8625 59th Avenue, Elmhurst, NY 11373

Property Description

Calling All Investors, Developers, & End-Users!!! 100% Occupied 5 Unit Free Market Apartment Building In Flushing For Sale!!! The Property Features Excellent Signage, Great Exposure, R6B Zoning, (1) 5 Br. Apartment, (1) 3 Br. Apartment, (2) 2 Br. Apartments, (1) 1 Br. Apartment, Basement, Rear Yard, Private 2 Car Garage, Private Driveway, 6 Parking Spaces, High 8’ Ceilings, 200 Amp Power, Updated Electrical Wires & Panels, New Boiler Installed In 2023, A/C, +++!!! The Property Is Located In The Heart Of Elmhurst Right Near The Queens Center Mall!!! The Property Is Situated Between I-495 (L.I.E.), Woodhaven Blvd., & Queens Blvd.!!! Neighbors Include Citibank, Bank of America, T-Mobile, Costco, Target, Macy’s, Retro Fitness, Applebee’s Bar & Grill, The Cheesecake Factory, Shake Shack, Olive Garden, Popeye’s Louisiana Kitchen, Quest Diagnostics, Walgreens, +++!!! This Property Offers HUGE Upside Potential!!! This Could Be Your Next Development Site Or The Next Home For Your Business!!! Income: LL (3 Br. Apt.): $30,000 Ann.; M-M. 1st Fl. (5 Br. Apt.): $48,000 Ann.; M-M. 2nd Fl. (Front 1 Br. Apt. ): $14,700 Ann.; M-M. 2nd Fl. (Rear 2 Br. Apt.): $29,160 Ann.; M-M. 3rd Fl. (2 Br. Apt.): $27,000 Ann.; M-M. 2 Car Garage: $2,400 Ann. 1 Car Parking: $1,800 Ann. 1 Car Parking: $1,800 Ann. 1 Car Parking: $1,200 Ann. Gross Income: $156,060. Ann. Expenses: Oil: $8,000. Ann. Electric: $2,070. Ann. (Hallway & Boiler Only) Water & Sewer: $2,543 Ann. Insurance: $3,568 Ann. Snow & Landscaping: $0 Ann. Maintenance: $2,500 Ann. Taxes: $17,746 Ann. Total Expenses: $36,427 Ann. Net Operating Income (NOI): $119,633 Ann.