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    64-16 Wetherole St Queens, NY 11374

    Sponsored
    For Sale
    $11,999,000

    17-Unit Apartment Building, High NOI

    Property size:
    17,845 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional mixed-use building, located at 64-16 Wetherole Street in Rego Park, Queens, NY 11374, presents a compelling investment opportunity. The newly developed property boasts 17 units, including 5 affordable units (3 City FHEPS, 1 NYCHA Section 8, and 1 self-paid) and 12 market-rate units (2 one-bedroom and 10 two-bedroom). The building features a daycare center occupying the basement and retail space, accessible from both Austin Street and Wetherole Street. With a total square footage of 17,845 and situated on a 4,037 square foot lot, the property offers significant potential. The building is fully occupied, generating a strong Net Operating Income (NOI) of $651,245.72, resulting in a 5.43% cap rate. Modern amenities include stainless steel appliances, luxurious bathrooms, in-unit climate control, secure entry, elevator service, and 13,887 square feet of available air rights. The property is zoned R7-1, providing flexibility for future development. Its prime location in Rego Park offers convenient access to public transportation, shopping, dining, and parks. The asking price is $11,999,000. This is a rare opportunity to acquire a high-performing, mixed-use asset in a desirable Queens neighborhood.

    Property Features for 64-16 Wetherole St

    General Information

    Property type
    Multifamily properties
    Square Feet
    17,845 SF

    Building Details

    Units
    17

    HighLights

    • 5 Affordable Units Total
    • 3 City FHEPS Units
    • 1 NYCHA Section 8 Unit
    • 1 Self‑Paid Affordable Unit
    • 2 One‑Bedroom Units
    • 3 Two‑Bedroom Units
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Clothing Store Nail Salon Food Market Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Queens
    County
    Queens
    State
    New York
    Longitude
    -73.862095
    Latitude
    40.7272249

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    FAQs

    What type of property is this?
    Multifamily property - 17-Unit Apartment Building, High NOI
    Where is this multifamily property located?
    The property is located at 64-16 Wetherole St Queens, NY.
    What is the asking price?
    The asking price for this property is $11,999,000.
    What are key features of this property?
    This property features: 5 Affordable Units Total; 3 City FHEPS Units; 1 NYCHA Section 8 Unit
    Request Owner's contact information
    64-16 Wetherole St Queens, NY 11374
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    Queens, NY 11374
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    64-16 Wetherole St Queens, NY 11374
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