41-68 Gleane StQueens, NY 11373

Property Details for 41-68 Gleane St

Year built

1931

Property size (Sq ft)

2,507 SF

Property type

Residential income homes

Property subtype

Apartment buildings

Description

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.

Location Insight

City

Queens

County

Queens

State

New York

Latitude

40.7453

Longitude

-73.8775

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