6041 56Th RdMaspeth, NY 11378

Property Details for 6041 56Th Rd

Year built

1899

Lot size

0.06 AC

Property size (Sq ft)

3,030 SF

Zone code

R4

Property type

Investment properties

Property subtype

Live-work space

APN

02703-0113

APU

27030113

Description

This exceptional mixed-use property in Maspeth, NY, presents a lucrative investment opportunity. Situated on a 25 x 100 foot lot, the building boasts a substantial 25 x 45 foot footprint. The property features a fully renovated, oversized commercial space on the ground floor, currently configured as a large retail store with the potential for subdivision into two separate commercial units. Above the store are two spacious, fully renovated four-bedroom apartments, each generating significant rental income. Current rental income is $4,500 per month for the commercial space and $4,235 per month for each of the two residential units. The property also includes a finished backyard and a large, unfinished basement offering additional potential for expansion or storage. The building's prime location in Maspeth, combined with its strong rental income and versatile layout, makes this an ideal investment for both seasoned and aspiring real estate investors seeking a high-return property in a desirable New York City neighborhood. The property is offered at $1,800,000. This represents a compelling opportunity to acquire a well-maintained, income-producing asset with significant upside potential. The current configuration and rental income provide immediate cash flow, while the flexible commercial space and ample basement offer opportunities for future value enhancement.

• CAP approach

  CAP return

  Valuation

  6%

  $500,950

  6.5%

  $462,415

  7%

  $429,385

• Comparable approach

  Method

  Valuation

  Relative Method

  $395,900

  Geo Method

  $395,900

• Alternative Use

  Use

  Valuation

  Residential

  $573,394

  Hospitality

  $525,226

  Educational

  $436,982

  Medical

  $452,011

  Retail

  $679,750

Location Insight

City

Flushing

County

Queens

State

New York

Latitude

40.7246

Longitude

-73.9047

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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