113-52 Farmers Blvd Queens, NY 11423

Property Details for 113-52 Farmers Blvd

Property size

10,103 SF

Property type

Apartment buildings

Description

This exceptional investment opportunity presents the chance to acquire a note for four foreclosed properties in Queens, NY, for $2,850,000. This price is significantly below the existing $4.33 million debt plus accruing interest. The note can be converted into property ownership, offering substantial upside potential through rehabilitation and lease-up. The four buildings, situated on a 5,885 sq ft lot (90.59' x 80' x 120.9'), comprise eight units: four two-bedroom and four three-bedroom apartments, totaling 10,103 square feet. The property is approximately 90% complete, requiring only minor finishing touches. Market analysis indicates that fully renovated units in this area command rents of $2,800-$3,200 per month for two-bedrooms and $3,500-$4,000 for three-bedrooms. This translates to a potential gross annual income of $316,800 to $355,200, yielding potential cap rates of 11% to 12% at the asking price. The property features a total of twenty bedrooms and thirteen bathrooms. This is a unique opportunity to acquire a significantly undervalued asset with strong potential for substantial returns. The address is 113-52 Farmers Blvd, Queens, NY 11423.