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    41-32 53Rd Ave Queens, NY 11377

    Sponsored
    For Sale
    $3,399,000

    High-Income, Prime Queens Location

    Property size:
    7,500 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional 12-unit apartment building presents a compelling investment opportunity in the heart of Woodside, Queens. Situated on a 2,708 square foot lot (27x100), this three-story brick building boasts 7,500 square feet of space and offers a strong 7.08% cap rate with a Net Operating Income (NOI) of $240,679. Built in 1931 and extensively renovated in 2018, the property is in excellent condition, featuring a new heating unit installed seven years ago. All 12 units feature high ceilings, hardwood floors, and abundant natural light. The building benefits from a prime commuter location, steps from the #7 train line and the Q32 bus, providing easy access to Manhattan, Flushing, and the LIRR. Nearby amenities include grocery stores, a gym, Citibike stations, restaurants, shops, a pharmacy, and a laundromat. The property is zoned R6, R5D, and C1-4, allowing for residential or mixed-use development. The existing floor area ratio (FAR) is 1.92, with a permitted FAR of 2.43, indicating potential for an additional 1,381 square feet of buildable space. A full unfinished basement offers further potential for income generation. The asking price is $3,399,000 ($453.20/sq ft and $283,250/unit). This property offers easy self-management with an onsite superintendent, making it an ideal investment for both seasoned and new investors.

    Property Features for 41-32 53Rd Ave

    General Information

    Property type
    Multifamily properties
    Square Feet
    7,500 SF
    Class
    C

    Building Details

    Year Built/Renovated
    1931/2018
    Buildings
    1
    Stories
    3
    Units
    12

    HighLights

    • Desirable downtown location.
    • Strong rental income stream.
    • Property in excellent condition.
    • Low operating expenses.
    • Simple, owner‑managed property with on‑site superintendent.
    • 3% buyer's agent commission.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Queens
    County
    Queens
    State
    New York
    Longitude
    -73.911681
    Latitude
    40.7447019

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    FAQs

    What type of property is this?
    Multifamily property - High-Income, Prime Queens Location
    Where is this multifamily property located?
    The property is located at 41-32 53Rd Ave Queens, NY.
    What is the asking price?
    The asking price for this property is $3,399,000.
    What are key features of this property?
    This property features: Desirable downtown location.; Strong rental income stream.; Property in excellent condition.
    Request Owner's contact information
    41-32 53Rd Ave Queens, NY 11377
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    Queens, NY 11377
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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
    41-32 53Rd Ave Queens, NY 11377
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