2610 18th St
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2610 18th St
16 Unit Apartment Building $2,350,000 ($146,875/Unit) 5.06% Cap Rate Long Island City, NY 11102
Investment Highlights
- Excellent Tax Shelter with near-term Equity Appreciation Potential; Desireable Location nr Astoria Park and every form of Mass Transit
- Attractive cap rate as interest rates are expected to be reduced as a result of the Fed Reserve's plan to initiate several rate cuts;
- updated 'smart' electric meters w/circuit breakers panels in each apt & in the bsmt; 2 relatively new boilers - Gas steam heat & hot water
- Multiple income streams! All units have similar layouts consisting of 4 rooms with 2 private bedrooms ('box-styled')
- Recently paved sidewalk w/recently installed new entrance stoop and stainless steel building entrance door; recently paved rear courtyd
- Low tenant tunrove - steady income; easy to rent affordable housing units
Executive Summary
UNDER CONTRACT as of 10/01/24
SHOWINGS ARE SUSPENDED WHILE PROPERTY IS UNDER CONTRACT!
This property is being offered for the first time in over 37 years. It consists of 16 residential apartments. The 16 apartments are very similar in size and layout. Each is a 4room apartment with 2 bedrooms. The apartments are 'box-styled' offering private bedrooms (no walk-throughs). The owners of this property are also selling a 7 Family building with a store (total - 8 units - located 40 feet away at 26-04 18th Street (separately listed for $1,650,000) which they have owned for 53 years. The owners have diligently, self-managed these properties ever since they purchased them many years ago. Both properties are located near every form of transportation, and they are located just 1 avenue south of the infamous Astoria Park. Please Note: Owners will consider negotiating further for all cash offers or if properties are purchased as a package.
SHOWINGS ARE SUSPENDED WHILE PROPERTY IS UNDER CONTRACT!
This property is being offered for the first time in over 37 years. It consists of 16 residential apartments. The 16 apartments are very similar in size and layout. Each is a 4room apartment with 2 bedrooms. The apartments are 'box-styled' offering private bedrooms (no walk-throughs). The owners of this property are also selling a 7 Family building with a store (total - 8 units - located 40 feet away at 26-04 18th Street (separately listed for $1,650,000) which they have owned for 53 years. The owners have diligently, self-managed these properties ever since they purchased them many years ago. Both properties are located near every form of transportation, and they are located just 1 avenue south of the infamous Astoria Park. Please Note: Owners will consider negotiating further for all cash offers or if properties are purchased as a package.
Financial Summary (Pro forma - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$295,320
|
$29.63
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$8,860
|
$0.89
|
| Effective Gross Income |
$286,460
|
$28.74
|
| Taxes |
$64,192
|
$6.44
|
| Operating Expenses |
$103,267
|
$10.36
|
| Total Expenses |
$167,459
|
$16.80
|
| Net Operating Income |
$119,001
|
$11.94
|
Financial Summary (Pro forma - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $295,320 |
| Annual Per SF | $29.63 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $8,860 |
| Annual Per SF | $0.89 |
| Effective Gross Income | |
|---|---|
| Annual | $286,460 |
| Annual Per SF | $28.74 |
| Taxes | |
|---|---|
| Annual | $64,192 |
| Annual Per SF | $6.44 |
| Operating Expenses | |
|---|---|
| Annual | $103,267 |
| Annual Per SF | $10.36 |
| Total Expenses | |
|---|---|
| Annual | $167,459 |
| Annual Per SF | $16.80 |
| Net Operating Income | |
|---|---|
| Annual | $119,001 |
| Annual Per SF | $11.94 |
Property Facts
Unit Amenities
- Heating
- Hardwood Floors
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 16 | $1,900 | 450 - 500 |
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Walk Score ®
Walker's Paradise (93)
Transit Score ®
Excellent Transit (77)
Bike Score ®
Very Bikeable (84)
PROPERTY TAXES
| Parcel Number | 00901-0045 | Total Assessment | $513,450 |
| Land Assessment | $54,000 | Annual Taxes | $64,192 ($6.44/SF) |
| Improvements Assessment | $459,450 | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
00901-0045
Land Assessment
$54,000
Improvements Assessment
$459,450
Total Assessment
$513,450
Annual Taxes
$64,192 ($6.44/SF)
Tax Year
2024
zoning
| Zoning Code | R6B |
| R6B |
-
John Casella - Crest Haven Realty
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2610 18th St
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