Recently Renovated Two-Family
For Sale
$1,499,000
8714 56th Avenue, Elmhurst, NY 11373
Two-family, fully detached duplex with finished basement and private driveway on an R5-zoned lot near Queens Center Mall.
Property Size2,010 SF
Lot Size0.06 Acres
Price / SF$745.77
Days on Market57
Property Features for 8714 56th Avenue
General Information
Standard status
Active
Size
2,010 SF
Lot size
0.06 Acres
Property subtype
Duplex
Zoning
R5
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$8,620
Building Details
Building Size
2,010 SF
Year Built
1901
Buildings
1
Tenancy
Multi
Listing Agency:
Keller Williams Landmark II
Listed By:
Zahed S. Hussain · License #10401285420
(917) 854-1270
Source:
Cbwarburg
Added: Jul 9
Changed: Sep 3
Last Checked: Sep 2 at 12:57AM
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 Keller Williams Landmark II
Investment Insights
Based on property information with market context.
Recently renovated and fully detached, this two-family duplex at 87-14 56th Avenue offers a traditional, practical layout across two levels plus an additional finished basement. The first floor features a formal living room, formal dining room, kitchen, three bedrooms, and a full bathroom. The second floor includes four bedrooms, a full bathroom, and a half bathroom. A full finished basement provides flexible extra space and includes a separate rear entrance, which can support everyday convenience and added privacy.
The property is set on an approximately 2,500 sq. ft. R5-zoned lot with a private driveway for off-street parking. It is positioned across from Queens Center Mall and near shopping, restaurants, schools, public transportation, Queens Boulevard, and major highways, supporting a convenient day-to-day location.
Built in 1901, the home is offered with future potential for expansion or redevelopment. Buyers are encouraged to verify zoning, buildability, and redevelopment options with their architect and local municipality.
The property is set on an approximately 2,500 sq. ft. R5-zoned lot with a private driveway for off-street parking. It is positioned across from Queens Center Mall and near shopping, restaurants, schools, public transportation, Queens Boulevard, and major highways, supporting a convenient day-to-day location.
Built in 1901, the home is offered with future potential for expansion or redevelopment. Buyers are encouraged to verify zoning, buildability, and redevelopment options with their architect and local municipality.
Key Highlights
- Fully detached two‑family duplex with recently renovated interior
- First floor: formal living room, formal dining room, kitchen, three bedrooms, full bath
- Second floor: four bedrooms, full bath, half bath
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
$49,133
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
3.28%
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%
$982,660
$982.7K
Cap Rate 7%
$701,900
$701.9K
Cap Rate 9%
$545,922
$545.9K
Market Conditions
NOI Build-Up for 2,010 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
$92.9K $46.20/SF
− Vacancy
−$3.5K −$1.76/SF
EGI
$89.3K $44.44/SF
− OpEx
−$40.2K −$20.00/SF
NOI
$49.1K $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%
$982,660
Cap Rate 7%
$701,900
Cap Rate 9%
$545,922
Alternative Uses
Best Use
Apartment 5plus
$701.9K
$614.2K – $818.9K
NOI $49,133 @ 7.0% cap · market cap 3.28%
Second Best
Multifamily LT 5
$475.3K
$415.9K – $554.5K
NOI $33,269 @ 7.0% cap · market cap 2.22%
Theoretical Best
Office A
$1.48M
$1.30M – $1.73M
NOI $103,726 @ 7.0% cap · market cap 6.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
3,968
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
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 - Two-family, fully detached duplex with finished basement and private driveway on an R5-zoned lot near Queens Center Mall.
Where is this duplex located?
The property is located at 8714 56th Avenue Elmhurst, NY.
What is the asking price?
The asking price for this property is $1,499,000.
What are key features of this property?
This property features: Fully detached two‑family duplex with recently renovated interior; First floor: formal living room, formal dining room, kitchen, three bedrooms, full bath; Second floor: four bedrooms, full bath, half bath
