(Published on - 8/13/2016 1:24:25 PM)
May 18 2017
See Virtual Tour at: http://www.tourfactory.com/idxr1786524
26 Unit, 5 Story Walk up Corner Bldg (approx 18000sf) on SUPER PRIME Long Island/Astoria location near Steinway St.
Consists of 16 X 1BR apts, 5 x 2BR apts, 4 x 3BR apts + 1 store paying $5200/mo with lease until August 2020.
21/ 26 units (81% of sf) are "DR" ie "DEREGULATED"--ie. Out of Rent Stabilization--HUGE UPSIDE!! Potential Coop/Condo Conversion.
4 of the apts are still Rent Stabilized--(RS)
1 apt is a Rent Controlled (RC) 1 BR currently paying $840.37/month.
Total Collectible Rent is Currently $586,000/year*
Current Expenses are approx. $85,000/yr (of which RE Taxes are approx. $24,000/year, $1.33.sf/yr).
Overall rents in this building are approx $37/sf/yr which is 10-15% under the market value of approx. $41/sf/year for this neighborhood.
And with Proposed Rent Guideline Board increases predicted for 1-3% for 1 year leases (FIRST INCREASE IN 3 YEARS) Gross Collectible Rent Roll should easily achieve approx. $604,000/year in 2018).
Near Steinway Street ASTORIA/ LONG ISLAND CITY NY in Western Queens 10-15 minutes from Midtown Manhattan by Subway or Bus.
Close to M,R, N & W trains, highways, shopping and much more.
Built in approx 1924 this 5 story, 18000sf building is Grandfathered as far as its current Square Footage (4.10FAR) in this otherwise R5 (low zoning residential) neighborhood with 1.25 Max Residential FAR.
Call Harvey Heit Associate Broker at 917-748-4810 for Setup any questions you may have and for an Appt. to see the property.