33Rd Ave Queens, NY 11372

Property Details for 0 33Rd Ave

Year built

1920

Property size

55,000 SF

Property type

Commercial real estate

Description

This exceptional Queens, NY multifamily property presents a unique value-add opportunity. Priced at $28,000,000, this 62-unit condominium building (56 residential, 6 commercial) boasts 55,000 square feet on a 50,000 square foot lot. Built in 1920 and renovated in 2010, the property features two four-story buildings with a current 100% occupancy rate (as of May 1, 2024). The current NOI is $1,500,000, with a pro-forma NOI projected at $3,000,000, resulting in a pro-forma cap rate of 10.71%. A significant advantage is the existing $17.1 million assumable loan at a low 3.724% interest rate, offering a 30-year amortization with over 7 years remaining. The property has received Attorney General Approval (CPS-11) for an "as-is" condo conversion, eliminating the need for further architectural drawings or permits. This streamlined process, coupled with the high projected condo sell-out value of over $40 million, positions this investment for a substantial cash-on-cash return within two years. The current occupancy allows for a quick transition to condo sales, with 20 of 29 potential buyers already signed. The property's location in Jackson Heights, Queens (11372), offers strong rental demand and significant upside potential. The price per unit is $451,613, and the land value is $450 per square foot.