UPDATED:
Key Details
Property Type Commercial
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
MLS Listing ID 990964
Rental Info No
Year Built 1977
Annual Tax Amount $74,903
Property Sub-Type Multi Family
Source onekey2
Property Description
All units are fully occupied on a month-to-month basis, with current rents significantly below market, offering immediate value-add potential through strategic repositioning and operational improvements. With no rent control restrictions, the asset provides full flexibility to achieve market rents, supporting a projected conservative cap rate of 6.2% or higher.
The property's location is a key driver of long-term value. Situated just minutes from Downtown Flushing—one of New York City's most dynamic and rapidly growing commercial hubs—the asset benefits from exceptional access to retail, dining, and employment centers. It is also conveniently located near major transportation options, including the 7 subway line at Main Street, the Long Island Rail Road Flushing–Main Street station, and multiple bus routes, providing seamless connectivity to Manhattan and the greater New York City area.
Further enhancing its appeal, the property benefits from R7-1 zoning (3.44 FAR / 4.80 CF FAR), introducing a strong development component. With an estimated buildable potential of approximately 21,000 to 30,000 square feet, investors have a clear path toward increased density or full-scale redevelopment.
This is a rare opportunity to acquire a scalable asset in a prime, supply-constrained Flushing location, offering both immediate cash flow growth and long-term development upside.
Location
State NY
County Queens
Rooms
Basement Walk-Out Access
Interior
Heating Baseboard
Cooling Multi Units
Fireplace No
Exterior
Parking Features Attached, Driveway
Utilities Available Electricity Available, Natural Gas Connected, Sewer Connected, Trash Collection Public, Water Connected
Building
Story 4
Sewer Public Sewer
Water Public
Structure Type Brick
Schools
High Schools Queens 25
School District Queens 25
Others
Special Listing Condition None
NEARBY SCHOOLS & PROPERTIES
The mission of the ASA Real Estate Group is to provide a lifelong, positive impact on our clients, our communities, our team, as well as the other realtors with which we work. We specialize in assisting Buyers and Sellers transact. With our extensive knowledge of the market we help our clients get the best possible price for their home through proactive marketing approach. We guide sellers and buyers through every step of the process and keep them updated their transaction.