82-76 116 street kew gardens, ny 11418...82-76 116th street kew gardens, ny 11418 presented by asset...

82-76 116TH STREET

KEW GARDENS, NY 11418

KEW GARDENS NEIGHBORHOOD

NEWLY CONSTRUCTED MULT I -FAMILY BUILDING

ELEVATOR BUILDING | 30 UNITS

AVAILABLE FOR SALE | ASKING $15,800,000

Exclusively listed by

Michelle Abramov

Managing PrincipalInvestment Sales & Retail LeasingDirect: 646.767.6975Mobile: [email protected]

Yuriy UstoyevSenior Executive DirectorInvestment Sales DivisionDirect: 718.412.1363Mobile: [email protected]

mailto:[email protected]?subject=Interest%20on%2082-76%20116th%20Street


82-76 116th StreetKew Gardens, NY 11418

Presented by Asset Commercial Realty Group, LLCA Full Service Commercial Real Estate Company

Opportunity Review

Property Details

Address 82-76 116th Street, Richmond Hill, NY 11418

Block & Lot 3320/27

Neighborhood Kew Gardens

Cross Streets Grosvenor Road & Metropolitan Avenue

Description Multi-Family Elevator Rental Building

Stories Eight

Apartments 30 Units

Parking 3 Spots

Lot Dimensions 49.85’ X 122.21’

Lot Area (SF) 6,285

Building Dimensions 41.85’ X 77.22’

Building Area (SF) 30,327

Zoning R7A

FAR 4.88

Air Rights (Approx.) None

Year Built 2019

Unit Layout Breakdown

Bedroom Type Count Rentable SF

Studio 1 392 SF

1 Bedroom &

1 Bathroom12 7,429 SF

2 Bedrooms

& 1 Bathroom11 8,484 SF

2 Bedrooms

& 2 Bathrooms6 5,291 SF

30 Units 21,596 SF

❑ The asset is a brand new 2019 constructed luxury elevatored multi-family building with top of the line amenities and nestled in the beautiful Forest Park

❑ The building consist of 30 units and 3 Dedicated Parking Spaces❑ 1 ~ Studio❑ 12 ~ One Bedrooms❑ 11 ~ Two Bedrooms & One Bathroom❑ 6 ~ Two Bedrooms & Two Bathroom

❑ The building amenities consist of: ❑ a 24-hour recorded surveillance with a virtual doorman / video intercom in each unit; ❑ a 24-hour fitness center on-site; ❑ a private keyed storage space;

❑ a bike storage; ❑ an in-unit washer & dryer; ❑ an in-unit dish washer❑ and a live-in super

❑ Property located near the Subway Lines and the LIRR line at the Kew Gardens stop❑ The building consists a total of 30,327 square feet with the net leasable of 21,596 square feet ❑ The building has a secured 15-year 421-A tax abatement ❑ The total gross income is $891,360 with a total expense of $92,696 and net operating income (NOI) of

$798,664❑ The asking price is set at $15,800,000 which reflects a 5.05% cap

Nearby Retailers

http://www.assetcrg.com/




Rent RollUnit Layout Square Feet Total Monthly Rent Total Annual Rent Lease Status Comments

L1 Studio 392 SF $1,695 $20,340 Leased

L2 1 Br 603 SF $1,800 $21,600 Leased

L3 1 Br 480 SF $2,200 $26,400 Pending Lease Unit has access to the rear yard

L4 2 Br 772 SF $2,675 $32,100 Leased Unit has access to the rear yard

101 1 Br 585 SF $1,995 $23,940 Leased Has a pet deposit of $1,000

102 1 Br 716 SF $2,050 $24,600 Pending Lease

103 1 Br 609 SF $1,895 $22,740 Leased

104 2 Br 772 SF $2,495 $29,940 Leased

201 1 Br 585 SF $2,095 $25,140 Leased Unit has a balcony


203 1 Br 609 SF $1,950 $23,400 Leased Unit has a balcony; Has a pet deposit of $1,000

