Renovated Detached
For Sale
$1,499,000
8714 56th Avenue, Elmhurst, NY 11373
Two-family detached residence with finished basement, private driveway, and flexible interior space near major retail and transportation.
Property Size2,010 SF
Lot Size0.06 Acres
Price / SF$745.77
Days on Market30
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
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$8,620
Building Details
Building Size
2,010 SF
Year Built
1901
Listing Agency:
Keller Williams Landmark II
(917) 854-1270
Listed By:
Zahed S. Hussain · License #10401285420
Source:
Cbwarburg
Added: Jul 9
Changed: Aug 5
Last Checked: Aug 7 at 1:41AM
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.
This recently renovated, fully detached duplex contains 2,010 square feet of living area. The first floor includes a living room, dining room, kitchen, three bedrooms, and a full bathroom. The second floor provides four bedrooms, a full bathroom, and a half bathroom. A finished basement with its own rear entrance adds flexible space, while the private driveway provides off-street parking.
The property occupies an approximately 2,500 sq. ft. R5-zoned lot across from Queens Center Mall. Shopping, restaurants, schools, public transportation, Queens Boulevard, and major highways are all located nearby. Built in 1901, the property also offers potential for expansion or redevelopment, subject to verification of zoning and buildability with the appropriate architect and local municipality.
The property occupies an approximately 2,500 sq. ft. R5-zoned lot across from Queens Center Mall. Shopping, restaurants, schools, public transportation, Queens Boulevard, and major highways are all located nearby. Built in 1901, the property also offers potential for expansion or redevelopment, subject to verification of zoning and buildability with the appropriate architect and local municipality.
Key Highlights
- Two‑family, fully detached property with 2,010 square feet of living area
- Recently renovated interior with 3 bedrooms on the first floor and 4 bedrooms upstairs
- Finished basement with separate rear entrance
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
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
4,897
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 detached residence with finished basement, private driveway, and flexible interior space near major retail and transportation.
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: Two‑family, fully detached property with 2,010 square feet of living area; Recently renovated interior with 3 bedrooms on the first floor and 4 bedrooms upstairs; Finished basement with separate rear entrance
