8-Unit Walk-Up Brick Multifamily Building
FOR SALE
8-Unit Walk-Up Brick Multifamily Building 99-21 43RD AVENUE, CORONA
Reduced Asking Price: $2,175,000
PROPERTY PHOTO
Property Highlights Block / Lot
1617 / 29
Building Sq. Ft.
7,517 (approx.)
Building Size
25’ x 80’ (approx.)
Lot Sq. Ft.
2,500 (approx.)
Lot Size
25’ x 100’ (approx.)
Zoning
C2-3 / R6B
Residential Units
8
Stories
4
Year Built
1931
Real Estate Taxes
$21,990
Property Description Cushman & Wakefield has been retained on an exclusive basis for the sale of the subject property, an eight-unit walk-up brick apartment building in Corona. The building is a mix of (1) one-bedroom, and (7) two-bedrooms. All of the units with the exception of (1) two-bedroom are leased on a month-to-month basis. Unit 4 are 7 is leased through April and June of 2017 respectively. The units are rent stabilized and currently 40% below market. The average market rents in the Corona area are $25-$30 per square foot. Recent improvement includes a new boiler system. The property is conveniently located a few blocks south of Roosevelt Avenue which provides easy access to the 7 train at 103rd Street. 103rd Street provides convenience, constant commercial activity, and heavy foot traffic. The Q23 bus line also runs along 43rd Avenue for additional transportation. Great opportunity for an investor in a densely populated area of Northern Queens. Close to the LaGuardia Airport, CitiField, Arthur Ashe Stadium and within blocks of numerous public schools.
Stephen R. Preuss
Executive Director +1 718 512 2118 [email protected]
Denise Prevete
Senior Associate +1 718 512 2605 [email protected]
Kevin Louie
Associate +1 718 512 2627 [email protected]
118-35 Queens Blvd, 14th Fl. Forest Hills, NY 11375 Main +1 718 275 3400 Fax +1 718 275 5478 cushmanwakefield.com
Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
FOR SALE
8-Unit Walk-Up Brick Multifamily Building 99-21 43RD AVENUE, CORONA
Financial Summary
Revenue Unit
Type
Monthly Rent
Annual Rent
LXP
1F
One-Bedroom
$1,450
$17,400
M-M
1R
Two-Bedroom
$1,800
$21,600
M-M
2
Two-Bedroom
$1,500
$18,000
M-M
3
Two-Bedroom
$1,600
$19,200
M-M
4
Two-Bedroom
$841
$10,092
4/30/2017
5
Two-Bedroom
$1,500
$18,000
M-M
6
Two-Bedroom
$1,700
$20,400
M-M
7
Two-Bedroom
$1,800
$21,600
6/30/2017
$12,191
$146,292
Total
Expenses Annually
Per Owner $21,990
Real Estate Taxes (2) Insurance
$3,500
Water & Sewer
$3,000
Electric
$1,200
Super
$2,400
Gas
$7,200
Repairs & Maintenance
$3,758
Total
$43,048
Net Operating Income $103,244
Stephen R. Preuss
Executive Director +1 718 512 2118 [email protected]
Denise Prevete
Senior Associate +1 718 512 2605 [email protected]
Kevin Louie
Associate +1 718 512 2627 [email protected]
118-35 Queens Blvd, 14th Fl. Forest Hills, NY 11375 Main +1 718 275 3400 Fax +1 718 275 5478 cushmanwakefield.com
Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
FOR SALE
8-Unit Walk-Up Brick Multifamily Building 99-21 43RD AVENUE, CORONA
VIEW FROM ROOF Location & Tax Map
e Nat ion al S tree
7
t
u ven dA 42n
7
Block 29
th
99
1617
e Str et
e
d 43r
Stephen R. Preuss
Executive Director +1 718 512 2118 [email protected]
Denise Prevete
Senior Associate +1 718 512 2605 [email protected]
Kevin Louie
Associate +1 718 512 2627 [email protected]
nu Ave
118-35 Queens Blvd, 14th Fl. Forest Hills, NY 11375 Main +1 718 275 3400 Fax +1 718 275 5478 cushmanwakefield.com
Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
8-Unit Walk-Up Brick Multifamily Building 99-21 43RD AVENUE, CORONA
Reduced Asking Price: $2,175,000
PROPERTY PHOTO
Property Highlights Block / Lot
1617 / 29
Building Sq. Ft.
