Legal Two-Family
For Sale
Contact for pricing
6114 56TH DR, Flushing, NY 11378
Vacant legal two-family home with two separate apartments and an unfinished basement for storage or future improvements.
Property Size1,332 SF
Lot Size0.07 Acres
Price / SF$611.86
Days on Market96
Property Features for 6114 56TH DR
General Information
Standard status
Active
Size
1,332 SF
Lot size
0.07 Acres
Property subtype
Multifamily
Zoning
R4-1
Investment Type
Redevelopment
Additional Details
Highway Access
Yes
Multifamily Units
2
Building Details
Year Built
1930
Buildings
1
Stories
2
Units
2
Listing Agency:
Capri Jet Realty Corp
Listed By:
Robert Napolitano · License #NY 31NA0992911
(718) 388-2188
Source:
Crexi
Added: Jun 2
Changed: Aug 27
Last Checked: Aug 31 at 12:56AM
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 Capri Jet Realty Corp
Investment Insights
Based on property information with market context.
This is a legal two-family residence delivered vacant and ready for occupancy or renovation. The first floor includes 2 bedrooms and 1 full bathroom, along with a kitchen, wall-to-wall carpeting, a washer, window A/C units, and forced-air heating powered by natural gas. An unfinished basement offers additional storage space and room to expand or update. The second-floor apartment provides a 1-bedroom, 1-bathroom layout, creating a separate living unit within the property.
The property sits on a 2,950 square foot lot. Street parking is available, and the location is described as convenient to major nearby routes, including the Brooklyn-Queens Expressway, as well as Grand Avenue, shopping, restaurants, schools, and public transportation.
For owner-occupants or investors seeking a two-unit setup, the existing configuration supports either living in one unit while using the other as a rental, or operating both units with separate apartment spaces. The unfinished basement and overall good condition allow flexibility for buyers planning updates and customization to match their preferences.
The property sits on a 2,950 square foot lot. Street parking is available, and the location is described as convenient to major nearby routes, including the Brooklyn-Queens Expressway, as well as Grand Avenue, shopping, restaurants, schools, and public transportation.
For owner-occupants or investors seeking a two-unit setup, the existing configuration supports either living in one unit while using the other as a rental, or operating both units with separate apartment spaces. The unfinished basement and overall good condition allow flexibility for buyers planning updates and customization to match their preferences.
Key Highlights
- Legal 2‑family home built in 1930 on a 2,950 SF lot, delivered vacant for immediate occupancy or leasing
- Includes 2 apartments: first floor with 2BR/1BA plus kitchen, washer, window A/C, and forced‑air natural gas heat
- Second‑floor unit features 1BR/1BA, providing potential rental income within the same building
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
$32,560
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
4.00%
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%
$651,200
$651.2K
Cap Rate 7%
$465,143
$465.1K
Cap Rate 9%
$361,778
$361.8K
Market Conditions
NOI Build-Up for 1,332 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
$61.5K $46.20/SF
− Vacancy
−$2.3K −$1.76/SF
EGI
$59.2K $44.44/SF
− OpEx
−$26.6K −$20.00/SF
NOI
$32.6K $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%
$651,200
Cap Rate 7%
$465,143
Cap Rate 9%
$361,778
Alternative Uses
Best Use
Apartment 5plus
$465.1K
$407.0K – $542.7K
NOI $32,560 @ 7.0% cap · market cap 4.00%
Second Best
Multifamily LT 5
$315.0K
$275.6K – $367.5K
NOI $22,047 @ 7.0% cap · market cap 2.71%
Theoretical Best
Office A
$982.0K
$859.2K – $1.15M
NOI $68,738 @ 7.0% cap · market cap 8.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,990
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 - Vacant legal two-family home with two separate apartments and an unfinished basement for storage or future improvements.
Where is this duplex located?
The property is located at 6114 56TH DR Flushing, NY.
What is the asking price?
The asking price for this property is $815,000.
What are key features of this property?
This property features: Legal 2‑family home built in 1930 on a 2,950 SF lot, delivered vacant for immediate occupancy or leasing; Includes 2 apartments: first floor with 2BR/1BA plus kitchen, washer, window A/C, and forced‑air natural gas heat; Second‑floor unit features 1BR/1BA, providing potential rental income within the same building
