18-24 Cornelia St Queens, NY 11385

Property Details for 18-24 Cornelia St

Year built

1930

Property size

5,600 SF

Property type

Apartment buildings

Description

This exceptional investment opportunity presents a fully occupied, six-unit apartment building situated in the highly desirable Ridgewood, Queens neighborhood. The property boasts a total of 5,600 square feet across three stories, built in 1930, and sits on a 2,742 square foot lot. Currently generating a substantial net operating income (NOI) of $74,596, with a 6.49% cap rate based on the $1,150,000 asking price, this stabilized investment offers immediate returns. The building comprises six units, each a three-bedroom, one-bathroom railroad style apartment. Individual unit rents range from $875 to $2,200 per month, with five units currently under stabilized leases and one on a month-to-month tenancy. Annual operating expenses total $38,552, encompassing property taxes ($15,692), extermination ($1,650), insurance ($4,400), water/sewer ($6,987), heating ($6,204), maintenance/repairs ($3,000), and electricity ($619). The property is zoned R6B and benefits from its proximity to the M train, and the vibrant commercial corridor of Ridgewood, known for its diverse shops, restaurants, and cultural attractions. This presents a compelling opportunity for both seasoned investors and those seeking a strong entry point into the Queens real estate market. The property is being offered as a 1031 exchange opportunity.