.38M
NOI $322,530 @ 7.0% cap · market cap 15.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
Yes
Highway access
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 Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Seven-unit brick property with finished basement space, coin laundry, separate boilers, and commercial garage areas.
Where is this mixed-use property located?
The property is located at 5949 56th Dr Maspeth, NY.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: Seven dwelling units: one 3‑bedroom apartment and six 1‑bedroom apartments; 6,250‑square‑foot brick building constructed in 1922; 63x100‑foot lot with two large commercial garages
