Listing Notes
Free-Market Legal 4 Family Exceptional opportunity to own a well maintained legal 4 family property in the heart of Maspeth. This solid brick building offers immediate income with significant upside, making it ideal for investors or owner-occupants who want rental cash flow while living on-site. 3 - Two Bedroom One Bath and 1 - One Bedroom One Bath unit plus a full basement and a private backyard. All paying tenants - month-to-month with no leases in place, providing flexibility for the next owner. The property can also be delivered vacant, creating a rare chance to reset rents to market or configure for full owner occupancy. Each unit pays its own electric and gas. Tenants have individual washers and dryers in the basement connected to their respective meters. With rents adjusted to current market rates, the property projects an approximate 5 - 6% cap rate, offering strong long-term performance in a highly desirable Queens neighborhood. Situated on a 25 x 100 lot with an expansive building size of 20 x 72. Major mechanical updates provide peace of mind, including a new gas furnace installed in November 2022, a roof replaced in 2013, and a hot water heater updated in 2025. The building's large basement includes a recreation space, storage, laundry and utility space. Situated on a quiet residential block with convenient access to transportation, shopping, and local amenities, this is a rare value add asset combining immediate stability with future upside. A true Maspeth investment gem.
Price in context
Cheaper than 12% of the 24 homes listed nearby right now, which run $879,000 to $1,980,000.
See all 24 nearby listings
| Address | Asking | Size |
|---|---|---|
| 61-29 64th St | $879,000 | 3 bd · 2 ba |
| 62-68 60th Ave | $880,000 | 4 bd · 2 ba |
| 6161 Eliot Ave | $895,000 | 4 bd · 2 ba |
| 6161 Eliot Ave | $895,000 | 4 bd · 2 ba |
| 5911 Fresh Pond Rd | $898,000 | 3 bd · 3 ba |
| 6062 Flushing Ave | $919,000 | 5 bd · 2 ba |
| 2132 Bleecker St Unit 1 | $945,000 | 2 bd · 2 ba |
| 6135 64th St | $949,900 | 3 bd · 3 ba |
| 60-27 60 St | $950,000 | 2 bd |
| 60-85 55 St | $1,100,000 | 6 bd · 3 ba |
| 61-38 Grand Ave | $1,150,000 | 7 bd · 2 ba |
| 59-82 58th Ave | $1,180,000 | 5 bd · 2 ba |
| 59-82 58th Ave | $1,180,000 | 5 bd · 2 ba |
| 6149 62nd Rd | $1,199,000 | 5 bd · 3 ba |
| 6417 Eliot Ave | $1,225,000 | 4 bd · 2 ba |
| 6417 Eliot Ave | $1,225,000 | 4 bd · 2 ba |
| 6144 Eliot Ave | $1,249,999 | 5 bd · 3 ba |
| 61-12 55th St | $1,285,000 | 4 bd · 4 ba |
| 6340 60th Pl | $1,300,000 | 6 bd · 2 ba |
| 6340 60th Pl | $1,300,000 | 6 bd · 2 ba |
| 60-14 60th Ave | $1,320,000 | 3 bd · 2 ba |
| 5869 59th St | $1,600,000 | 4 bd · 3 ba |
| 6107 Bleecker St | $1,848,888 | 9 bd · 7 ba |
| 60-12 Menahan St | $1,980,000 | 10 bd · 8 ba |
Where it is
For sale Coming soon Recently sold— zoom out for more