101-12 46Th Ave Queens, NY 11368

Property Details for 101-12 46Th Ave

Year built

1929

Property size

32,028 SF

Property type

Apartment buildings

Description

This exceptional multifamily investment opportunity presents a well-maintained, 35-unit apartment building located at 101-12 46th Avenue in Corona, Queens, New York. The property boasts a substantial 32,028 square feet of space, situated on a 9,326 square foot lot. Built in 1929, this four-story building is classified as a Class C property and currently offers a compelling 5.50% cap rate with a Net Operating Income (NOI) of $431,341, making it an attractive proposition for discerning investors. The asking price for this owner-user investment is $7,300,000. The unit mix includes 22 one-bedroom apartments, 9 two-bedroom apartments, and 4 studio apartments. Importantly, 14 of the units are free-market, offering flexibility and potential for increased rental income. The building benefits from its corner location and proximity to major transportation hubs, including Grand Central Parkway, Queens Boulevard, and the Long Island Expressway, ensuring convenient access for residents. Furthermore, 14 apartments have undergone renovations, showcasing a commitment to maintaining the property's quality. The property is zoned R5, providing potential for future development or expansion, subject to applicable regulations. This is a rare opportunity to acquire a well-positioned, income-generating multifamily asset in a thriving Queens neighborhood.