Brand new 8 units apartment building in Fresh Meadows


161-09 72nd Avenue, Fresh Meadows, NY 11365

  • All units feature hardwood flooring, modern kitchen appliances, LED lighting, and ample windows.
  • Unit 1A & 1B are one-bedroom duplex units, each unit features two entrances.
  • Unit 2A, 2B, 3A, 3B, 4A & 4B features one bedroom and one bathroom in each unit.
  • Unit 1A and 2B are filed to be affordable apartments, the projected rent is $1,900/M for each unit.
  • The rest units are fully leased at the rent of $1,900/M.

Property Description

B SQUARE REALTY has been retained on an exclusive basis to market for sale, 161-09 72nd Ave, a brand new 8 units apartment building in Fresh Meadows. The property was designed with modern and sleek high standard finishes, providing residents with hardwood flooring, modern kitchen appliances, LED lighting, and in-building washers & dryers. Currently, the owner has filed 2 units to Affordable Housing Program, so that the building will be entitled to 25-year tax abatement, while the other 6 units are fully leased at $1,900/Mo. The property is in a densely populated location, surrounded by multiple national retailers, including Key Food Marketplace, Walgreens, McDonald's, banks, and more. It is just one mile from St. Jones University and Queens College which creates a large demand for one-bedroom apartments.

Unit Mix

Description No. of Units Sq ft. Avg. Monthly Rent
ONE BEDROOM 6 580 $ 1,900
ONE BEDROOM DUPLEX 2 900 $ 1,900

Key Property Information

Listing Status
Listing Type
Call for offers
Multifamily type
$ 3,580,000
Average Occupancy
Year Built
Building Size
7,216 Sq ft
Lot Size
2,470 Sq ft
No. of Stories
No. of Parking Spots
Opportunity Zone
Price per unit
$ 0

Financial Details

Income/Expense Info
Financial Year
Gross Income
$ 182,400
Operating Expenses
$ 23,800
Net Operating Income
$ 158,600
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