59-49 56 Dr Queens, NY 11378
- Mixed-use properties
- 5,250 SF
Current Use by Public Records
- Mixed-use properties
Property Details for 59-49 56 Dr
- Year built
- 1922
- Property size
- 5,250 SF
- Property type
- Mixed-use properties
- Property subtype
- Apartment buildings
Description
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.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Queens
- County
- Queens
- State
- New York
- Longitude
- -73.907
- Latitude
- 40.7239
