Detached Three-Unit Multifamily
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 Market50
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 #MA9503235-RE-B
(877) 222-0621
Source:
Serhant
Added: Sep 10
Changed: Oct 27
Last Checked: Oct 28 at 1:59PM
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
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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 / Yr
$73,480
Cap Rate
4.60%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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Open Analytics
Location Intelligence
Trade Area within ½ mile
1,529
Businesses Nearby
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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
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
