4751 40th St
Long Island City, NY 11104
Immeuble residentiel Propriété À vendre · 60 Unités

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.