12 Unit Walk-Up Apartment Building For Sale in Long Island City

Property consists of two contiguous lots improved with a three-story, 12-family apartment building. There are 7 two-bedroom apartments, 2 one-bedroom apartments, 2 three bedroom apartments and 1 four-bedroom duplex, all in excellent condition and have been renovated with new kitchens, bathrooms and windows. Apartments are separately metered. Building has been very well maintained with full, finished basement, new boiler and new roof. There is a driveway on the south side of the building with access to the shed in the rear as well as parking space for four cars.

Features:

• 5% CAP rate
• Twelve (12) units
• Well Maintained, excellent condition
• New roof and boiler
• All units have separate meters
• Fully rented at below market rents
• Several new developmental projects in area
• NYC skyline

Within walking distance to multiple points of interest, including the Noguchi Museum, Socrates Sculpture Park, Rainey Park and Costco.

Directly across the street, there is currently construction at 34-46 Vernon Blvd for an 18 story building with 232 units, known as Alma Towers.

Developer Michael Heletz has also started construction on a six-story, 79-unit building one block away from listing. The 66,300-square-foot building will hold nearly 1,500 square feet in ground-floor retail space, and rise about 61 feet.

The surrounding area is undergoing a massive transformation and several major developments are under construction including Hallets Point and Astoria Cove.

Inspection of the property will be made by appointment only. Please feel free to drive by the site and area. For additional information, please contact exclusive agent Sarah Michael 917-319-9811