33-53 82 St, Queens, NY 11372

Property Details for 33-53 82 St

Year built

1923

Property type

Mixed-use properties

Property subtype

Apartment buildings

Description

This exceptional 62-unit multifamily property in Jackson Heights, Queens, presents a compelling investment opportunity. Boasting a prime location and significant upside potential, this asset offers a rare chance to acquire a block-front building in an area with restricted new development and limited property sales. The property comprises two four-story buildings totaling approximately 55,000 square feet on a 26,000 square foot lot (0.6 acres). It features 56 residential units (77% free market) and 6 commercial units, with a mix of two, three, four, and five-bedroom apartments, including duplex penthouses. No one-bedroom or studio units are present. Extensive renovations were completed in 2021 and 2022, preparing the property for a potential condo conversion, projected to yield a $15,000,000 upside. The property benefits from an assumable 3.72% interest-only mortgage (first two years) expiring in November 2031. The current pro-forma NOI is $1,480,000, resulting in a 5.36% cap rate. The asking price is $27,588,000, with a price per unit of $444,967.74. Located in a vibrant neighborhood with diverse culinary options, entertainment, schools, and access to five subway lines, this property offers a unique blend of classic architecture and modern amenities. The property is zoned R7-1 and is ideally suited for a 1031 exchange. High occupancy rates are currently being experienced due to the overflow of Manhattan residents seeking more affordable housing. A pedestrian promenade further enhances the property's appeal.

Location Insight

City

Queens

County

Queens

State

New York

Longitude

-73.885

Latitude

40.7537