New York, NY 11368

Property

Ownership: For Sale
Type: Multi-Family
Bedrooms: Studio

Financials

Price:$2,880,000
Annual Taxes:$44,424
47-44 Vernon Blvd, Long Island City, NY 11101
Listing Courtesy of E Realty International Corp

Excellent Investment Opportunity Prime location with strong appreciation potential as the nearby casino development moves forward.

Description

Excellent Investment Opportunity Prime location with strong appreciation potential as the nearby casino development moves forward. All units rented at market rates. Property Details Lot Size: 25’ × 100’ Building Size: 25’ × 51’ (Approx. 5,294 SF) Built in 2018 Zoning: R6 Unit Mix 6 Two-Bedroom / One-Bath units 2 One-Bedroom / One-Bath units A neighboring building with the same layout has already been converted into 8 individual condominium units, generating an estimated $3 million in net profit. Separate Utilities 8 Water Meters 8 Gas Meters 9 Electric Meters 8 Heating Systems 8 Hot Water Heaters Investment Highlights Fully occupied with excellent tenants Rent receipts available (no written leases) Potential for future rent increases Annual Gross Income: Approx. $210,000 Estimated Cap Rate: 5% – 6% Outstanding Location Just a 2-block walk to the bustling Roosevelt Avenue / 7 Train station. Close to supermarkets, restaurants, Citi Field, and numerous neighborhood amenities.

Long Island MLS

All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. International currency conversions where shown are estimates based on recent exchange rates and are not official asking prices.

All dimensions are approximate. For exact dimensions, you must hire your own architect or engineer.