Queens Multifamily Investment
429 27th Ave Queens, NY 11102
429 27th Ave, Queens, NY, 11102
$1,799,000
For Sale
$1,799,000
Three-story brick building with six units in a desirable location.
Property Size4,080 SF
Lot Size0.05 Acres
Price / SF$440.93
Days on Market98
Property Features for 429 27th Ave
General Information
- Standard status
- Active
- Size
- 4,080 SF
- Lot size
- 0.05 Acres
- Property subtype
- Commercial
Building Details
- Year Built
- 1931
Listing Agency
vision homes real estate llc
(516) 735-2722
Listed by
Khalid J. Malik · License #10491209469
(516) 735-2722
Source
Elliman
Added: Apr 11 Checked: Jul 17 at 3:16 am
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of vision homes real estate llc
Investment Insights
Based on property information with market context.
This multifamily investment opportunity features a three-story brick building constructed in 1931. The property comprises 4,080 square feet on a 0.046-acre lot and includes six residential units. Renovations include new roofing, new baths and kitchens, and new flooring. Located in one of Queens’ most desirable rental markets, the property benefits from strong tenant demand and offers investors the potential for long-term appreciation and future rental upside. The property generates a Net Operating Income, providing immediate and stable cash flow. The location is considered a Walker's Paradise with a score of 97, a Rider's Paradise with a score of 99, and Very Bikeable with a score of 80.
Key Highlights
- Strong cash flow (Net Operating Income).
- Located in a highly desirable Queens rental market.
- High Walk Score (97): Walker's Paradise.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $188.5k | $46.20 |
| − Vacancy | −$7.2k | −$1.76 |
| EGI | $181.3k | $44.44 |
| − OpEx | −$81.6k | −$20.00 |
| NOI | $99.7k | $24.44 |
4,080 SF · lease $46.20/SF/yr · vacancy 3.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.42M
$1.25M – $1.66M
NOI $99,733 @ 7.0% cap · market cap 5.54%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.01M
$2.63M – $3.51M
NOI $210,548 @ 7.0% cap · market cap 11.70%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
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FAQs
What type of property is this?
Apartment building - Three-story brick building with six units in a desirable location.
Where is this apartment building located?
The property is located at 429 27th Ave Queens, NY.
What is the asking price?
The asking price for this property is $1,799,000.
What are key features of this property?
This property features: Strong cash flow (Net Operating Income).; Located in a highly desirable Queens rental market.; High Walk Score (97): Walker's Paradise.
