Three-Unit Property with Finished
For Sale
$1,599,000
85-25 56th Avenue, Elmhurst, NY 11373
Three separately accessed apartments and a finished lower level provide a flexible residential income configuration.
Property Size3,006 SF
Lot Size0.06 Acres
Price / SF$531.94
Days on Market52
Property Features for 85-25 56th Avenue
General Information
Standard status
Active
Size
3,006 SF
Total Parking Spaces
2
Lot size
0.06 Acres
Property subtype
Residential Income
Net Operating Income
$80,517
Financials
Cap Rate
5.07%
Gross Income
$102,000
Units
Unit Mix
1 x 2BR, 1 x 3BR, 1 x loft
Multifamily Units
3
Individually Metered Utilities
unspecified utilities
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$6,973
Amenities
in-unit washer/dryer
dishwasher
private backyard
gated
awning
finished basement
private entrance
Granite Counters
High Ceilings
Awning(s)
Building Details
Building Size
3,006 SF
Year Built
1915
Year Renovated
2008
Buildings
1
Units
3
Listing Agency:
Greene Realty Group
Listed By:
Derek J. Greene · License #MA9503235-RE-B
(888) 278-5840
Source:
Jwsrealtygroup
Added: Sep 10
Changed: Oct 30
Last Checked: Oct 30 at 1:56AM
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 Greene Realty Group
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Investment Insights
Based on property information with market context.
This 3,006-square-foot triplex sits on a 25-by-100-foot lot and will be vacant at closing. Built in 1915, the property received a full interior renovation in 2008, including electrical and plumbing updates. The first-floor apartment has two bedrooms, in-unit laundry, and access to a gated backyard; the second-floor unit has three bedrooms and its own laundry. A finished basement offers an open layout, kitchen area, full bathroom, and separate entrance. Separate utility meters serve the first and second floors, while basement utilities are included. A shared driveway provides off-street parking under a permanent easement.
The property is two blocks from Queens Boulevard. The Grand Ave–Newtown M/R station and Q29 bus line provide transit connections, with a stated 20-minute commute to Manhattan. Queens Center Mall, Rego Park Shopping Center, Target, Best Buy, Elmhurst Hospital, and P.S. 102 Bayview are nearby.
The property is two blocks from Queens Boulevard. The Grand Ave–Newtown M/R station and Q29 bus line provide transit connections, with a stated 20-minute commute to Manhattan. Queens Center Mall, Rego Park Shopping Center, Target, Best Buy, Elmhurst Hospital, and P.S. 102 Bayview are nearby.
Key Highlights
- Three apartments in a 3,006‑square‑foot building on a 25‑by‑100‑foot lot
- Delivered vacant at closing; reported 5.07% capitalization rate
- 2008 renovation included electrical and plumbing updates
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
Multifamily LT 5
$710.8K
$621.9K – $829.2K
NOI $49,754 @ 7.0% cap · market cap 3.11%
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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Lease Details
3
Residential units
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?
Triplex - Three separately accessed apartments and a finished lower level provide a flexible residential income configuration.
Where is this triplex 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: Three apartments in a 3,006‑square‑foot building on a 25‑by‑100‑foot lot; Delivered vacant at closing; reported 5.07% capitalization rate; 2008 renovation included electrical and plumbing updates
