56-26 Van Cleef St Queens, NY 11368
- Apartment buildings
- 10,670 SF
Current Use by Public Records
- Apartment buildings
Property Details for 56-26 Van Cleef St
- Year built
- 2007
- Property size
- 10,670 SF
- Property type
- Apartment buildings
Description
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.
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
- -73.8517
- Latitude
- 40.7404
