21-07 41St Ave New York, NY 11101

Property Details for 21-07 41St Ave

Property size

118,356 SF

Property type

Warehouses

Property subtype

Office Properties & Spaces

Description

This exceptional Long Island City property, located at 21-07 41st Avenue, presents a compelling value-add investment opportunity. The 118,356 square foot building boasts a multi-tenant configuration across six stories, encompassing both executive office and warehouse space. With ten units and one loading dock, this property offers significant flexibility for a variety of uses. The building features approximately 20,000 square feet per floor, ideal for large tenants seeking contiguous space. Recent capital improvements totaling $13 million have modernized the property, including a brand-new lobby, façade restoration, updated electrical and heating systems, a new canopy at the main entrance, a renovated rooftop, and a paved driveway leading to the loading dock. The property sits on a 20,630 square foot lot and is zoned M1-3. Its prime location offers easy access to the Queensboro Bridge and the F train at 21st Street-Queensbridge Station, providing convenient access to Midtown Manhattan and other boroughs. The building enjoys high visibility due to its 95-foot frontage on 41st Avenue and a large rooftop billboard. The asking price is $24,000,000, representing a pro-forma cap rate of 7.50% and a net operating income (NOI) of $1,807,221. This property is well-suited for investors seeking a strong return, 1031 exchange buyers, or owner-users. The price per square foot is $203.