10-40 Mcbride St Queens, NY 11691

Property Details for 10-40 Mcbride St

Year built

1937

Property size

4,500 SF

Property type

Apartment buildings

Description

This exceptional investment opportunity presents a meticulously maintained three-unit apartment building situated on a substantial 7,500 square foot lot in the desirable Bayswater section of Queens, NY. The property, built in 1937 and extensively renovated in 2011, 2020, and 2022, boasts 4,500 square feet of net rentable space across three stories, plus an additional 1,200 square feet in the lower level. The building features a mix of updated units, including a full finished owner's duplex with separate utility rooms, granite kitchens, and laundry hookups. The property includes six parking spaces, a detached garage, and a private driveway—a significant advantage given limited street parking. Currently operating at 100% occupancy, generating a Net Operating Income (NOI) of $94,600, and boasting a 7.31% cap rate, this property offers immediate cash flow. A pro-forma NOI of $110,000 and a pro-forma cap rate of 8.49% highlight the significant upside potential. The R4 zoning permits redevelopment, with an additional 3,500 square feet of air rights available, presenting exciting possibilities for future expansion. Conveniently located within an eight-minute walk of the A train, LIRR, buses, and shopping, and just five to ten minutes from the beaches, this property offers a compelling blend of immediate return and long-term growth potential. The asking price is $1,295,000, translating to $287.78 per square foot and $431,667 per unit. This is a rare opportunity to acquire a well-maintained, high-performing multifamily property with substantial future development potential in a prime location.

Location Insight

City

Queens

County

Queens

State

New York

Longitude

-73.7577

Latitude

40.6034