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4751 40th St
Long Island City, NY 11104
Multifamily Property For Sale
·
60 Units
Investment Highlights
- A prominent six-story, elevator-serviced apartment building spanning approximately 58,800 gross square feet.
- Clean and well maintained building with strong collections.
- The property is a short walk to the iconic Sunnyside Arch on Queens Boulevard and the historic Sunnyside Gardens historic district.
- Situated on the east side of 40th Street, just 0.2 miles from the 7 subway line for an easy Manhattan commute.
- Features a strong mix of both fair-market and rent-stabilized apartments.
- Cash-flowing asset generating approximately $1,300,000 in gross annual income.
Executive Summary
47-51 40th Street presents a rare opportunity to acquire a six-story, prewar elevator building in the highly desirable Sunnyside neighborhood of Queens. This 60-unit property spans approximately 58,800 square feet and is situated on a 14,000-square-foot lot within an R6 zoning district. The building features a strong mix of both fair-market and rent-stabilized apartments, providing a balanced income stream and long-term stability for investors.
The property is strategically located just 0.2 miles from the 7 subway line, offering direct access to Midtown Manhattan and making it an attractive option for commuters. Residents benefit from proximity to the Sunnyside Arch, Queens Boulevard, and the historic Sunnyside Gardens district, as well as a variety of retail, dining, and neighborhood amenities.
Currently generating approximately $1.3 million in gross annual income, the asset delivers a 6.74% cap rate and a 7.19 GRM based on in-place performance. With strong collections, consistent occupancy, and a well-maintained structure, this property offers both immediate cash flow and long-term appreciation potential in one of New York City’s most stable and growing submarkets.
The property is strategically located just 0.2 miles from the 7 subway line, offering direct access to Midtown Manhattan and making it an attractive option for commuters. Residents benefit from proximity to the Sunnyside Arch, Queens Boulevard, and the historic Sunnyside Gardens district, as well as a variety of retail, dining, and neighborhood amenities.
Currently generating approximately $1.3 million in gross annual income, the asset delivers a 6.74% cap rate and a 7.19 GRM based on in-place performance. With strong collections, consistent occupancy, and a well-maintained structure, this property offers both immediate cash flow and long-term appreciation potential in one of New York City’s most stable and growing submarkets.
Property Facts
| Price Per Unit | $211,578 CAD | Apartment Style | Mid-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 6.74% | Lot Size | 0.32 AC |
| Gross Rent Multiplier | 7.19 | Building Size | 58,800 SF |
| No. Units | 60 | No. Stories | 6 |
| Property Type | Multifamily | Year Built | 1939 |
| Property Subtype | Apartment | ||
| Zoning | R6A | ||
| Price Per Unit | $211,578 CAD |
| Sale Type | Investment |
| Cap Rate | 6.74% |
| Gross Rent Multiplier | 7.19 |
| No. Units | 60 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.32 AC |
| Building Size | 58,800 SF |
| No. Stories | 6 |
| Year Built | 1939 |
| Zoning | R6A |
Amenities
Unit Amenities
- Air Conditioning
- Dishwasher
- Microwave
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
- Freezer
Site Amenities
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Elevator
- Public Transportation
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 60 | - | - |
Property Taxes
| Parcel Number | 00198-0005 | Improvements Assessment | $2,074,451 CAD |
| Land Assessment | $691,690 CAD | Total Assessment | $2,766,141 CAD |
Property Taxes
Parcel Number
00198-0005
Land Assessment
$691,690 CAD
Improvements Assessment
$2,074,451 CAD
Total Assessment
$2,766,141 CAD
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