32-43 43Rd St Long Island City, NY 11103
- Apartment buildings
- 3,780 SF
- 0.06 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 32-43 43Rd St
- Lot size
- 0.06 lot acres
- Property size
- 3,780 SF
- Property type
- Apartment buildings
Description
This six-unit apartment building in Long Island City, Queens offers a compelling value-add investment opportunity. The property, located at 32-43 43rd Street, boasts 3,780 square feet on a 0.06-acre lot and is zoned R5. Currently operating at 100% occupancy with a Net Operating Income (NOI) of $68,286, a pro-forma NOI of $99,099 projects a significant increase in profitability. The asking price is $1,700,000, representing a price per square foot of $450 and a price per unit of $283,333. The building features three rent-stabilized and three market-rate units, including a superintendent's unit that can be delivered vacant upon closing. Recent improvements include a new roof, fire escapes, and paved parking lot. Each of the parking spaces rents for $125 per month. The building is heated by gas. The superintendent is responsible for repairs, maintenance, and snow removal. This three-story Class A building presents a strong opportunity for immediate cash flow and long-term appreciation in a rapidly appreciating submarket. The current cap rate is 4.02%, with a pro-forma cap rate of 5.82%.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Long Island City
- County
- Queens
- State
- New York
- Longitude
- -73.9174
- Latitude
- 40.7567