7,517 (approx.)
Building Size
25’ x 80’ (approx.)
Lot Sq. Ft.
2,500 (approx.)
Lot Size
25’ x 100’ (approx.)
Zoning
C2-3 / R6B
Residential Units
8
Stories
4
Year Built
1931
Real Estate Taxes
$21,990
Property Description Cushman & Wakefield has been retained on an exclusive basis for the sale of the subject property, an eight-unit walk-up brick apartment building in Corona. The building is a mix of (1) one-bedroom, and (7) two-bedrooms. All of the units with the exception of (1) two-bedroom are leased on a month-to-month basis. Unit 4 are 7 is leased through April and June of 2017 respectively. The units are rent stabilized and currently 40% below market. The average market rents in the Corona area are $25-$30 per square foot. Recent improvement includes a new boiler system. The property is conveniently located a few blocks south of Roosevelt Avenue which provides easy access to the 7 train at 103rd Street. 103rd Street provides convenience, constant commercial activity, and heavy foot traffic. The Q23 bus line also runs along 43rd Avenue for additional transportation. Great opportunity for an investor in a densely populated area of Northern Queens. Close to the LaGuardia Airport, CitiField, Arthur Ashe Stadium and within blocks of numerous public schools.
Stephen R. Preuss
Executive Director +1 718 512 2118 [email protected]
Denise Prevete
Senior Associate +1 718 512 2605 [email protected]
Kevin Louie
Associate +1 718 512 2627 [email protected]
118-35 Queens Blvd, 14th Fl. Forest Hills, NY 11375 Main +1 718 275 3400 Fax +1 718 275 5478 cushmanwakefield.com
Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
FOR SALE
8-Unit Walk-Up Brick Multifamily Building 99-21 43RD AVENUE, CORONA
Financial Summary
Revenue Unit
Type
Monthly Rent
Annual Rent
LXP
1F
One-Bedroom
$1,450
$17,400
M-M
1R
Two-Bedroom
$1,800
$21,600
M-M
2
Two-Bedroom
$1,500
$18,000
M-M
3
Two-Bedroom
$1,600
$19,200
M-M
4
Two-Bedroom
$841
$10,092
4/30/2017
5
Two-Bedroom
$1,500
$18,000
M-M
6
Two-Bedroom
$1,700
$20,400
M-M
7
Two-Bedroom
$1,800
$21,600
6/30/2017
$12,191
$146,292
Total
Expenses Annually
Per Owner $21,990
Real Estate Taxes (2) Insurance
$3,500
Water & Sewer
$3,000
Electric
$1,200
Super
$2,400
Gas
$7,200
Repairs & Maintenance
$3,758
Total
$43,048
Net Operating Income $103,244
Stephen R. Preuss
Executive Director +1 718 512 2118 [email protected]
Denise Prevete
Senior Associate +1 718 512 2605 [email protected]
Kevin Louie
Associate +1 718 512 2627 [email protected]
118-35 Queens Blvd, 14th Fl. Forest Hills, NY 11375 Main +1 718 275 3400 Fax +1 718 275 5478 cushmanwakefield.com
Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
FOR SALE
8-Unit Walk-Up Brick Multifamily Building 99-21 43RD AVENUE, CORONA
VIEW FROM ROOF Location & Tax Map
e Nat ion al S tree
7
t
u ven dA 42n
7
Block 29
th
99
1617
e Str et
e
d 43r
Stephen R. Preuss
Executive Director +1 718 512 2118 [email protected]
Denise Prevete
Senior Associate +1 718 512 2605 [email protected]
Kevin Louie
Associate +1 718 512 2627 [email protected]
nu Ave
118-35 Queens Blvd, 14th Fl. Forest Hills, NY 11375 Main +1 718 275 3400 Fax +1 718 275 5478 cushmanwakefield.com
Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
