Detached Three-Unit Multifamily
New
For Sale
$1,599,000
85-25 56th Avenue, Elmhurst, NY 11373
Separate locked entrances serve each residence, with a private-entry finished basement.
Property Size3,006 SF
Days on Market4
Property Features for 85-25 56th Avenue
General Information
Standard status
Active
Size
3,006 SF
Property subtype
Duplex
Taxes and HOA fees
Annual Taxes
$6,973
Building Details
Building Size
3,006 SF
Year Built
1915
Listing Agency:
Greene Realty Group
Listed By:
Derek J. Greene · License #0225265075
(860) 560-1006
Source:
Serhant
Added: Sep 10
Changed: Sep 12
Last Checked: Sep 13 at 11:59AM
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 Greene Realty Group
Investment Insights
Based on property information with market context.
This detached multifamily property contains three independently accessed residences on a 25x100 lot. The first-floor apartment offers two bedrooms, an eat-in kitchen, full bathroom, in-unit laundry, and access to a gated backyard. The second-floor residence includes three bedrooms, one bathroom, an eat-in kitchen, and dedicated laundry. A finished basement provides an open loft arrangement, legal full bathroom, kitchen/bar area, private entrance, and electric stove. The property will be delivered 100% vacant at closing.
A gut renovation completed in 2008 replaced the electrical wiring and plumbing, while hardwood floors were added. Separate utility meters serve the first and second floors. A shared driveway under a permanent easement provides off-street parking for multiple vehicles. The property is two blocks from Queens Boulevard and offers access to the Grand Ave-Newtown M/R station and Q29 bus line, with Queens Center Mall, Rego Park Shopping Center, Target, Best Buy, and Elmhurst Hospital nearby.
A gut renovation completed in 2008 replaced the electrical wiring and plumbing, while hardwood floors were added. Separate utility meters serve the first and second floors. A shared driveway under a permanent easement provides off-street parking for multiple vehicles. The property is two blocks from Queens Boulevard and offers access to the Grand Ave-Newtown M/R station and Q29 bus line, with Queens Center Mall, Rego Park Shopping Center, Target, Best Buy, and Elmhurst Hospital nearby.
Key Highlights
- Detached multifamily property on a 25x100 lot
- Three independent apartments with separate locked entrances
- Gut renovation completed in 2008, including electrical and plumbing replacement
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
$73,480
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
4.60%
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%
$1,469,600
$1.5M
Cap Rate 7%
$1,049,714
$1.0M
Cap Rate 9%
$816,444
$816.4K
Market Conditions
NOI Build-Up for 3,006 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
$138.9K $46.20/SF
− Vacancy
−$5.3K −$1.76/SF
EGI
$133.6K $44.44/SF
− OpEx
−$60.1K −$20.00/SF
NOI
$73.5K $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%
$1,469,600
Cap Rate 7%
$1,049,714
Cap Rate 9%
$816,444
Alternative Uses
Best Use
Apartment 5plus
$1.05M
$918.5K – $1.22M
NOI $73,480 @ 7.0% cap · market cap 4.60%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.22M
$1.94M – $2.59M
NOI $155,124 @ 7.0% cap · market cap 9.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,529
Businesses Nearby
Explore this area
Business Placement
Demographics for 11373, NY
105,712
Population
34,797
Households
3
Avg Household Size
38
Median Age
30%
College-Educated
75%
High-School Grad
1.5 sq mi
ZIP Area
70,475
Density / Sq Mi
$71,470
Median Household Income
$36,043
Median Earnings
$1,913
Median Rent
$683,200
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Multifamily property - Separate locked entrances serve each residence, with a private-entry finished basement.
Where is this multifamily property located?
The property is located at 85-25 56th Avenue Elmhurst, NY.
What is the asking price?
The asking price for this property is $1,599,000.
What are key features of this property?
This property features: Detached multifamily property on a 25x100 lot; Three independent apartments with separate locked entrances; Gut renovation completed in 2008, including electrical and plumbing replacement
