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    59-49 56 Dr Queens, NY 11378

    Sponsored
    For Sale
    $2,499,000

    7-Unit Multifamily, High ROI

    Property size:
    5,250 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional mixed-use property in Maspeth, Queens presents a compelling investment opportunity. The 5,250 square foot building, constructed in 1922, sits on a 6,250 square foot lot and boasts a desirable M1-1 zoning designation. The property comprises seven residential units – one large three-bedroom apartment and six one-bedroom apartments (convertible to two-bedroom units) – offering significant rental income potential. In addition to the residential units, the property includes two large commercial garages and one office space, expanding its income streams. Six outdoor parking spaces are also available. The basement features a laundry room, storage lockers, and a separate apartment for the owner. The building features two stories across two buildings. The property's current Net Operating Income (NOI) is $120,000, yielding a 4.80% capitalization rate at an asking price of $2,499,000. Each unit is priced at $357,000, and the price per square foot is $476. Tenants are responsible for their own utilities, and each apartment has its own boiler. The property offers significant upside potential due to its zoning and the possibility of further development, with 1,000 square feet of unused floor area ratio (FAR). This is an ideal investment for a business owner, contractor, or anyone seeking a stable, income-producing asset in a thriving Queens neighborhood. Financial details are available upon request.

    Property Features for 59-49 56 Dr

    General Information

    Property type
    Multifamily properties
    Square Feet
    5,250 SF
    Class
    C

    Building Details

    Year Built
    1922
    Buildings
    2
    Stories
    2
    Units
    7

    HighLights

    • Exceptional mixed‑use investment opportunity in Maspeth, Queens.
    • 5,250 SF building on a 6,250 SF lot with M1‑1 zoning.
    • Seven residential units (one 3BR, six 1BR/convertible 2BR), plus two commercial garages and one office.
    • Six outdoor parking spaces, basement laundry, storage, and owner's apartment.
    • $2,499,000 asking price, $120,000 NOI, 4.80% cap rate.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Clothing Store Nail Salon Food Market Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Queens
    County
    Queens
    State
    New York
    Longitude
    -73.906952387757
    Latitude
    40.723886725177

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    FAQs

    What type of property is this?
    Multifamily property - 7-Unit Multifamily, High ROI
    Where is this multifamily property located?
    The property is located at 59-49 56 Dr Queens, NY.
    What is the asking price?
    The asking price for this property is $2,499,000.
    What are key features of this property?
    This property features: Exceptional mixed-use investment opportunity in Maspeth, Queens.; 5,250 SF building on a 6,250 SF lot with M1-1 zoning.; Seven residential units (one 3BR, six 1BR/convertible 2BR), plus two commercial garages and one office.
    Request Owner's contact information
    59-49 56 Dr Queens, NY 11378
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    Queens, NY 11378
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    59-49 56 Dr Queens, NY 11378
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