Property Description

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 102,000Vacancy Loss (5,100)--------------------------------------------Effective Gross Income 96,900Property Taxes (7,145)Operating Expenses (9,238)-----------------------------------------

Property Features

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