For Sale
$1,990,888

41-68 Gleane StQueens, NY 11373

Prime Elmhurst location, high-income potential.

Overview

Added:
Dec 11, 2024
Days on market:
115
This exceptional multifamily investment opportunity presents a fully occupied, six-unit building located at 41-68 Gleane Street in Elmhurst, Queens, New York, 11373. The property boasts a substantial 2,507 square feet of net rentable space situated on a generous 5,000 square foot lot. Built in 1931 and renovated in 2012, this three-story building features four units, nine bedrooms, and six full bathrooms, offering ample living space for residents. The property includes six parking spaces, a valuable asset in this location. Currently operating at 100% occupancy, the property generates a strong net operating income (NOI) of $135,000 annually, representing a 6.78% cap rate. The asking price is $1,990,888, translating to $909.45 per square foot. The property is zoned R4, and the building is conveniently located near Roosevelt Avenue subway, schools, shopping, and other major conveniences. With its strong cash flow, prime location, and potential for future appreciation, this property represents a compelling investment opportunity in a thriving New York City neighborhood. Additional features include a finished walkout basement and 1,250 square feet of air rights. The property is owned by an LLC and the APN is 01556-0012. The occupancy date is February 19, 2024.

Highlights

  • High annual net operating income (NOI) of $135,000.
  • Nine bedrooms and six full bathrooms.
  • Six-car parking.
  • Convenient subway access.
  • Excellent location near major amenities.

Property Details for 41-68 Gleane St

Property type
Residential income homes, Apartment buildings
Square Feet
2,507 SF
Class
D
Year Built/Renovated
1931/2012
Buildings
1
Stories
3
Units
4

Location Insight

City
Queens
County
Queens
State
New York
Latitude
40.745264
Longitude
-73.8775346
41-68 Gleane St, Queens, New York

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41-68 Gleane St
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