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    37-91 102 St Queens, NY 11368

    For Sale
    $2,200,000

    13-unit, value-add multifamily investment

    Property size:
    9,000 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    365
    This exceptional 13-unit apartment building presents a compelling value-add opportunity in the vibrant Corona, Queens market. Located at 37-91 102nd Street, this four-story, 9,000 square foot building boasts a prime corner location and is currently operating at 100% occupancy. Built in 1920, the property offers 13 rent-stabilized units, generating a current NOI of $142,000 and a pro-forma NOI of $152,500, resulting in a current cap rate of 6.45% and a pro-forma cap rate of 6.93%. The asking price is $2,200,000, translating to $169,230.77 per unit and $244.44 per square foot. Detailed financials are available upon request, including a breakdown of expenses such as real estate taxes ($33,811), heat and gas ($13,800), insurance ($4,800), water ($6,100), and superintendent costs ($4,000), along with a repair budget of $3,500. This turnkey investment offers significant potential for increased profitability through strategic property management and potential renovations. The property's strong cash flow and prime location in a high-demand area make it an ideal addition to any investor's portfolio. Don't miss this chance to acquire a well-positioned multifamily asset in a thriving Queens neighborhood.

    Property Features for 37-91 102 St

    General Information

    Property type
    Multifamily properties
    Square Feet
    9,000 SF
    Class
    A

    Building Details

    Year Built
    1920
    Buildings
    1
    Stories
    4
    Units
    13

    HighLights

    • 13‑unit apartment building, turnkey investment opportunity in Corona, Queens.
    • Prime corner location at 37‑91 102nd Street.
    • Four‑story building (9,000 sq ft), 100% occupancy, all rent‑stabilized units.
    • Current NOI $142,000, pro‑forma NOI $152,500; current cap rate 6.45%, pro‑forma cap rate 6.93%.
    • Asking price $2,200,000 ($169,231 per unit, $244.44 per sq ft).
    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
    -73.8639364
    Latitude
    40.7506119

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    FAQs

    What type of property is this?
    Multifamily property - 13-unit, value-add multifamily investment
    Where is this multifamily property located?
    The property is located at 37-91 102 St Queens, NY.
    What is the asking price?
    The asking price for this property is $2,200,000.
    What are key features of this property?
    This property features: 13-unit apartment building, turnkey investment opportunity in Corona, Queens.; Prime corner location at 37-91 102nd Street.; Four-story building (9,000 sq ft), 100% occupancy, all rent-stabilized units.
    Request Owner's contact information
    37-91 102 St 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
    37-91 102 St Queens, NY 11368
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