144-30 35Th Ave Queens, NY 11354

Property Details for 144-30 35Th Ave

Property size

118,200 SF

Property type

Apartment buildings

Description

This exceptional investment opportunity presents a 118,200-square-foot, six-story multifamily building in the vibrant Murray Hill neighborhood of Flushing, Queens. The property comprises four interconnected buildings, totaling 116 rent-stabilized units: two studios, seventy-eight one-bedroom units, and thirty-six two-bedroom units. Built in 1929, this pre-war building boasts a charming courtyard and retains its historic appeal while offering modern comforts, including hardwood floors and updated kitchen appliances. Approximately 71% of units currently benefit from preferential rents, presenting a significant value-add opportunity for potential rent increases upon vacancy. The property is exceptionally well-maintained, featuring clean common areas and an efficient dual boiler system providing heat and hot water to all units. Resident amenities include on-site laundry facilities, elevators, and bicycle storage. Its prime location offers easy access to major roadways, including the I-678 and Whitestone Expressway, as well as convenient public transportation via the 7 train, the Long Island Rail Road (LIRR), and the Flushing-Main Street subway station. LaGuardia Airport is also within a short drive. The property's location near major shopping centers, reputable academic institutions, and key retail areas further enhances its investment potential. This is a rare opportunity to acquire a substantial, well-maintained multifamily property in a rapidly growing area of Queens. The combined frontage across both sites is 174 feet along 35th Avenue. The property is zoned R7-1.