176-40 131 AveQueens, NY 11434

Property Details for 176-40 131 Ave

Year built

2006

Lot size

0.03 AC

Property size (Sq ft)

2,100 SF

Property type

Investment properties

Property subtype

Multifamily properties

Description

This bank-owned foreclosure at 176-40 131st Ave, Queens, NY 11434 presents a compelling value-add investment opportunity. The property, a two-unit multifamily building constructed in 2006, boasts a total of 2,100 square feet situated on a 0.03-acre lot (APN: Block 12545 Lot 402). Currently operating at 100% occupancy, with an anticipated vacancy date of June 7, 2024, due to evictions in progress on both units. The asking price is $925,000, translating to $440.48 per square foot and $462,500 per unit. The property is classified as Class C and zoned for residential use. The building is a two-story structure with a permitted residential zoning. While the current NOI is $0, this property offers significant potential for increased profitability following the completion of the evictions and subsequent re-leasing. Seller financing may be considered as a purchase option. This presents a unique chance to acquire a multifamily property in a desirable Queens location at a competitive price. The property's current condition and the ongoing eviction process should be carefully considered during due diligence.

Location Insight

City

Queens

County

Queens

State

New York

Latitude

40.6783

Longitude

-73.765

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