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    176-40 131 Ave Queens, NY 11434

    Sponsored
    For Sale
    $925,000

    Two-unit, value-add investment opportunity.

    Property size:
    2,100 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    398
    This bank-owned foreclosure at 176-40 131st Ave, Queens, NY 11434 presents a compelling value-add investment opportunity. The property, a two-unit multifamily building constructed in 2006, boasts a total of 2,100 square feet situated on a 0.03-acre lot (APN: Block 12545 Lot 402). Currently operating at 100% occupancy, with an anticipated vacancy date of June 7, 2024, due to evictions in progress on both units. The asking price is $925,000, translating to $440.48 per square foot and $462,500 per unit. The property is classified as Class C and zoned for residential use. The building is a two-story structure with a permitted residential zoning. While the current NOI is $0, this property offers significant potential for increased profitability following the completion of the evictions and subsequent re-leasing. Seller financing may be considered as a purchase option. This presents a unique chance to acquire a multifamily property in a desirable Queens location at a competitive price. The property's current condition and the ongoing eviction process should be carefully considered during due diligence.

    Property Features for 176-40 131 Ave

    General Information

    Property type
    Multifamily properties
    Square Feet
    2,100 SF
    Class
    C
    Lot Size
    1,307 SF

    Building Details

    Year Built
    2006
    Buildings
    1
    Stories
    2
    Units
    2

    HighLights

    • Seller financing may be considered.
    • Property is currently occupied by two tenants; both units are subject to pending evictions.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential income homes

    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
    -73.7650459
    Latitude
    40.6783168

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    FAQs

    What type of property is this?
    Multifamily property - Two-unit, value-add investment opportunity.
    Where is this multifamily property located?
    The property is located at 176-40 131 Ave Queens, NY.
    What is the asking price?
    The asking price for this property is $925,000.
    What are key features of this property?
    This property features: Seller financing may be considered.; Property is currently occupied by two tenants; both units are subject to pending evictions.;
    Request Owner's contact information
    176-40 131 Ave Queens, NY 11434
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    Queens, NY 11434
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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
    176-40 131 Ave Queens, NY 11434
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