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90% Free Market Multi-Family Building 4029 23rd St

8 Unit Block of Flats £3,051,555 (£381,444/Unit) 5.95% Net Initial Yield Long Island City, NY 11101

Investment Highlights

  • Fully leased
  • Recently renovated
  • Great central location for public transportation
  • 90% free market (one unit Rent Controlled)

Executive Summary

Welcome to 40-29 23rd St, a gem in the heart of Long Island City! This turnkey, 90% free market, investment property offers a unique opportunity to own a fully leased, recently renovated 8-unit multi-family building. With tenants already in place, you can start generating income from day one. All eight units are currently leased, providing a stable and consistent income stream for savvy investors. Benefit from the immediate returns of a property that is not only well-maintained but also in high demand in the thriving Long Island City rental market. Seize this opportunity to own a prime piece of Long Island City real estate.

Attachments

40-29 23rd St, Long Island City, NY 11101 Marketing Package V 2

Financial Summary (Actual - 2022)

Annual Annual Per SF
Gross Rental Income £209,055 £34.73
Other Income - -
Vacancy Loss £4,181 £0.69
Effective Gross Income £204,874 £34.03
Taxes £15,050 £2.50
Operating Expenses £8,247 £1.37
Total Expenses £23,297 £3.87
Net Operating Income £181,577 £30.16

Financial Summary (Actual - 2022)

Gross Rental Income
Annual £209,055
Annual Per SF £34.73
Other Income
Annual -
Annual Per SF -
Vacancy Loss
Annual £4,181
Annual Per SF £0.69
Effective Gross Income
Annual £204,874
Annual Per SF £34.03
Taxes
Annual £15,050
Annual Per SF £2.50
Operating Expenses
Annual £8,247
Annual Per SF £1.37
Total Expenses
Annual £23,297
Annual Per SF £3.87
Net Operating Income
Annual £181,577
Annual Per SF £30.16

Property Facts

Price £3,051,555 Building Class C
Price Per Unit £381,444 Lot Size 0.05 AC
Sale Type Investment Building Size 6,020 SF
Net Initial Yield 5.95% Average Occupancy 100%
No. Units 8 Number of Floors 4
Property Type Residential Year Built 1940
Property Subtype Apartment Opportunity Zone Yes
State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.
Apartment Style Mid Rise
Price £3,051,555
Price Per Unit £381,444
Sale Type Investment
Net Initial Yield 5.95%
No. Units 8
Property Type Residential
Property Subtype Apartment
Apartment Style Mid Rise
Building Class C
Lot Size 0.05 AC
Building Size 6,020 SF
Average Occupancy 100%
Number of Floors 4
Year Built 1940
Opportunity Zone Yes
State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.

Unit Mix Information

Description No. Units Avg. Rent.Mo SF
1+1 8 - -
1 of 1
Walk Score ®
Walker's Paradise (96)
Transit Score ®
Rider's Paradise (100)
Bike Score ®
Very Bikeable (87)
What is a Walk Score®, Transit Score® & Bike Score®?
Walk Score® measures the walkability of any address.
Transit Score® measures access to public transit.
Bike Score® measures bikeability of a location.
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures the walkability
of any address. Transit Score®
measures access to public transit. Bike Score®
measures bikeability of a location.®
Learn How It Works Detailed Scores

PROPERTY TAXES

Parcel Number 00408-0013 Total Assessment £127,652 (2024)
Land Assessment £1,960 (2024) Annual Taxes £15,050 (£2.50/sf)
Improvements Assessment £125,692 (2024) Tax Year 2022

PROPERTY TAXES

Parcel Number
00408-0013
Land Assessment
£1,960 (2024)
Improvements Assessment
£125,692 (2024)
Total Assessment
£127,652 (2024)
Annual Taxes
£15,050 (£2.50/sf)
Tax Year
2022

zoning

Zoning Code M1-3 (M1 is a Light Manufacturing Zoning District having manufacturing, commercial, and community facility uses.)
M1-3 (M1 is a Light Manufacturing Zoning District having manufacturing, commercial, and community facility uses.)
(925) 285-3075

  • Listing ID: 30019705

  • Date on Market: 09/11/2023

  • Last Updated:

  • Address: 4029 23rd St, Long Island City, NY 11101

The Northwest Queens Residential Property at 4029 23rd St, Long Island City, NY 11101 is currently available. Contact NY Space Finders for more information.

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© 2024 CoStar Group

90% Free Market Multi-Family Building | 4029 23rd St
(925) 285-3075 x

90% Free Market Multi-Family Building | 4029 23rd St

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Faisal Gilani

(925) 285-3075

(925) 285-3075

Luca DiCiero

(347) 242-0353

(347) 242-0353

Damian Dakas

(516) 840-2002

(516) 840-2002

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