59-49 56 Dr Queens, NY 11378

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.

Location Insight

City

Queens

County

Queens

State

New York

Longitude

-73.907

Latitude

40.7239