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    32-43 43Rd St Long Island City, NY 11103

    Sponsored
    For Sale
    $1,700,000

    Six-unit building, high ROI potential

    Property size:
    3,780 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This six-unit apartment building in Long Island City, Queens offers a compelling value-add investment opportunity. The property, located at 32-43 43rd Street, boasts 3,780 square feet on a 0.06-acre lot and is zoned R5. Currently operating at 100% occupancy with a Net Operating Income (NOI) of $68,286, a pro-forma NOI of $99,099 projects a significant increase in profitability. The asking price is $1,700,000, representing a price per square foot of $450 and a price per unit of $283,333. The building features three rent-stabilized and three market-rate units, including a superintendent's unit that can be delivered vacant upon closing. Recent improvements include a new roof, fire escapes, and paved parking lot. Each of the parking spaces rents for $125 per month. The building is heated by gas. The superintendent is responsible for repairs, maintenance, and snow removal. This three-story Class A building presents a strong opportunity for immediate cash flow and long-term appreciation in a rapidly appreciating submarket. The current cap rate is 4.02%, with a pro-forma cap rate of 5.82%.

    Property Features for 32-43 43Rd St

    General Information

    Property type
    Multifamily properties
    Square Feet
    3,780 SF
    Class
    A
    Lot Size
    2,614 SF

    Building Details

    Stories
    3
    Units
    6

    HighLights

    • Six‑unit building with three rent‑stabilized and three market‑rate units, including a vacant superintendent's unit at closing.
    • Recent capital improvements include new fire escapes, roof, and parking lot.
    • Parking available at $125/month per space.
    • Gas heating system.
    • On‑site superintendent handles repairs, maintenance, and snow removal.
    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
    Long Island City
    County
    Queens
    State
    New York
    Longitude
    -73.9173583
    Latitude
    40.756665

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    FAQs

    What type of property is this?
    Multifamily property - Six-unit building, high ROI potential
    Where is this multifamily property located?
    The property is located at 32-43 43Rd St Long Island City, NY.
    What is the asking price?
    The asking price for this property is $1,700,000.
    What are key features of this property?
    This property features: Six-unit building with three rent-stabilized and three market-rate units, including a vacant superintendent's unit at closing.; Recent capital improvements include new fire escapes, roof, and parking lot.; Parking available at $125/month per space.
    Request Owner's contact information
    32-43 43Rd St Long Island City, NY 11103
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    Long Island City, NY 11103
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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
    32-43 43Rd St Long Island City, NY 11103
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