Listed by Marcus & Millichap - Manhattan
$2,200,000
34-32 33rd Street
Details
Property Type Multifamily
Sub Type Apartment Building
Square Footage 4,560
Units 6
Beds 13
Cap Rate 6.50%
NOI $143,000
Occupancy 100%
Tenancy Multi
Pro-Forma Cap Rate 6.70%
Pro-Forma NOI $148,224
Price per SqFt $482
Year Built 1926
Buildings 1
Lot Size (SqFt) 2,500
Zoning R5
Investment Type Stabilized
Multifamily | 6 Units | $366,667/unit
Marketing description
This is a fully occupied six-unit multifamily building located in the Astoria neighborhood of Queens, New York. The property features a mix of rent-stabilized and free-market units, with three units containing washer dryer amenities. The building sits on a 2,500 square foot lot with R5 zoning and a 1.5 FAR. The property presents a solid investment opportunity with a 6.5% current cap rate and pro forma upside potential reaching a 6.7% cap rate.
Investment highlights
- Fully occupied 6-unit multifamily building
- 50% fair market units with upside potential
- Three units with in-unit washer/dryer
- Low expense ratio of 27%
- Current cap rate of 6.5%
- Pro forma cap rate of 6.7%
- Located in desirable Astoria neighborhood
- Tax Class 2A
Listing Contacts
Listed by Marcus & Millichap - Manhattan
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$143,000.00
$11,916.67/mo
Valuation Metrics
0
DSCR
6.5%
Cap Rate
6.5%
ROI
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