204 2 Br 772 SF $2,650 $31,800 Pending Lease Unit has a balcony





401 2 Br 744 SF $2,695 $32,340 Leased Unit has two balconies

402 2 Br- 2 Bath 951 SF $2,995 $35,940 Leased Unit has a Balcony & a Private Terrace

403 2 Br 776 SF $2,595 $31,140 Pending Lease Unit has a Balcony

501 2 Br 774 SF $2,795 $33,540 Pending Lease Unit has two balconies


503 2 Br 776 SF $2,795 $33,540 Leased Unit has a Balcony

601 2 Br 774 SF $2,850 $34,200 Pending Lease Unit has two balconies


603 2 Br 776 SF $2,750 $33,000 Pending Lease Unit has a Balcony

701 2 Br- 2 Bath 767 SF $2,995 $35,940 Pending Lease Unit has a Balcony & a Private Terrace



801 2 Br- 2 Bath 796 SF $2,995 $35,940 Pending Lease Penthouse Suite; Unit has three Balconies

802 2 Br- 2 Bath 875 SF $2,995 $35,940 Leased Penthouse Suite; Unit has two large Private Terraces (193 SF & 298 SF); Has a pet deposit of $1,000

Double Parking $350 $4,200

Motorcycle 1 $150 $1,800

Motorcycle 2 $150 $1,800

Total 30 Units 21,596 SF $74,280 $891,360





Income & Expenses / Map

INCOME Total $ /SF

Residential $ 883,560 $ 40.91

Parking $ 7,800 $ 0.36

EFFECTIVE GROSS REVENUE $ 891,360 $ 41.27

EXPENSES

Real Estate Taxes* $ 4,709 $ 0.22

Electricity $ 6,000 $ 0.28

Water & Sewer $ 22,500 $ 1.04

Insurance $ 12,000 $ 0.56

Elevator $ 5,000 $ 0.23

Repairs & Maintenance $ 10,000 $ 0.46

Misc. $ 6,000 $ 0.28

Management Fee $ 26,487 $ 1.23

EFFECTIVE GROSS EXPENSES $ 92,696 $ 4.29

NET OPERATING INCOME $ 798,664 $ 36.98

*The building holds a 421-A tax abatement that started June of 2017





Birds Eye View





Retail Map / Tax Map





Select Floor Plans





Property Photos





Exterior





Interior





Contact Advisors

Exclusively listed by

Michelle Abramov

Managing PrincipalDirect: 646.767.6975Mobile: [email protected]

Yuriy UstoyevSenior Executive DirectorDirect: 718.412.1363Mobile: [email protected]

Broker Cooperation is Welcome!

Click Here to Email the Advisors

Asset Commercial Realty Group (AssetCRG) is a full service brokerage and

consulting firm in New York. Our business is structured through our tri-pillar system

which offers our clients investment sales, leasing and asset management

services. Our firm collectively has transacted on over $1 Billion worth of real

estate deals through investment sales, leasing, financing, and asset

management. At any given time we know we can service our clients needs

through our three core competencies- investment sales, leasing and property

management.

Click here for our current investment sales

Click here for our current available retail & office spaces for lease

Click here for our tenant requirements

The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Asset Commercial Realty Group, LLC (“AssetCRG”) and should not be made available to any other person or entity without the written consent of AssetCRG. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. AssetCRG has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, AssetCRG has not verified, and will not verify, any of the information contained herein, nor has AssetCRG conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers/tenants must take appropriate measures to verify all of the information set forth herein.

The

Fo

rest

Pa

rk V

iew





mailto:[email protected];%[email protected]?subject=Interest%20from%20the%20Brochure%20on%2082-76%20116th%20Street


http://www.assetcrg.com/product-category/investment-sales/exclusive-investment-sales/

http://www.assetcrg.com/product-category/leasing/exclusive-leasing/

http://www.assetcrg.com/product-category/tenant-requirements/

82-76 116 street kew gardens, ny 11418...82-76 116th street kew gardens, ny 11418 presented by asset...

Documents