646-662 Port Richmond Ave Staten Island, NY 10302

Property Details for 646-662 Port Richmond Ave

Year built

1974

Property size

27,152 SF

Property type

Apartment buildings

Description

This exceptional investment opportunity presents a 43-unit apartment building located at 646-662 Port Richmond Ave, Staten Island, NY 10302. Boasting a substantial 27,152 square feet, this multifamily property offers a compelling blend of strong financials and attractive features. The building, constructed in 1974, features a recently updated roof (installed within the last year) and a six-year-old heating system, minimizing immediate capital expenditure needs. The property includes 39 private parking spaces, a significant amenity in this location, and a large basement with a laundry area. The unit mix comprises 13 two-bedroom apartments, 17 one-bedroom apartments, and 12 studio apartments, along with a large first-floor office with its own address. The building sits on a sizable 200' x 180' lot and is described as an all-brick, U-shaped garden-style structure. Currently operating at 98% occupancy, the property generates a Net Operating Income (NOI) of $605,798, resulting in a 5.66% cap rate. The asking price is $10,700,000, translating to a price per square foot of $394.08 and a price per unit of $248,837.21. Its location in Port Richmond offers convenient access to shopping and public transportation, with city buses providing easy commutes to Brooklyn, Manhattan, and the Staten Island Mall. This property is not rent-stabilized. Detailed financial information is available upon request.

Location Insight

City

Staten Island

County

Richmond

State

New York

Longitude

-74.1423

Latitude

40.6277