1824 Cornelia St, Flushing, NY 11385
6 Unit Apartment Building | $1,150,000 ($191,667/Unit) | 6.49% Cap Rate | Flushing, NY 11385
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $1,150,000
- Property Type
-
Multifamily
- Square Feet
- 5,600 SF
Listing Contacts
Salvatore Crifasi
Verified Profile
Sal Joseph Crifasi
Verified Profile
- Property Info
Property Overview
Explore an enticing investment prospect in the vibrant and highly sought-after Ridgewood area with this strategically located building. Nestled in the heart of Ridgewood, just three blocks away from the M train, the property is surrounded by an array of amenities, .including gift shops, bookstores, fine dining, bars, cafes, and bakeries. Fully Tenant Occupied. Being Sold with Tenants. 5 Out of 6 Stabilized. underscoring the property's immediate revenue-generating potential.
This real estate gem not only offers a prime location but also presents excellent prospects for growth. The recent surge in total annual income to an impressive $113,148, with expenses standing at $38,552, results in a substantial net income of $74,596. This robust financial profile positions the property as a compelling investment opportunity.
Don't miss the chance to be part of the thriving Ridgewood community, recognized as the 4th coolest neighborhood in the World in 2022. The property is fully tenant-occupied and is being sold with tenants in place. Specific rental details include Apt 1L at $942/month, Apt 1R at $2,150/month, Apt 2L at $875/month, Apt 2R at $1,200/month, Apt 3L at $2,062/month, and Apt 3R at $2,200/month.
Associated costs for the property include taxes at $15,692, extermination fees of $1,650, insurance costs totaling $4,400, water sewer expenses of $6,987, heating costs at $6,204, maintenance/repairs at $3,000, and electric costs of $619. The calculated cap rate based on the asking price is 6.34, showcasing a solid return on investment. The building encompasses 5,600 sqft, with an existing price per sqft of $210, making it a lucrative and well-positioned asset in the market.
Apt 1L 3 Bd & 1 bath (railroad) Current Rent: $942.000 Lease Began: 12/1/2023 Lease Expires: 11/30/2024
Apt 1R 3 Bd & 1 bath (railroad) Current Rent: $2,150.00 Lease Began: 6/11/2022 Lease Expires: 5/03/2024
Apt 2L 3 Bd & 1 bath (railroad) Current Rent: $875.00 Lease Began: 1/1/2024 Lease Expires: 12/31/2024
Apt 2R 3 Bd & 1 bath (railroad) Current Rent: $1.200.00 Lease Began: 7/1/2023 Lease Expires: 6/30/2024
Apt 3L 3 Bd & 1 bath (railroad) Current Rent: $2,062.00 Lease Began: 11/1/2023 Lease Expires: 10/31/2025
Apt 3R (destablized)) 3 Bd & 1 bath (railroad) Current Rent: $2,200.00 Month to Month
Total/Averages $9,429.00
This real estate gem not only offers a prime location but also presents excellent prospects for growth. The recent surge in total annual income to an impressive $113,148, with expenses standing at $38,552, results in a substantial net income of $74,596. This robust financial profile positions the property as a compelling investment opportunity.
Don't miss the chance to be part of the thriving Ridgewood community, recognized as the 4th coolest neighborhood in the World in 2022. The property is fully tenant-occupied and is being sold with tenants in place. Specific rental details include Apt 1L at $942/month, Apt 1R at $2,150/month, Apt 2L at $875/month, Apt 2R at $1,200/month, Apt 3L at $2,062/month, and Apt 3R at $2,200/month.
Associated costs for the property include taxes at $15,692, extermination fees of $1,650, insurance costs totaling $4,400, water sewer expenses of $6,987, heating costs at $6,204, maintenance/repairs at $3,000, and electric costs of $619. The calculated cap rate based on the asking price is 6.34, showcasing a solid return on investment. The building encompasses 5,600 sqft, with an existing price per sqft of $210, making it a lucrative and well-positioned asset in the market.
Apt 1L 3 Bd & 1 bath (railroad) Current Rent: $942.000 Lease Began: 12/1/2023 Lease Expires: 11/30/2024
Apt 1R 3 Bd & 1 bath (railroad) Current Rent: $2,150.00 Lease Began: 6/11/2022 Lease Expires: 5/03/2024
Apt 2L 3 Bd & 1 bath (railroad) Current Rent: $875.00 Lease Began: 1/1/2024 Lease Expires: 12/31/2024
Apt 2R 3 Bd & 1 bath (railroad) Current Rent: $1.200.00 Lease Began: 7/1/2023 Lease Expires: 6/30/2024
Apt 3L 3 Bd & 1 bath (railroad) Current Rent: $2,062.00 Lease Began: 11/1/2023 Lease Expires: 10/31/2025
Apt 3R (destablized)) 3 Bd & 1 bath (railroad) Current Rent: $2,200.00 Month to Month
Total/Averages $9,429.00
Property Details
- Class
- C
- Year Built
- 1911
- Stories
- 3
- Lot Size (sq. ft)
- 2,614 SF
- Units
- 6
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