Property Description

Ideally positioned in the heart of Flushing, the fully leased multi-family building presents a compelling hybrid investment opportunity that combines stable in-place income with significant upside potential. The property consists of a 16-unit residential building, featuring 14 two-bedroom/one-bath units and 2 one-bedroom/one-bath units, along with four on-site parking spaces, a potential tenant laundry facility, and an on-site superintendent for efficient day-to-day management.All units are fully occupied on a month-to-month basis, with current rents significantly below market, offering immediate value-add potential through strategic repositioning and operational improvements. With no rent control restrictions, the asset provides full flexibility to achieve market rents, supporting a projected conservative cap rate of 6.2% or higher.The property's location is a key driver of long-term value. Situated just minutes from Downtown Flushing-one of New York City's most dynamic and rapidly growing commercial hubs-the asset benefits from exceptional access to retail, dining, and employment centers. It is also conveniently located near major transportation options, including the 7 subway line at Main Street, the Long Island Rail Road Flushing-Main Street station, and multiple bus routes, providing seamless connectivity to Manhattan and the greater New York City area.Further enhancing its appeal, the property benefits from R7-1 zoning (3.44 FAR / 4.80 CF FAR), introducing a strong development component. With an estimated buildable potential of approximately 21,000 to 30,000 square feet, investors have a clear path toward increased density or full-scale redevelopment.This is a rare opportunity to acquire a scalable asset in a prime, supply-constrained Flushing location, offering both immediate cash flow growth and long-term development upside.

Property Features

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