3438 41st St - Apartments FOR SALE


Long Island City, NY 11101
$6,200,000 USD
646-559-4700
3438 41st St, Long Island City, NY for Sale
$6,200,000 USD
Apartments - FOR SALE
1/13
null | 4.6% Cap Rate

3438 41st St
Long Island City, NY 11101


HIGHLIGHTS

  • 17-Unit Free-Market Residential Building. (2) Studios, (13) 1-Bedrooms, (2) 2-Bedrooms.
  • Significantly Below Market Rent Provides Opportunity for Immediate Upside.
  • 11 Below Grade Parking Spaces Included Next to Steinway Street.
  • Located (2) Blocks from the M & R Subway Stop.

OVERVIEW

Landair Property Advisors has been exclusively retained to sell 34-38 41st Street in the Astoria section of Queens. The asset consists of 17 residential units - 2 studios, (13) 1- bedroom and (2) 2-bedroom penthouse units with private outdoor spaces. The property is located 2 blocks from the M and R subway stop located at the corner of Steinway Street and 34th Avenue. Built in 2004, the property benefits from spacious layouts, Juliet balconies, basement storage and on-site laundry. There is potential to increase the room count on several of the units now the the 421a tax abatement has expired and the property benefits from free market status. Additionally, there is an easement with the office building behind it where 11 dedicated parking spaces are fully leased on a long term basis

FOR SALE DETAILS

PRICE

$6,200,000 USD

PRICE/SF

$348 USD /SF

# OF UNITS

17

PRICE/UNIT

$364,706

CAP RATE

4.6%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

2004

PARKING SPACES

11

LAND DETAILS

LAND ACRES

0.22 AC

LAND SF

9,500 SF

ZONING

R5

APN/PARCEL ID

00673-0038

ASK ABOUT THIS PROPERTY

Alexandre GouletLandair Property AdvisorsMore Info
646-559-4700

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Alexandre GouletLandair Property AdvisorsMore Info
646-559-4700

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.