Marilyn Hagemann - John J Lease Realtors Logo
$1,599,000
 $8,584 est/mo Sourced by Back At You

85-25 56th Avenue,Elmhurst, NY 11373

Elmhurst, NY 11373

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Description

Discover a premier investment or ultimate live-with-income residence in the heart of Elmhurst, Queens. Sited on a 25x100 lot, this detached multi-family property will be delivered 100% vacant at closing, allowing you to set premium market rents from day one. The building generates a proven gross annual rental income of $102,000, representing a solid 5.07% Capitalization Rate in a completely free-market, non-rent-stabilized environment. The property underwent a high-end architectural gut renovation in 2008, fully replacing all underlying infrastructure-including modernized electrical wiring, updated plumbing networks, and rich hardwood floors. Fully separate utility meters for the first and second floors drastically minimize landlord oversight and protect operating margins. Intelligent Multi-Level Layout: The home features a main secure entryway that opens into a private interior vestibule, providing dedicated, separate locked entrances to each of the three independent apartments: First Floor: Fully renovated 2-Bedroom (easily reverted to 3-BR) featuring a large living room, eat-in kitchen with brand new appliances, full bathroom, in-unit washer/dryer, and direct access to a paved, secure, gated backyard with an oversized awning. Second Floor: Independent, sun-drenched 3-Bedroom, 1-Bathroom apartment with a spacious living area, modern eat-in kitchen with a dishwasher, and dedicated brand new laundry washer/dryer. Finished Basement: Completely finished with an expansive open loft layout, featuring a legal full bathroom and a dedicated kitchen/bar area. Complete with a private entrance and electric stove, this versatile space is perfect for an owner's suite, guest quarters, home office, or auxiliary recreation. All basement utilities are included. Location & Amenities:- Parking: Secure shared driveway protected by a permanent easement, comfortably accommodating off-street parking for multiple vehicles.- Transit: Unbeatable commuter location just two blocks from Queens Boulevard. A seamless 20-minute commute to Manhattan via the Grand Ave-Newtown M/R subway station and Q29 bus line.- Lifestyle: Moments from Queens Center Mall, Target, Best Buy, Rego Park Shopping Center, and Elmhurst Hospital.- Education: Adjacent to the prestigious P.S. 102 Bayview (holding an elite 9/10 ranking). Gross Rental Income 102,000Vacancy Loss (5,100)--------------------------------------------Effective Gross Income 96,900Property Taxes (7,145)Operating Expenses (9,238)--------------------------------------------Total Expenses (16,383)=========================Net Operating Income 80,517

Details

MLS #1048630
Listing TypeFor Sale
Sub-TypeResale
StatusActive
Year1915
Days On Site40
Listing Provided ByGreene Realty Group | Derek J. Greene

Features

Bed(s)6
Bath(s) 3 Total
SQ Feet3,006
BasementY
Units3
Acreage0.06

Interior

CoolingWall/Window Unit(s)
HeatingBaseboard, ENERGY STAR Qualified Equipment, Natural Gas
Interior FeaturesGranite Counters, High Ceilings

Exterior

Exterior FeaturesAwning(s)
Security FeaturesSmoke Detector(s)
Construction MaterialsStucco
Lot FeaturesBack Yard, Front Yard, Near Public Transit, Near School, Near Shops, Paved
FencingPerimeter, Vinyl

Parking

Garage Yes / NoNo
Parking FeaturesShared Driveway

Utilities

UtilitiesCable Available, Natural Gas Connected, Water Connected
SewerPublic Sewer

Taxes

Tax Year2025
Tax Assessed Value69180
Tax Annual Amount6973.28

Area Information

StateNY
CountyQueens
CityElmhurst
Zip Code11373
School DistrictNewtown High School
Elementary SchoolPs 102 Bayview
High SchoolNewtown High School
Listing VS Median (in 11373)
Price:
$1,599,000
low | high
Med:
$538,000
100% of Average
sqft:
3,006
low | high
Med:
600
100% of Average
$ / sqft:
$532
low | high
Med:
$897
18.56660412758% of Average
On site:
40
low | high
Med:
54
74.074074074074% of Average
Sourced by Back At You

Market Activity 11373

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Learn More About This Property

Marilyn Hagemann

Marilyn Hagemann

John J Lease REALTORS

 (845) 541-8479marilynhagemann@johnjleaserealtors.com
StateNY
CountyQueens
CityElmhurst
Zip Code11373
School DistrictNewtown High School
Elementary SchoolPs 102 Bayview
High SchoolNewtown High School
Listing VS Median (in 11373)
Price:
$1,599,000
low | high
Med:
$538,000
100% of Average
sqft:
3,006
low | high
Med:
600
100% of Average
$ / sqft:
$532
low | high
Med:
$897
18.56660412758% of Average
On site:
40
low | high
Med:
54
74.074074074074% of Average
Sourced by Back At You
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Price: $1.199M - $1.998M
sqft: 2,000 - 3,500
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Listing Updated: October 12, 2026 at 8:43:39 AM PDT

Marilyn Hagemann - John J Lease Realtors