37-27 11Th St Queens, NY 11101

Property Details for 37-27 11Th St

Property size

2,150 SF

Property type

Apartment buildings

Description

This exceptional multi-family investment opportunity in Long Island City, Queens presents a compelling value-add proposition. Located at 37-27 11th Street, this two-story, Class B apartment building offers four units, each a one-bedroom, one-bathroom apartment. The property boasts a total of 2,150 square feet on a 2,148 square foot lot, with an impressive 8,592 square feet of available air rights. Currently, one unit is vacant, providing immediate occupancy potential for new tenants or renovation projects. The building is zoned M1-3, allowing for flexibility in future use, whether maintaining residential occupancy or exploring commercial possibilities. The asking price is $1,350,000, translating to $627.91 per square foot and $337,500 per unit. This prime location in Long Island City offers easy access to a wealth of amenities and transportation options. The property's size and zoning present a unique opportunity for investors seeking to maximize rental income or explore development potential within a vibrant and rapidly growing neighborhood. This is a rare chance to acquire a well-situated multi-family building with significant upside potential.