41-32 53Rd Ave Queens, NY 11377
- Apartment buildings
- 7,500 SF
Current Use by Public Records
- Apartment buildings
Property Details for 41-32 53Rd Ave
- Year built
- 1931
- Property size
- 7,500 SF
- Property type
- Apartment buildings
Description
This exceptional 12-unit apartment building presents a compelling investment opportunity in the heart of Woodside, Queens. Situated on a 2,708 square foot lot (27x100), this three-story brick building boasts 7,500 square feet of space and offers a strong 7.08% cap rate with a Net Operating Income (NOI) of $240,679. Built in 1931 and extensively renovated in 2018, the property is in excellent condition, featuring a new heating unit installed seven years ago. All 12 units feature high ceilings, hardwood floors, and abundant natural light. The building benefits from a prime commuter location, steps from the #7 train line and the Q32 bus, providing easy access to Manhattan, Flushing, and the LIRR. Nearby amenities include grocery stores, a gym, Citibike stations, restaurants, shops, a pharmacy, and a laundromat. The property is zoned R6, R5D, and C1-4, allowing for residential or mixed-use development. The existing floor area ratio (FAR) is 1.92, with a permitted FAR of 2.43, indicating potential for an additional 1,381 square feet of buildable space. A full unfinished basement offers further potential for income generation. The asking price is $3,399,000 ($453.20/sq ft and $283,250/unit). This property offers easy self-management with an onsite superintendent, making it an ideal investment for both seasoned and new investors.
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
- Queens
- County
- Queens
- State
- New York
- Longitude
- -73.9117
- Latitude
- 40.7447
