10166 125th St

The subject property is a 11,500-sf building consisting of 16 residential units at 101-66 125th Street in the Richmond Hill neighborhood of Queens. The current owner has owned the property for over 40 years. The building has updated plumbing and electrical, gas boiler with two 100- gallon hot water heaters and new gas meter bars.The property consists of (8) 1 bedrooms and (8) 2 bedrooms. The average rent per unit for a 1 bedroom is $1,510 and $1,707 for 2 bedroom units. Most of the current rents being charged are preferential rents. A new investor has the opportunity to increase rents to the legal rent amounts registered with DHCR when existing tenants vacate.This well-maintained multifamily building represents a compelling investment opportunity within a well-connected and desirable locale.