Current Use by Public Records
- Isalis / (Bike/Boat/Book/etc) Store
- Party City / Party Supply Store / (Bike/Boat/Book/etc) Store
- Skunk Funk / Big Box & Wholesale Store
- Carl's Trading Co / Hat Shop
- Bushka's Kitchen LLC / (Bike/Boat/Book/etc) Store
Property Details for 37-91 102 St
- Year built
- 1920
- Property type
- Apartment buildings
Description
This exceptional 13-unit apartment building presents a compelling value-add opportunity in the vibrant Corona, Queens market. Located at 37-91 102nd Street, this four-story, 9,000 square foot building boasts a prime corner location and is currently operating at 100% occupancy. Built in 1920, the property offers 13 rent-stabilized units, generating a current NOI of $142,000 and a pro-forma NOI of $152,500, resulting in a current cap rate of 6.45% and a pro-forma cap rate of 6.93%. The asking price is $2,200,000, translating to $169,230.77 per unit and $244.44 per square foot. Detailed financials are available upon request, including a breakdown of expenses such as real estate taxes ($33,811), heat and gas ($13,800), insurance ($4,800), water ($6,100), and superintendent costs ($4,000), along with a repair budget of $3,500. This turnkey investment offers significant potential for increased profitability through strategic property management and potential renovations. The property's strong cash flow and prime location in a high-demand area make it an ideal addition to any investor's portfolio. Don't miss this chance to acquire a well-positioned multifamily asset in a thriving Queens neighborhood.
Value Estimations
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AI approach
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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
- -73.8639
- Latitude
- 40.7506
