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    37-43 59 Street Brg Queens, NY 11377

    For Sale
    $2,200,000

    High-Yield Multifamily Investment Opportunity

    Property size:
    5,000 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    365
    Exceptional investment opportunity in Woodside, Queens, presents a well-maintained, three-story Class A apartment building. This 7-unit property, built in 1940 and renovated in 1995, boasts 4,860 square feet of net rentable space on a 2,500 square foot lot. Currently operating at 100% occupancy, the property generates a Net Operating Income (NOI) of $102,204, representing a 4.65% cap rate. A pro-forma NOI of $125,000 projects a 5.68% cap rate, indicating significant upside potential. Six units are rent-stabilized, while one unit offers free-market rent. The asking price is $2,200,000, translating to $440 per square foot. The building's strong performance and potential for increased income, including possibilities for additional revenue from basement storage and cell phone tower lease, make this a compelling investment. This stabilized multifamily asset offers a rare blend of immediate cash flow and long-term growth prospects in a desirable Queens location. The property's strong financials, combined with its prime location and potential for value enhancement, make it an ideal addition to any investor's portfolio.

    Property Features for 37-43 59 Street Brg

    General Information

    Property type
    Multifamily properties
    Square Feet
    5,000 SF
    Class
    A

    Building Details

    Year Built/Renovated
    1940/1995
    Buildings
    1
    Stories
    3
    Units
    7

    HighLights

    • $2,200,000 asking price for this stabilized Class A multifamily investment property.
    • Seven‑unit apartment building in Woodside, Queens, NY.
    • 4,860 square feet of net rentable space, with a price per square foot of $440.
    • Currently boasts a 4.65% cap rate and a pro‑forma cap rate of 5.68%.
    • 100% occupancy, generating a current NOI of $102,204 and a pro‑forma NOI of $125,000.
    • Built in 1940, renovated in 1995, this three‑story building sits on a 2,500 square foot lot.
    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
    -73.903981189571
    Latitude
    40.748772166063

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    FAQs

    What type of property is this?
    Multifamily property - High-Yield Multifamily Investment Opportunity
    Where is this multifamily property located?
    The property is located at 37-43 59 Street Brg 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: $2,200,000 asking price for this stabilized Class A multifamily investment property.; Seven-unit apartment building in Woodside, Queens, NY.; 4,860 square feet of net rentable space, with a price per square foot of $440.
    Request Owner's contact information
    37-43 59 Street Brg 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
    37-43 59 Street Brg Queens, NY 11377
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