37-11 9th St
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37-11 9th St
8 Unit Apartment Building $2,150,000 ($268,750/Unit) 7.23% Cap Rate Long Island City, NY 11101
INVESTMENT HIGHLIGHTS
- Calling All Investors, Developers, & End-Users!!! 8 Unit Apartment Building In Long Island City For Sale!!!
- The Property Is Located In The Heart Of Ravenswood Only A Few Blocks From The Ed Koch Queensboro Bridge Offering Direct Easy Access To Manhattan!!!
- This Property Offers HUGE Upside Potential!!!
- The Property Features Excellent Signage, Great Exposure, M3-1 Zoning, High 8’ Ceilings, (8) 2 Br. Apartments, Separate Meters, 200 Amp Power, +++!!!
- Neighbors Include Hilton Hotels, Marriott Hotels, Wyndham Hotels, Dodge-Jeep-Ram, Honda. T-Mobile, The Home Depot, CubeSmart Self Storage, +++!!!
- This Could Be Your Next Development Site/The Next Home For Your Business!!!
EXECUTIVE SUMMARY
Calling All Investors, Developers, & End-Users!!! 8 Unit Apartment Building In Long Island City For Sale!!! The Property Features Excellent Signage, Great Exposure, M3-1 Zoning, High 8’ Ceilings, (8) 2 Br. Apartments, Separate Meters, 200 Amp Power, All New LED Lighting, A/C, +++!!! The Property Is Located In The Heart Of Ravenswood Only A Few Blocks From The Ed Koch Queensboro Bridge Offering Direct Easy Access To Manhattan!!! Neighbors Include Hilton Hotels, Marriott Hotels, Wyndham Hotels, Dodge-Jeep-Ram, Honda. T-Mobile, The Home Depot, CubeSmart Self Storage, Best Buy, Dunkin’, Planet Fitness, Marshalls, Michaels, +++!!! This Property Offers HUGE Upside Potential!!! This Could Be Your Next Development Site/The Next Home For Your Business!!!
Income:
Unit 1 (2 Br., 1 Bath): $24,030 Ann.
Unit 2 (2 Br., 1 Bath): $23,620 Ann.
Unit 3 (2 Br., 1 Bath): $23,400 Ann.
Unit 4 (2 Br., 1 Bath): $17,383 Ann.
Unit 5 (2 Br. 1 Bath): $26,680 Ann.
Unit 6 (2 Br., 1 Bath): $26,823 Ann.
Unit 7 (2 Br., 1 Bath): $24,800 Ann.
Unit 8 (2 Br, 1 Bath): $26,861 Ann.
Current Gross Income: $193,597 Ann.
Expenses:
Oil: $8,098.47 Ann.
Electric: $720 Ann. (Common Area Only)
Maintenance & Repairs: $250 Ann.
Insurance: $4,044.41 Ann.
Taxes: $19,750 Ann.
Water: $5,322 Ann.
Total Expenses: $19,750 Ann.
Net Operating Income (NOI): $155,412.12 Ann. (7.23% Cap!!!)
Income:
Unit 1 (2 Br., 1 Bath): $24,030 Ann.
Unit 2 (2 Br., 1 Bath): $23,620 Ann.
Unit 3 (2 Br., 1 Bath): $23,400 Ann.
Unit 4 (2 Br., 1 Bath): $17,383 Ann.
Unit 5 (2 Br. 1 Bath): $26,680 Ann.
Unit 6 (2 Br., 1 Bath): $26,823 Ann.
Unit 7 (2 Br., 1 Bath): $24,800 Ann.
Unit 8 (2 Br, 1 Bath): $26,861 Ann.
Current Gross Income: $193,597 Ann.
Expenses:
Oil: $8,098.47 Ann.
Electric: $720 Ann. (Common Area Only)
Maintenance & Repairs: $250 Ann.
Insurance: $4,044.41 Ann.
Taxes: $19,750 Ann.
Water: $5,322 Ann.
Total Expenses: $19,750 Ann.
Net Operating Income (NOI): $155,412.12 Ann. (7.23% Cap!!!)
FINANCIAL SUMMARY (ACTUAL - 2023) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$193,597
|
$27.66
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$193,597
|
$27.66
|
| Taxes |
$19,750
|
$2.82
|
| Operating Expenses |
$18,435
|
$2.63
|
| Total Expenses |
$38,185
|
$5.46
|
| Net Operating Income |
$155,412
|
$22.20
|
FINANCIAL SUMMARY (ACTUAL - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $193,597 |
| Annual Per SF | $27.66 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $193,597 |
| Annual Per SF | $27.66 |
| Taxes | |
|---|---|
| Annual | $19,750 |
| Annual Per SF | $2.82 |
| Operating Expenses | |
|---|---|
| Annual | $18,435 |
| Annual Per SF | $2.63 |
| Total Expenses | |
|---|---|
| Annual | $38,185 |
| Annual Per SF | $5.46 |
| Net Operating Income | |
|---|---|
| Annual | $155,412 |
| Annual Per SF | $22.20 |
PROPERTY FACTS
| Price | $2,150,000 | Building Class | C |
| Price Per Unit | $268,750 | Lot Size | 0.06 AC |
| Sale Type | Investment | Building Size | 7,000 SF |
| Cap Rate | 7.23% | Average Occupancy | 100% |
| No. Units | 8 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 1941 |
| Property Subtype | Apartment | Parking Ratio | 0.86/1,000 SF |
| Apartment Style | Mid Rise | Opportunity Zone |
Yes
|
| Price | $2,150,000 |
| Price Per Unit | $268,750 |
| Sale Type | Investment |
| Cap Rate | 7.23% |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid Rise |
| Building Class | C |
| Lot Size | 0.06 AC |
| Building Size | 7,000 SF |
| Average Occupancy | 100% |
| No. Stories | 4 |
| Year Built | 1941 |
| Parking Ratio | 0.86/1,000 SF |
| Opportunity Zone |
Yes |
SITE AMENITIES
- 24 Hour Access
- Security System
- Storage Space
- Public Transportation
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 8 | - | - |
Walk Score®
Very Walkable (84)
Transit Score®
Rider's Paradise (100)
Bike Score®
Very Bikeable (85)
PROPERTY TAXES
| Parcel Number | 00359-0016 | Total Assessment | $157,998 (2024) |
| Land Assessment | $4,667 (2024) | Annual Taxes | $19,750 ($2.82/SF) |
| Improvements Assessment | $153,331 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
00359-0016
Land Assessment
$4,667 (2024)
Improvements Assessment
$153,331 (2024)
Total Assessment
$157,998 (2024)
Annual Taxes
$19,750 ($2.82/SF)
Tax Year
2023
ZONING
| Zoning Code | M1-3 |
| M1-3 |
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37-11 9th St
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