290 Railroad Ave Staten Island, NY 10304-4266
- Apartment buildings
- 3,040 SF
- 0.17 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 290 Railroad Ave
- Year built
- 1974
- Lot size
- 0.17 lot acres
- Property size
- 3,040 SF
- Zone code
- R2
- Property type
- Apartment buildings
- APN
- 03200-0006
- APU
- 32000006
Description
This exceptional Staten Island investment opportunity presents a 7-unit, all-brick apartment building situated on a substantial 100,000 square foot lot at 290 N Railroad Ave, Staten Island, NY 10304. Built in 1975 and completely renovated in 2023, this two-story building boasts 3,040 square feet and offers a mix of six studios and one one-bedroom apartment, currently enjoying 100% occupancy. The property generates a strong net operating income (NOI) of $118,000, representing a current cap rate of 5.00%. However, with a pro-forma cap rate of 8.50%, significant upside potential exists through increased rental income. The current monthly gross income is $11,000, with potential to reach $18,000. All units feature separate utilities, recently updated for efficiency. The building's prime location, steps from Hylan Blvd, provides convenient access to public transportation, including bus routes and the ferry, ensuring strong tenant demand and occupancy. This is a destabilized property, offering flexibility in rent management. The asking price is $2,400,000. This presents a compelling investment opportunity in a thriving area with significant growth potential.
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
- Staten Island
- County
- Richmond
- State
- New York
- Longitude
- -74.0879
- Latitude
- 40.5963
- CBSA code
- 35620
- CBSA name
- NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA
