INVESTOR SPECIAL – VALUE-ADD OPPORTUNITY!
Potential for the Property to Be Worth Double Your Purchase Price Within 1–2 Years!
Rare opportunity to acquire six apartments across three separate buildings on one property in Queens Village, with significant upside potential through improved rental income, property improvements, and strategic management.
Each building contains two apartments arranged one above the other. All six apartments feature two bedrooms and one bathroom. The lower-level apartments include basements with separate cellar-style entrances.
Property Details
- Each building has its own street address. 212-29 / 212-31 / 212-33 212nd Place
- Address used for property tax purposes: 90-41 212nd Place, Queens Village.
- According to the seller, the original building was constructed in 1945, and two additional buildings were added in 1969.
- Annual property taxes: $42,958, with one tax bill covering the entire property.
Utilities
- Oil heat is supplied and paid for by the owner, with one shared oil meter serving the property,
- Each apartment has its own gas meter, for a total of six gas meters.
- Each building has its own water meter, for a total of three water meters.
- Each apartment has its own electric meter, for a total of six electric meters.
Current Rental Income and Occupancy
Three apartments are occupied by paying tenants, with monthly rents of $1,150, $1,000, and $850, totaling $3,000 per month.
Two additional apartments are occupied by tenants who are currently not paying rent.
One apartment is occupied by the 93-year-old owner, who wishes to remain in his apartment for the rest of his life.
Rent-Regulation Status
The seller states that none of the apartments is subject to rent control or rent stabilization. Buyers must independently verify the rent-regulation status of all units.
Investment Potential
An opportunity for investors seeking substantial appreciation through increased rental income, property improvements, and strategic management, subject to applicable laws, existing tenancies, and the terms of the owner’s continued occupancy.
All information is deemed reliable but not guaranteed. Buyers are responsible for conducting their own independent due diligence and verifying all information, including building and unit legality, addresses, construction dates, rent-regulation status, rental income, occupancy rights, utilities, expenses, taxes, and potential investment returns. The potential for the property to be worth double the purchase price within 1–2 years is speculative and has not been independently substantiated. Actual results depend on acquisition price, improvement costs, rental performance, market conditions, and other factors. No future value, appreciation, income, or investment return is guaranteed. Broker makes no representations or warranties as to the accuracy or completeness of the information provided and assumes no responsibility for any errors or omissions.
