Translation:This house has been standing here for eighty-six years.
While they are not grammatically incorrect, you would not normally say/hear "This house stands here for 86 years" or "This house is standing here for 86 years."
At the moment, the only usage I can think of for either of those versions would be something like "This house is standing here (or stands here) for 86 years and suddenly it just disappears?!?!?"
Maybe someone else will explain this better, but here's a start. Yes, stojí is present. The thing is, the Czech present tense can be translated differently depending on context. This sentence has no particular context, so to my (AmE) ear, "has been standing" makes more sense than "is standing"... although both of us have mentioned specific contexts in which "is standing" might be used instead.
In your example, the house that is still standing there would trigger present tense "stojí" while the house that has/had been standing there until last year would trigger past tense "stál".
English tenses do not translate perfectly into Czech because of the Czech system of aspects. Czech has a strong tendency to use present tense in this kind of sentences because it is still an ongoing process.
It's an idiomatic use of the perfect progressive tense in English. If we emphasize the past period over which an action is occurs by stating a time period then we use the perfect progressive. So "So this house is falling apart" becomes "This house has been falling apart for years" or "This house has been falling apart since the old lady died." Or "This house has been falling apart lately".