Overview
Multifamily Property with Garage
This free market multifamily property on Staten Island features excellent signage and exposure. The property includes two 3-bedroom apartments, B9 zoning, high 8-foot ceilings, low property taxes, and 6 parking spaces. Additional features include a private driveway and garage, separate meters, 200 amp power, all new LED lighting, and central air conditioning. The property is located in the heart of Graniteville, just off Forest Avenue, situated between I-278 and the Dr. MLK Jr. Expy. Nearby businesses include Hilton Hotels, Amazon, The Home Depot, ShopRite, Public Storage, LA Fitness, Planet Fitness, Lowe’s Home Improvement, Kohl’s, Mavis Discount Tire, Meineke Car Care Center, Popeyes Louisiana Kitchen, Harbor Freight, Checkers, and Carvel. The first-floor 3-bedroom apartment generates $28,800 annually on a month-to-month basis with a 5-6 year tenancy. The second-floor 3-bedroom apartment generates $26,400 annually on a month-to-month basis with a 3-year tenancy. The lower level generates $25,200 annually and the one-car garage generates $6,000 annually, both available. The pro forma gross income is $86,400 annually. Expenses include $0 annually for gas and electric, $250 annually for maintenance and repairs, $720 annually for water and sewer, $2,173 annually for insurance, and $5,564.16 annually for taxes. Total expenses are $8,707.16 annually, resulting in a net operating income (NOI) of $77,692.84 annually, with a pro forma 9.77 cap. This property offers upside potential and could be a development site or the next home for a business.
