Aris Portfolio Multi-Family FOR SALE


Jackson Heights, NY
$39,750,000 USD
212-468-5958
, Jackson Heights, NY for Sale
$39,750,000 USD
Multi-Family - FOR SALE
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Aris Portfolio
Jackson Heights, NY


HIGHLIGHTS

  • 96% occupied with strong collections of 90%+
  • Spacious and bright units as well as on-site laundry facilities and bike storage
  • Medical office space in each building, offering a neighborhood amenity and income diversification
  • The Portfolio boasts preferential rents of $1,276,729 offering a new investor rental upside of 20% - 25% upon unit turnover
  • Ownership has held Senate Gardens and Turnbury Village since 2005 (20 year ownership) and Georgian Gardens since 1986 (40 year ownership)
  • The Portfolio has been meticulously maintained and ownership has spent $3.6 million in capital expenditures

OVERVIEW

Meridian Investment Sales is pleased to present for sale The Aris Portfolio (“the Portfolio”), a collection of three pre-war elevator buildings with medical offices located in the heart of Jackson Heights, Queens. Georgian Gardens at 82-01 and Senate Gardens at 82-15 35th Avenue are located next to each other between 82nd and 83rd Streets, and Turnbury Village at 35-30 81st Street is one block west between 35th and 37th Avenues. Combined, the Portfolio includes a total of 196,219 square feet, 187 rent stabilized apartments and five medical office spaces. The Portfolio which has been held under a long-term ownership, has been meticulously maintained and boasts 96% occupancy. Since January 2021, ownership has spent $1.97 million on capital improvements including new limestone and camelback parapets on the roof, water proofing, brick replacement, and upkeep to historic landmark features as needed. In addition, Ownership has spent $1.84 million on upgrading existing medical office spaces and building-out new medical office spaces. The Portfolio offers new investors significant rental upside with preferential rents of $1,276,729. The properties are close to various subway stations including the 7 Train on 82nd-Jackson Heights and the E, F, M, and R Trains on 65th Street. The Aris Portfolio offers investors an opportunity to acquire a sizable portfolio with durable cashflow for a long-term investment horizon.

ASK ABOUT THIS PROPERTY

Shallini MehraMeridian Capital GroupMore Info
212-468-5958

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Shallini MehraMeridian Capital GroupMore Info
212-468-5958

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