42-43 147th St, Flushing, NY 11355

Historical listing description

For sale are 20 apartments: 10 with one bedroom (700+ SF) and 10 studios (600+ SF) already occupied by tenants. Six leases for one-bedroom units are rent-stabilized and expire in October 2021, while the remaining 14 leases are month-to-month. The current rental income is $24,925 per month, totaling $299,100 annually. Projected market rental income is $396,000 annually based on current market rates. The property's annual net income is estimated at $256,903, resulting in a CAP rate of 4.08%. The building, designed in a solid Tudor Castle style and built in 1928, has a lot size of 50x100 and a building size of 40x89, with each floor covering 3,560 SF. The total area is 14,240 SF across four floors, plus a full basement (NYC Square Footage 17,325 SF). The property features three washers and two dryers in the basement, and the boiler/hot water tank and roof are only four years old. The real estate tax is $62,819. The location is highly convenient, being a one-minute walk to Q12 on Sanford Av, two minutes to Q15(A) on 41 Av or Q65 on 45 Av, and 0.8 miles or a 10-minute walk to Flushing Main St for the 7 train & LIRR. Historical listing details: Building size: 14,240 Lot size: 50x100 Zoning: R3X Historical asking price: $3,950,000 (final sale price not provided)