63-10 39Th Ave Queens, NY 11377

Property Details for 63-10 39Th Ave

Year built

1930

Property size

3,490 SF

Property type

Apartment buildings

Description

This three-story, 3,490 square foot brick building at 63-10 39th Ave, Queens, NY 11377, is a four-unit apartment building offering a compelling value-add investment opportunity. Built in 1930, the property sits on a 1,900 square foot lot and is zoned R6/C1-4. The asking price is $1,899,000, representing a price per square foot of $544.13 and a price per unit of $474,750. The property boasts a current cap rate of 6.70% and a pro-forma cap rate of 6.07%, with a pro-forma net operating income (NOI) of $115,200. The building features a full basement with a utility room, bathroom, family room, and separate entrance with backyard access. The first floor contains two 2-bedroom apartments, each with backyard access. The second floor offers a 4-bedroom unit with a living room/dining room, eat-in kitchen, and two full bathrooms. The third floor includes a 3-bedroom unit with a living room/dining room, eat-in kitchen, and one full bathroom. The property benefits from its excellent location near the #7 train and the Long Island Rail Road (LIRR), providing easy access to Manhattan within 10-15 minutes. A free bus service to LaGuardia Airport further enhances accessibility. Nearby amenities include schools, a post office, supermarkets, banks, and parks. The property is in excellent condition, featuring a sturdy roof, reliable boiler, well-maintained hot water tank, and updated plumbing. Annual property taxes are $14,500, and other annual expenses are estimated at $17,000. The gross annual income is $146,700.