For Sale
$2,200,000

31-36 Greenpoint AveQueens, NY 11101

12-Unit Apartment Building, High Occupancy

Overview

Added:
Dec 11, 2024
Days on market:
117
This stabilized multifamily investment property, located at 31-36 Greenpoint Avenue in Queens, NY 11101, presents a compelling opportunity. The three-story, 8,550 square foot building features twelve units, boasting 100% occupancy and a current NOI of $139,739, translating to a 6.40% cap rate. A pro-forma NOI of $145,072 projects a 6.60% cap rate. The asking price is $2,200,000, or $183,333 per unit, and the price per square foot is $257. The property is zoned M1-1 and benefits from recent capital improvements, including a new bitumen roof. Local Law 152 gas inspections were completed in 2023. The low annual property tax of $28,625 further enhances the investment potential. This is a rare opportunity to acquire a well-maintained, high-performing multifamily asset in a desirable Queens location. The building is a single structure.

Highlights

  • $2,200,000 asking price for this stabilized multifamily investment.
  • 12-unit apartment building totaling 8,550 square feet.
  • $257 per square foot; $183,333 per unit.
  • 6.40% current cap rate, 6.60% pro-forma cap rate.
  • 100% occupancy with a current NOI of $139,739 and a pro-forma NOI of $145,072.
  • Three-story building located at 31-36 Greenpoint Avenue, Queens, NY 11101, zoned M1-1.

Property Details for 31-36 Greenpoint Ave

Property type
Apartment buildings
Square Feet
8,550 SF
Buildings
1
Stories
3
Units
12

Location Insight

City
Queens
County
Queens
State
New York
Latitude
40.7347084
Longitude
-73.9365778
31-36 Greenpoint Ave, Queens, New York

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31-36 Greenpoint Ave
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