Discover a premier investment or ultimate live-with-income residence in the heart of Elmhurst, Queens. Sited on a 25x100 lot, this detached multi-family property will be delivered 100% vacant at closing, allowing you to set premium market rents from day one. The building generates a proven gross annual rental income of $102,000, representing a solid 5.07% Capitalization Rate in a completely free-market, non-rent-stabilized environment.
The property underwent a high-end architectural gut renovation in 2008, fully replacing all underlying infrastructure—including modernized electrical wiring, updated plumbing networks, and rich hardwood floors. Fully separate utility meters for the first and second floors drastically minimize landlord oversight and protect operating margins.
Intelligent Multi-Level Layout: The home features a main secure entryway that opens into a private interior vestibule, providing dedicated, separate locked entrances to each of the three independent apartments:
First Floor: Fully renovated 2-Bedroom (easily reverted to 3-BR) featuring a large living room, eat-in kitchen with brand new appliances, full bathroom, in-unit washer/dryer, and direct access to a paved, secure, gated backyard with an oversized awning.
Second Floor: Independent, sun-drenched 3-Bedroom, 1-Bathroom apartment with a spacious living area, modern eat-in kitchen with a dishwasher, and dedicated brand new laundry washer/dryer.
Finished Basement: Completely finished with an expansive open loft layout, featuring a legal full bathroom and a dedicated kitchen/bar area. Complete with a private entrance and electric stove, this versatile space is perfect for an owner's suite, guest quarters, home office, or auxiliary recreation. All basement utilities are included.
Location & Amenities:
- Parking: Secure shared driveway protected by a permanent easement, comfortably accommodating off-street parking for multiple vehicles.
- Transit: Unbeatable commuter location just two blocks from Queens Boulevard. A seamless 20-minute commute to Manhattan via the Grand Ave–Newtown M/R subway station and Q29 bus line.
- Lifestyle: Moments from Queens Center Mall, Target, Best Buy, Rego Park Shopping Center, and Elmhurst Hospital.
- Education: Adjacent to the prestigious P.S. 102 Bayview (holding an elite 9/10 ranking).
Gross Rental Income 102,000
Vacancy Loss (5,100)
--------------------------------------------
Effective Gross Income 96,900
Property Taxes (7,145)
Operating Expenses (9,238)
--------------------------------------------
Total Expenses (16,383)
=========================
Net Operating Income 80,517