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    56-26 Van Cleef St Queens, NY 11368

    Sponsored
    For Sale
    $4,795,000

    14-unit apartment building, excellent ROI.

    Property size:
    10,670 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional multifamily investment opportunity presents two five-story buildings, each housing seven rent-stabilized apartments, totaling fourteen units in a prime Queens location at 56-26 and 56-28 Van Cleef Street, zip code 11368. Built in 2007, this property boasts 10,670 square feet and offers a compelling 4.88% cap rate with a current NOI of $234,189 and 100% occupancy. The asking price is $4,795,000, translating to $342,500 per unit and $449.39 per square foot. Each building features a finished basement with a half-bathroom, laundry room, and backyard access. All kitchens and bathrooms are upgraded with granite countertops and floors. The property benefits from a tax exemption with ten years remaining, sprinkler systems throughout, and a recently updated rubberized roof. A unique feature is the owner's duplex unit, a three-bedroom, 2.5-bathroom apartment spanning the fourth and fifth floors of one building. This unit includes top-of-the-line kitchen appliances, two balconies on the fourth floor, and a master bedroom with a jacuzzi tub, washer/dryer, and two balconies on the fifth floor. The property is zoned R6B and tenants are responsible for their own heat and hot water. This is a rare opportunity to acquire a well-maintained, high-performing multifamily property in a desirable Queens neighborhood. The property is fireproof and walk-up.

    Property Features for 56-26 Van Cleef St

    General Information

    Property type
    Multifamily properties
    Square Feet
    10,670 SF

    Building Details

    Year Built
    2007
    Buildings
    2
    Stories
    5
    Units
    14

    HighLights

    • 14 rent‑stabilized apartments.
    • Two walk‑up buildings, seven apartments per building.
    • Tenants pay their own heat and hot water.
    • Tax exemption remaining for 10 years.
    • Fully sprinklered, fireproof buildings.
    • Updated rubber roofs.
    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
    -73.851695070661
    Latitude
    40.74040952444

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    FAQs

    What type of property is this?
    Multifamily property - 14-unit apartment building, excellent ROI.
    Where is this multifamily property located?
    The property is located at 56-26 Van Cleef St Queens, NY.
    What is the asking price?
    The asking price for this property is $4,795,000.
    What are key features of this property?
    This property features: 14 rent-stabilized apartments.; Two walk-up buildings, seven apartments per building.; Tenants pay their own heat and hot water.
    Request Owner's contact information
    56-26 Van Cleef St Queens, NY 11368
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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
    56-26 Van Cleef St Queens, NY 11368
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