Active
477 Fairview Avenue Unit: 1
Queens NY, 11385
$2,150,000
$511.90 per sqft
Active
7 Beds
6 Baths
4,200 sqft
Town House
Built in 1920
Looking for a unicorn investment property? It is not often that you're able to find a massive legal five family building that is in excellent shape, can be delivered vacant at closing and is in a prime-time neighborhood. This building is 4,200 square feet, it is comprised of four two-bedroom railroad style apartments and one enormous true three bedroom, two bath apartment with access to the backyard. There is also a full basement, with multiple coin operated washing machines and updated mechanicals. This building is 25x56 and sits on a 25x95 lot and I zoned R6B. You are located in prime Ridgewood, just outside the landmarked district and within blocks of the L and M train. Being this is such a great location; you should never have a vacancy. The expenses are currently just under $30,000 a year and potential rent roll is close to $190,000 a year. You should end up with a 7-7.5% cap rate on this building. This could also be a great condo conversion, whether it is now or if you hold it and do it in the future. This is a perfect 1031 situation.
PRCH-7855009
MLSⓇ ID
February 20, 2024
Listed
May 9, 2024
Updated
Map
477 Fairview Avenue Unit: 1
Queens NY, 11385
Interior Features
Total Stories
3
Bedrooms
7
Total Bathrooms
6
Laundry Description
Building In Basement, In Basement
Fireplace
No
Cooling
No
Heating
No
Exterior/Building Features
Lot Size
0.05 Acres
Architectual Style
Prewar
Other Property Details
Taxes
$12,216
Tax Frequency
Annually
HOA Frequency
Monthly
Garage
No
View
No
County
Queens
Pool
No
Zoning
R6B
Buyer Agency Compensation
2%
Courtesy of Revived Residential with Louis Belisario, Michael Chindemi
Listing Contact: (347) 702-3316
This information is not verified for authenticity or accuracy and is not guaranteed and may not reflect all real estate activity in the market.
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Data last updated 3:36 PM UTC, 5/9/2024