As real estate prices in Queens continue to rise, Middle Village is not immune to the surge as a large, multi-family building is on sale for $1.2 million.
Greiner-Maltz Investment Properties is offering the 3,880-square-foot building located at 85-23 60th Rd., which has a total of five one-bedroom apartments above a large two-car garage.
The three-story property is located near the Woodhaven Boulevard stop on the E, M and R trains and the multiple bus lines on Woodhaven Boulevard, and is within walking distance to the Queens Center mall and the Target shopping center.
Greiner-Maltz estimates the monthly rent for each of the apartments at:
- Apartment 1A, $1,500 per month/$18,000 annually;
- Apartment 2A, $1,304 per month/$15,648 annually;
- Apartment 2B, $1,200 per month/$14,400 annually;
- Apartment 3A, $1,400 per month/$16,800 annually; and
- Apartment 3B, $890 per month/$10,680 annually.
The garage can be rented out for $300 per month, netting $3,600 each year for the new owner. According to Greiner-Maltz, there are four parking spaces that can be rented out as well, one for $90, one for $100 and two for $70 per month, which can bring in $1,080, $1,200, $840 and $840 every year respectively.
Combining the apartments, garage and parking spaces the prospective owner can earn $6,924 per month, and $83,088 annually.
Real estate taxes on the property are estimated to cost $30,943, with insurance costing $2,439, electric at $785, and water/sewer costing $2,824, for a total cost of $36,991. Subtracting the total cost from the annual income leaves the new owner with $46,097 in net operating income.
This multi-family building can make for a great opportunity for an owner, user or investor, Greiner-Maltz said. For more information about the property, visit the Greiner-Maltz website.
