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    Property profile & analytics

    5888 56th St Flushing, NY 11378-3106

    • Manufacturing properties
    • 9,000 SF
    • 0.23 lot acres
    OFF-MARKET
    Last Sale
    May 06, 2024
    $3,545,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-2220650
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Manufacturing properties

    Property Details for 5888 56th St

    Year built
    1953
    Lot size
    0.23 lot acres
    Property size
    9,000 SF
    Zone code
    M1-1
    Property type
    Manufacturing properties
    APN
    02630-0225
    APU
    26300225

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Flushing
    County
    Queens
    State
    New York
    Longitude
    -73.9131
    Latitude
    40.7179
    CBSA code
    35620
    CBSA name
    NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $37,264
    $101,250
    $266,400
    $367,650
    -
    $225,000
    $592,000
    $817,000

    Comparable in this City

    • Value Estimation
      $285,000
      2,500 SF

      5930 56th St

      FACTORY (MANUFACTURING) • 2,500 SF
      5930 56th St, Flushing, NY 11378-3108
      View Details
    • Value Estimation
      $325,000
      3,773 SF

      5861 56th St

      MANUFACTURING (LIGHT) • 3,773 SF
      5861 56th St, Flushing, NY 11378-3105
      View Details
    • Value Estimation by Request
      36,400 SF

      5920 56th Ave

      HEAVY MANUFACTURING • 36,400 SF
      5920 56th Ave, Flushing, NY 11378-2325
      View Details
    • Value Estimation
      $4,450,000
      10,795 SF

      5815 57th Rd

      FACTORY (MANUFACTURING) • 10,795 SF
      5815 57th Rd, Flushing, NY 11378-2203
      View Details
    • Value Estimation
      $2,325,000
      3,619 SF

      5752 58th Pl

      FACTORY (MANUFACTURING) • 3,619 SF
      5752 58th Pl, Flushing, NY 11378-2226
      View Details
    • Value Estimation
      $355,000
      5,600 SF

      5927 56th St

      FACTORY (MANUFACTURING) • 5,600 SF
      5927 56th St, Flushing, NY 11378-3107
      View Details

    Similar Nearby for Sale

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      9,000 SF

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      9,000 SF warehouse with tenant, HVAC, and radiant heat.
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    Similar Nearby for Lease

    • $18,000 /Mo

      Maspeth Industrial Warehouse For Rent

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      Queens Industrial Warehouse Opportunity

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      Maspeth Warehouse with Drive-In Door

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      22,269 SF

      Maspeth Warehouse with High Visibility

      Maspeth warehouse with signage opportunity, loading docks, and parking.
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    • Contact for pricing
      13,881 SF

      Maspeth Distribution Facility For Sublease

      65,235 SF high ceiling distribution facility available for sublease.
      5530 46Th St, Maspeth, NY 11378
      View Details
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    5888 56th St
    Flushing, NY 11378-3106
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    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
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