11-58 49Th Ave Queens, NY 11101

Property Details for 11-58 49Th Ave

Property size

38,675 SF

Property type

Residential income homes

Description

This exceptional 60-unit multifamily investment opportunity in Long Island City, Queens, presents a compelling value proposition. Located on a 100ft x 100ft corner lot (Block:62 Lot: 28-30), the property encompasses approximately 38,675 square feet across a five-story building. The asking price is $9,200,000, representing a price per unit of $153,333.33 and a price per square foot of $237.88. The property boasts a 6.33% cap rate and currently enjoys 100% occupancy, providing immediate cash flow and financial stability. Eleven units are free-market, offering significant upside potential for rental income growth given the strong year-over-year rent increases in this prime Northwest Queens submarket. The property's strategic location in Hunter's Point offers easy access to the 7, E, M, and G subway lines, as well as the Long Island Expressway, providing convenient transportation links. The surrounding area features numerous amenities, including waterfront parks, cultural attractions like MoMA PS1, and a diverse culinary scene. The R6A, C1-5, LIC zoning designation further enhances the property's long-term investment potential. The proximity of neighboring buildings allows for efficient management and cost-effective maintenance. This property represents a rare opportunity to acquire a well-positioned, high-performing multifamily asset in one of New York City's most desirable neighborhoods.