55-44 97th Pl 55-44 97th Pl 10 Unit Apartment Building $6,201,630 CAD ($620,163 CAD/Unit) 6.98% Cap Rate Corona, NY 11368

55-44 97th Place offers a prime 10-unit multifamily investment in Central Queens, featuring a modern six-story elevator building. Built in 2020, the asset comprises a mix of nine two-bedroom units and one three-bedroom unit. Being one of the few newer construction properties in the area, 55-44 97th Place combines contemporary apartment living with durable income potential, supported by a projected cap rate approaching 7% and a 421-a Tax Abatement in place from 2023 through 2058, creating meaningful long-term tax savings.

Designed for comfortable, efficient living, the building offers elevator service, two bathrooms per unit, central A/C, dishwashers, hardwood floors, private balconies in select units, and an on-site laundry room, along with bright, functional layouts and modern finishes. Backed by a proven rental history and located in a high-demand rental corridor, 55-44 97th Place stands out as a rare opportunity to acquire a well-maintained, income-producing new construction asset in one of Queens’ most supply-constrained apartment submarkets.

Set on a quiet residential block with strong connectivity, 55-44 97th Place benefits from outstanding access to regional transportation and amenities that support tenant retention. Less than a mile from Queens Boulevard and the Long Island Expressway (Interstate 495), the building offers streamlined connectivity across Queens. In addition, it offers easy access to the M/R and 7 subway lines, providing convenient service into Manhattan and throughout Queens. The surrounding neighborhood further enhances resident appeal with proximity to Citi Field, Flushing Meadows-Corona Park, and an amenity-rich retail corridor anchored by Rego Center, all within roughly half a mile. Major national retailers include Best Buy, Petco, Aldi, Marshalls, Costco, and T.J. Maxx, giving residents access to daily necessities, shopping, and recreation within minutes.

Central Queens continues to distinguish itself as one of New York’s most attractive multifamily markets, shaped by limited new supply, consistently firm renter demand, and positive rent performance. 55-44 97th Place draws from a deep renter base, with over 2.1 million people within a 5-mile radius, of whom 70% of households are renter-occupied. 55-44 97th Place offers a strategic foothold in a resilient urban submarket with tax-advantage opportunities and upside in a solid Queens location with enduring income potential.