72-34 45Th Ave Queens, NY 11377

Property Details for 72-34 45Th Ave

Year built

2006

Property size

7,966 SF

Property type

Apartment buildings

Description

This exceptional investment opportunity presents a well-maintained, three-story, seven-unit apartment building ideally situated in Queens, New York. Built in 2006 and renovated in 2010, the property boasts 7,966 square feet on a 5,487 square foot lot (50x120). The building features six four-room apartments and one expansive 2,000 square foot, four-bedroom, two-bathroom unit. Nine parking spaces are available, including three indoor spots and a garage potentially usable as a warehouse. The building is currently operating at 100% occupancy, generating a substantial net operating income (NOI) of $160,940, representing a 5.30% cap rate on the asking price of $2,988,888. Individual units are equipped with updated boilers and water tanks, and tenants are responsible for their own gas, electric, and heating utilities. The property also features cell phone towers on the roof. Its prime location offers easy access to major subway lines (E, F, M, R, 7) and is conveniently close to major highways (LIE, BQE, GCP), LaGuardia Airport, and Queens Center. The property is zoned R7X, R5 and is offered as a fee simple ownership, free and clear of any ground lease. This is a rare opportunity to acquire a high-performing multifamily asset in a highly desirable location. The address is 72-34 45th Ave, Queens, NY 11377.