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    108-40 51St Ave Queens, NY 11368

    Sponsored
    For Sale
    $1,650,000

    Three-unit apartment building, strong NOI, excellent potential.

    Property size:
    4,444 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional investment opportunity presents a well-maintained three-unit apartment building located at 108-40 51st Ave in Corona, Queens, New York, 11368. The property boasts a total of 4,444 square feet of living space situated on a generous 5,000 square foot lot (50ft x 100ft). The building is a two-story structure currently classified as a C-Class multifamily property. It offers a compelling net operating income (NOI) of $65,300, resulting in a 3.96% capitalization rate at an asking price of $1,650,000. The property is zoned R5, presenting significant potential for future development and increased returns. Annual property taxes are $13,965. This property is an ideal investment for those seeking stable rental income and long-term appreciation in a desirable Queens location. The building's size and zoning provide a solid foundation for a strong return on investment. Serious inquiries are encouraged to explore this lucrative opportunity further.

    Property Features for 108-40 51St Ave

    General Information

    Property type
    Multifamily properties
    Square Feet
    4,444 SF
    Class
    C

    Building Details

    Stories
    2
    Units
    3

    HighLights

    • $1,650,000 Asking Price
    • Multifamily Apartment Building, 3 Units, 2 Stories
    • 4,444 Square Feet, 5,000 Square Foot Lot
    • 3.96% Cap Rate, $65,300 NOI
    • R5 Zoning, Queens, NY
    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
    -73.8536265
    Latitude
    40.7442031

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    FAQs

    What type of property is this?
    Multifamily property - Three-unit apartment building, strong NOI, excellent potential.
    Where is this multifamily property located?
    The property is located at 108-40 51St Ave Queens, NY.
    What is the asking price?
    The asking price for this property is $1,650,000.
    What are key features of this property?
    This property features: $1,650,000 Asking Price; Multifamily Apartment Building, 3 Units, 2 Stories; 4,444 Square Feet, 5,000 Square Foot Lot
    Request Owner's contact information
    108-40 51St Ave Queens, NY 11368
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    Queens, NY 11368
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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
    108-40 51St Ave Queens, NY 11368
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