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Long Island City, Sunnyside Gem 50 Res 4 Comm 41-48 40th St
50 Unit Apartment Building $18,895,000 ($377,900/Unit) Sunnyside, NY 11104
Investment Highlights
- Rare corner investment opportunity with multifamily and commercial space.
- Convenient location for tenants and customers—11 minutes by train into Manhattan.
- Only 15 of 50 apartments stabilized.
Executive Summary
Rare opportunity to buy in Long Island City's niche called Sunnyside.
Owned by one family for over 45 years.
Corner property with 4 commercial units, 50 residential units—shown in video and images provided for your view.
One block walk to train—in the city in 11 minutes.
Renovated apartments.
Walk up-apartment building (less maintenance costs).
Construction type is masonry (brick).
Zoning R7A and qualified opportunity zone.
Thirty five apartments are fair market with only fifteen rent stabilized.
Lot is 10,000 square feet. Lot dimensions are 100 square feet x 100 square feet.
Total square footage 35,000 square feet including 7,000 square feet retail.
Building dimensions 87 ft x 90 ft.
Average residential unit size 560 square feet.
High leverage due to lower than market, fair market rents.
Borough of Queens.
Very well maintained exterior and interior.
All brokers and buyers welcome.
Brokers protected through signing a non-exclusive agreement & confidentiality agreement as incentive to sell.
All information loaded from Property Shark and needs to be verified by any buyer.
Rare investment opportunity with leverage and for 1031 exchange.
Owned by one family for over 45 years.
Corner property with 4 commercial units, 50 residential units—shown in video and images provided for your view.
One block walk to train—in the city in 11 minutes.
Renovated apartments.
Walk up-apartment building (less maintenance costs).
Construction type is masonry (brick).
Zoning R7A and qualified opportunity zone.
Thirty five apartments are fair market with only fifteen rent stabilized.
Lot is 10,000 square feet. Lot dimensions are 100 square feet x 100 square feet.
Total square footage 35,000 square feet including 7,000 square feet retail.
Building dimensions 87 ft x 90 ft.
Average residential unit size 560 square feet.
High leverage due to lower than market, fair market rents.
Borough of Queens.
Very well maintained exterior and interior.
All brokers and buyers welcome.
Brokers protected through signing a non-exclusive agreement & confidentiality agreement as incentive to sell.
All information loaded from Property Shark and needs to be verified by any buyer.
Rare investment opportunity with leverage and for 1031 exchange.
Property Facts
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Walk Score ®
Walker's Paradise (96)
Transit Score ®
Rider's Paradise (100)
Bike Score ®
Very Bikeable (88)
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Romero Papp -
Papp Realty
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VIDEOS
3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
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Long Island City, Sunnyside Gem 50 Res 4 Comm | 41-48 40th St
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