Newly Constructed 15 Unit Building

40-47, 97th Street, East Elmhurst, Queens, New York, 11368, United States
$7,850,000

Description

ERG Commercial Real Estate is pleased to present a newly constructed elevator building located on 97th Street, between 40th Road and 41st Avenue in Corona, Queens. This is a five story building totaling 21,929 square feet and consisting of 15 apartments, 7 parking spaces, facility washers and dryers, a conference room, and a courtyard.  All apartments, with the exception of two, have never been occupied and all apartments have high end finishes and appliances.

The apartments consist of (8) 1 Bedroom apartments, 6 of which have a balcony, (6) 2 Bedroom apartments, 4 of which have a balcony, and (1) 3 bedroom suite which has a full double balcony.

This property is located in the heart of Corona and is walking distance to the main retail intersection of Roosevelt Avenue and Junction Boulevard.  This prime location grants easy access to the 7 train, several MTA bus stops and an abundant amount of shops, restaurants, and businesses along both retail strips.

The construction and layout of this building was completed with the intent to have the property converted into condominiums. Therefore each unit has its own heat/AC units, hot water units, and is separately metered for gas and electric. In addition, the seller is in the process of completing the plumbing work to have water be individually metered as well.

This property is a perfect opportunity for an investor to complete the condo conversion process and either sell or rent the units thereafter. This building also qualifies for a tax abatement and can be kept as an easily managed rental property, given that the building is brand new and all utilities are separately metered.

Property Documents

Detail

  • Price: $7,850,000
  • Building Size: 21929 SF
  • Lot Size: 6500 SF
  • Year Built: 2018
  • Property Type: Multi-Family
  • Property Tax Amount: $131,353
  • Block: 1606
  • Lot: 49
  • Zoning: R6B
  • Property Stories: 5
  • Residential Units: 15
  • Annual Income: $473,400 (Projected)
  • Total Expenses: $42,800
  • NOI: $430,600 (Projected)
  • City: Queens
  • State/County: New York
  • Neighborhood: Corona
  • Country: United States

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All information furnished here is deemed reliable, however it is submitted subject to errors, omissions, change of terms and conditions, prior sale or withdrawal without notice. We do not represent or guarantee the accuracy of any information contained herein and we are not liable for any reliance there on. Thus any prospective purchaser should independently verify all items deemed relevance to its due diligence enquiry with respect to the property, notwithstanding that the sender believes information be true and/or reasonable.