54Th Ave Queens, NY 11377

Property Details for 0 54Th Ave

Year built

1920

Property size

6,324 SF

Property type

Apartment buildings

Description

This exceptional three-story, 6,324 square foot apartment building in Woodside, Queens offers a compelling investment opportunity. Built in 1920 and renovated in 2021, this fee-simple property boasts 12 units – seven studios and five one-bedroom apartments, ranging from 550 to 650 square feet each. Currently operating at 100% occupancy (as of March 26, 2024), the building generates a substantial net operating income (NOI) of $148,762, representing a 6.20% cap rate. The asking price is $2,400,000, or $200,000 per unit, and the price per square foot is $379.51. Located just one block from the 7 train, this property benefits from excellent public transportation access. The building's strong rental market, diverse unit mix, and recent renovations contribute to its consistent cash flow and long-term investment potential. Additional features include 445 square feet of air rights. This is a turnkey investment ideal for owner-users seeking a stable, high-performing multifamily asset in a desirable location. The property is well-maintained, minimizing the need for immediate repairs or renovations, promising a hassle-free ownership experience. This represents a rare opportunity to acquire a cash-flowing multifamily property in a thriving New York City neighborhood.