Asking Price: $6,500,000

Property Highlights

PROPERTY PHOTO

Property Description

Cushman & Wakefield has been retained on an exclusive basis for the sale of 99-42

41st Avenue, Corona, Queens. The property is a four-story, 28-unit walk-up apartment

building, located on the north side of 41st Avenue between 102nd and 103rd Streets in

Corona, Queens, just a short walk to the 103rd Street-Roosevelt Avenue 7-Train station.

All units are rent stabilized with one SCRIE tenant. The building consists of six (2)

bedroom apartments, eighteen (1) bedroom apartments and four (1) bedroom apart-

ments with efficient kitchens.

Recent MCIs includes new roof and parapet wall, refurbished boiler and new dual fuel

burner, new energy efficient hot water heaters, new basement windows, new fireproof

doors for all apartments, new interior and exterior lighting, and the replacement of all

lead pipes in the basement. Eight of the 28 units have been recently renovated.

The current average monthly rent of $1,156 per apartment and $20 PSF (approx. based

on estimated 15% loss factor) represents approx. 70% of the current rental market,

leaving tremendous future upside potential. This is an excellent opportunity for an

investor with a 1031 exchange. All property inspections are by appointment only.

Please contact exclusive agents for additional information.

Location South side of 41st Avenue between 102nd Street and 103rd Street.

Block / Lot 1616 / 24

Building Sq. Ft. 22,640 (approx.)

Lot Sq. Ft. 7,100 (approx.)

Lot Size 71’ X 100’

Zoning R6B

Residential Units 28

Stories 4 plus basement

Year Built 1931 (estmated)

Assessment (17/18) $599,400

Pending J51 Abatement $45,300

Current RE Taxes $77,275 (Tax Class 2)

RE Taxes After Abatement $71,435

P.P.S.F. $287 / Price Per Unit $232,143

Thomas A. DonovanVice Chairman +1 718 512 2626 tom.donovan@cushwake.com

Eugene KimDirector +1 718 512 2618 eugene.kim@cushwake.com

Tommy Lin Director +1 718 512 2609 tommy.lin@cushwake.com

118-35 Queens Blvd, 14th Fl.Forest Hills, NY 11375 Main +1 718 275 3400 Fax +1 718 275 5478cushmanwakefield.com

Robert Rappa Associate Director +1 718 512 2601 robert.rappa@cushwake.com

28-UNIT FOUR STORY WALK-UP MULTIFAMILY APARTMENT BUILDING

Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.

99-42 41ST AVENUE, CORONA, NY 11368

FOR SALE

28-UNIT FOUR STORY WALK-UP MULTIFAMILY APARTMENT BUILDING

Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.

99-42 41ST AVENUE, CORONA, NY 11368

FOR SALE

RevenueUnits Bedrooms Rooms Status Lease Expiration SEC. Deposit Legal Rent Preferential MCI Increase Monthly Rent Annual Rent

1A 2 4 RS 7/31/2018 $935.38 $935.38 $48.16 $983.54 $11,802.48

1B 2 4 RS 10/31/2017 $767.18 $1,750.00 -$325.00 $48.16 $1,473.16 $17,677.92

1C 2 4 RS 6/30/2018 $1,700.00 $1,975.00 -$275.00 $48.16 $1,748.16 $20,977.92

1D 1* 3 RS 1/30/2018 $1,400.00 $1,750.00 -$250.00 $36.12 $1,536.12 $18,433.44

1E 1 3 RS-SCRIE 7/31/2019 $816.40 $855.63 $36.12 $821.12 $9,853.441F 1 3 RS 7/31/2018 $1,278.32 $1,278.32 $36.12 $1,314.44 $15,773.281G 1 3 RS 7/31/2018 $1,143.19 $1,143.19 $36.12 $1,179.31 $14,151.72

2A 2 4 RS 7/31/2018 $810.60 $810.60 $48.16 $858.76 $10,305.12

2B 1 3 RS 7/31/2018 $532.00 $592.68 $36.12 $628.80 $7,545.60

2C 1 3 RS 7/31/2019 $1,307.97 $1,307.97 $36.12 $1,344.09 $16,129.08

2D 1* 3 RS 1/31/2018 $1,450.00 $1,875.00 -$375.00 $36.12 $1,536.12 $18,433.44

2E 1 3 RS 7/31/2018 $1,211.76 $1,211.76 $36.12 $1,247.88 $14,974.56

2F 1 3 RS 9/30/2017 $1,625.00 $1,950.00 -$325.00 $36.12 $1,661.12 $19,933.44

2G 1 3 RS 7/31/2018 $924.75 $924.75 $36.12 $960.87 $11,530.44

3A 2 4 RS 7/31/2018 $1,184.00 $1,368.08 $48.16 $1,416.24 $16,994.88

3B 1 3 RS 4/30/2018 $620.88 $637.95 $36.12 $674.07 $8,088.84

3C 1 3 RS 3/31/2018 $1,248.00 $1,260.48 $36.12 $1,296.60 $15,559.20

3D 1* 3 RS 7/31/2018 $832.97 $832.97 $36.12 $869.09 $10,429.08

3E 1 3 RS 3/31/2019 $570.44 $567.06 $36.12 $603.18 $7,238.16

3F 1 3 RS 7/31/2018 $472.26 $472.26 $36.12 $508.38 $6,100.56

3G 1 3 RS 6/30/2018 $1,107.00 $1,240.98 $36.12 $1,277.10 $15,325.20

4A 2 4 RS 7/31/2018 $1,600.00 $1,928.99 -$328.99 $48.16 $1,648.16 $19,777.92

4B 1 3 RS 7/31/2019 $1,296.32 $1296.32 $36.12 $1,332.44 $15,989.28

4C 1 3 RS 7/31/2018 $896.00 $920.64 $36.12 $956.76 $11,481.12

4D 1* 3 RS 9/30/2017 $1,375.00 $1,738.99 -$313.99 $36.12 $1,461.12 $17,533.44

4E 1 3 RS 7/30/2019 $1,266.54 $1,266.54 $36.12 $1,302.66 $15,631.92

4F 1 3 RS 7/31/2018 $718.47 $718.47 $36.12 $754.59 $9,055.08

4G 1 3 RS 7/31/2018 $924.35 $924.35 $36.12 $960.47 $11,525.64

Total 90 $29,884.46 $33,534.36 -$2,192.98 $1,083.60 $32,354.35 $388,252.20RS - Rent Stabilized 1E - Less $70.63/Month for SCRIE Tenant1D, 2D, 3D, 4D - 1 Bedroom Apartments with Efficient Kitchen

ExpensesPer Owner Annual

Real Estate Taxes (17/18) Per NYC Dept. of Finance $77,275.00

Less SCRIE Abatement $70.63/Month - Apt. 1E -$847.56

Insurance $.45 / Per Sq. Ft. $10,225.00

Gas & Electric $.10 / Per Sq. Ft. $2,160.00

Fuel (Oil) $.58 / Per Sq. Ft. $13,000.00

Water / Sewer $.98 / Per Sq. Ft. $22,090.00

Repairs & Maintenance $285 / Per Unit $8,000.00

Super/Porter $350 / Per Month $4,200.00

Management 3% of Gross Annual Income $11,647.57

Total $147,750.01

NET OPERATING INCOME $240,502.19

28-UNIT FOUR STORY WALK-UP MULTIFAMILY APARTMENT BUILDING

Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.

99-42 41ST AVENUE, CORONA, NY 11368

FOR SALE

Property Location

Property Tax Map

99-42 41st Ave