32-04 38th Avenue

01-25-2022
05-09-2022

32-04 38th Ave, LONG ISLAND CITY, NY 11101

Ariel Property Advisors is pleased to bring to market 32-04 38th Avenue, a 21- unit new construction building in Long Island City with a 421-a tax abatement. The units feature updated kitchens and bathrooms, are well maintained and are individually metered for gas and electric and have their own boilers for heating; some units have outdoor space. Additionally, there are 9 parking space and currently on 2 spaces are rented, allowing for more opportunity to increase the cash-flow. The property is currently achieving an average of $57/sqft in rent, which is strong for the area. Additional revenue can come from renting additional car and bicycle parking in the building. The expenses are low for this property due to the 421-a tax abatement, set to expire in 2032.

The property is well situated a couple blocks from the 39th Ave-Dutch Kills Station supported by the N & W Subways, providing easy access to Queens and Manhattan. In addition, it is a short walk to the 36th Ave and Crescent Street and Northern Blvd retail thoroughfares. The property is also conveniently located next to Northern Blvd and Queens Blvd and a short drive to the Grand Central Parkway and BQE.

The neighborhood boasts a plethora of new construction condominiums and rentals, local and national retailers, supermarkets, movie theaters, schools, playgrounds, and diverse restaurants. This opportunity offers great in-place cash flow with low expenses and a path to free market units in an established location with even more room to grow.

Key Property Information

Listing Status
Under Contract
Multifamily type
Mixed-Use
No. of Units
21
Building Size
14,055 Sq ft
Lot Size
4,685 Sq ft
No. of Stories
6
Zoning Code
R6A / M1-2
Opportunity Zone
Off
Price per unit
$ 583,333
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40.753092, -73.931249

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