17-31 Linden St Queens, NY 11385

Property Details for 17-31 Linden St

Year built

1931

Property size

5,300 SF

Property type

Apartment buildings

Description

This exceptional seven-unit multifamily building, located at 17-31 Linden Street in Queens, New York, presents a compelling investment opportunity. The property boasts a substantial 5,300 square feet and sits on a three-story building constructed in 1931, undergoing a complete renovation in 2017. The renovation encompassed a full gut rehabilitation of all apartments, featuring new flooring, framing, drywall, doors, upgraded electrical and plumbing systems, custom kitchens, and modern bathrooms. Each unit benefits from central heating and air conditioning, with new furnaces and split systems installed throughout. New windows enhance energy efficiency. Common area improvements include a new roof, updated sump pumps, renovated storage closets, and modernized hallways. The cellar was significantly improved with excavation to increase ceiling height and a new concrete floor. The unit mix comprises two one-bedroom/one-bathroom units (ground floor, with basement laundry access), four two-bedroom/1.5-bathroom units (second and third floors, with in-unit laundry), and one three-bedroom duplex (ground floor, with in-unit laundry and a large recreation room/den in the cellar). The property enjoys a 100% occupancy rate and a strong 6.19% cap rate. Benefiting from Tax Class 2A, the assessed value is subject to annual increases capped at 8% or 30% over five years. Its convenient location, two blocks from the Seneca Avenue M subway line and a five-minute walk from the Myrtle-Wyckoff L subway line, makes it highly attractive to commuters. This is a turnkey investment ready for immediate income generation. The asking price is $2,850,000.

Location Insight

City

Queens

County

Queens

State

New York

Longitude

-73.9097

Latitude

40.7032