40-15 81st Street, Queens, NY
Multifamily | 107 Units
Marketing description
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40-15 81st Street, Queens, New York is a six-story, 107 unit multi-family building comprised of two wings, each with an elevator. 100% of the Property’s units are subject to rent stabilization, however this investment has significant upside. 20 of the units have discounted “preferential rents”, which can be increased to legal rent upon vacancy.
40-15 81st Street is a transit-oriented residential building on the same block as the 82 St-Jackson Heights 7 train station, providing direct service to Long Island City and Manhattan. The E, F, M and R train are also within short walking distance. Less than one block away, Elmhurst Hospital Center (or NYC Health + Hospitals/Elmhurst) is a 545-bed facility recently recognized as a “Best Regional Hospital”. The neighborhood’s storefronts are replete with a desirable mix of local businesses and national brands including Chipotle Mexican Grill, Starbucks, Chick-fil-A, Old Navy, Walgreens, CitiBank and Blink Fitness. A 160,000 SF Target-anchored commercial property opened in 2021 on the adjacent block.
For additional information: https://www.apartmentbuildings.com/
Unit Mix
Studio 35 Units
1-Bed 72 Units
Investment highlights
• Cash flowing 95%+ leased property below market rents and strong collections
• A slow construction pipeline is putting upwards pressure on market rents
• Within one block of national retailers including Target, Chick-fil-A, Starbucks and Chipotle Mexican Grill
• One block from Elmhurst Hospital Center, a 545-bed acute care facility
• Desirable nearby dining and entertainment options and neighborhood amenities
• 7 Train station on block provides direct access to Grand Central Station in Midtown Manhattan
Listing Contacts
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