32-43 43Rd StLong Island City, NY 11103

For Sale
$1,700,000

Six-unit building, high ROI potential

Overview

Added:
Dec 11, 2024
Days on market:
94
This six-unit apartment building in Long Island City, Queens offers a compelling value-add investment opportunity. The property, located at 32-43 43rd Street, boasts 3,780 square feet on a 0.06-acre lot and is zoned R5. Currently operating at 100% occupancy with a Net Operating Income (NOI) of $68,286, a pro-forma NOI of $99,099 projects a significant increase in profitability. The asking price is $1,700,000, representing a price per square foot of $450 and a price per unit of $283,333. The building features three rent-stabilized and three market-rate units, including a superintendent's unit that can be delivered vacant upon closing. Recent improvements include a new roof, fire escapes, and paved parking lot. Each of the parking spaces rents for $125 per month. The building is heated by gas. The superintendent is responsible for repairs, maintenance, and snow removal. This three-story Class A building presents a strong opportunity for immediate cash flow and long-term appreciation in a rapidly appreciating submarket. The current cap rate is 4.02%, with a pro-forma cap rate of 5.82%.

Highlights

  • Six-unit building with three rent-stabilized and three market-rate units, including a vacant superintendent's unit at closing.
  • Recent capital improvements include new fire escapes, roof, and parking lot.
  • Parking available at $125/month per space.
  • Gas heating system.
  • On-site superintendent handles repairs, maintenance, and snow removal.

Property Details for 32-43 43Rd St

Property type
Multifamily properties, Apartment buildings
Square Feet
3,780 SF
Class
A
Stories
3
Lot Size (sq. ft)
2,614 SF
Units
6

Location Insight

City
Long Island City
County
Queens
State
New York
Latitude
40.756665
Longitude
-73.9173583
32-43 43Rd St, Long Island City, New York

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32-43 43Rd St
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