37-43 59 Street Brg Queens, NY 11377
- Apartment buildings
- 5,000 SF
Current Use by Public Records
- Apartment buildings
Property Details for 37-43 59 Street Brg
- Year built
- 1940
- Property size
- 5,000 SF
- Property type
- Apartment buildings
Description
Exceptional investment opportunity in Woodside, Queens, presents a well-maintained, three-story Class A apartment building. This 7-unit property, built in 1940 and renovated in 1995, boasts 4,860 square feet of net rentable space on a 2,500 square foot lot. Currently operating at 100% occupancy, the property generates a Net Operating Income (NOI) of $102,204, representing a 4.65% cap rate. A pro-forma NOI of $125,000 projects a 5.68% cap rate, indicating significant upside potential. Six units are rent-stabilized, while one unit offers free-market rent. The asking price is $2,200,000, translating to $440 per square foot. The building's strong performance and potential for increased income, including possibilities for additional revenue from basement storage and cell phone tower lease, make this a compelling investment. This stabilized multifamily asset offers a rare blend of immediate cash flow and long-term growth prospects in a desirable Queens location. The property's strong financials, combined with its prime location and potential for value enhancement, make it an ideal addition to any investor's portfolio.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Queens
- County
- Queens
- State
- New York
- Longitude
- -73.904
- Latitude
- 40.7488
