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1146 Welling Ct
Long Island City, NY 11102
Multifamily Property For Sale
·
6 Units
EXECUTIVE SUMMARY
11-46 Welling Court Astoria, Queens
Free Market Six-Family + 2 Parking Spaces + Backyard + Value-Add Upside
Investment Overview:
11-46 Welling Court presents a rare opportunity to acquire a fully free-market six-family building in the heart of Old Astoria. Built in 1990 and spanning approximately 4,425 SF across three stories, the property features six residential units, two on-site parking spaces, and a large, private backyard.
Investment Highlights:
-All Free Market Units - No rent stabilization or control.
-Delivered Vacant Unit - Includes one parking space. Perfect for live-plus-income buyers or immediate leasing.
-Private Backyard - Expansive rear yard accessible to select units; potential for shared outdoor space or exclusive-use rental premium.
-Strong in-place income with projected upside potential through upgrades and full lease-up.
-Two On-Site Parking Spaces - One leased, one delivered vacant.
-Multiple Value-Add Plays -
-Install income-generating storage cages
-Add laundry room or shared amenities
-Upgrade roof deck for tenant enjoyment
-Renovate interiors for stronger rental premiums
-Efficient Layout - Two apartments per floor (front and rear). Several units with outdoor access.
-Zoning - R4-1 Built FAR: 1.65 Lot: 2,685 SF (buyer to confirm development rights).
-Low Operating Expenses - Mostly separately metered utilities, low-maintenance layout.
Location:
Ideally located in Old Astoria, just blocks from Socrates Sculpture Park, the NYC Ferry, local shops, parks, and an increasingly vibrant restaurant scene.
Free Market Six-Family + 2 Parking Spaces + Backyard + Value-Add Upside
Investment Overview:
11-46 Welling Court presents a rare opportunity to acquire a fully free-market six-family building in the heart of Old Astoria. Built in 1990 and spanning approximately 4,425 SF across three stories, the property features six residential units, two on-site parking spaces, and a large, private backyard.
Investment Highlights:
-All Free Market Units - No rent stabilization or control.
-Delivered Vacant Unit - Includes one parking space. Perfect for live-plus-income buyers or immediate leasing.
-Private Backyard - Expansive rear yard accessible to select units; potential for shared outdoor space or exclusive-use rental premium.
-Strong in-place income with projected upside potential through upgrades and full lease-up.
-Two On-Site Parking Spaces - One leased, one delivered vacant.
-Multiple Value-Add Plays -
-Install income-generating storage cages
-Add laundry room or shared amenities
-Upgrade roof deck for tenant enjoyment
-Renovate interiors for stronger rental premiums
-Efficient Layout - Two apartments per floor (front and rear). Several units with outdoor access.
-Zoning - R4-1 Built FAR: 1.65 Lot: 2,685 SF (buyer to confirm development rights).
-Low Operating Expenses - Mostly separately metered utilities, low-maintenance layout.
Location:
Ideally located in Old Astoria, just blocks from Socrates Sculpture Park, the NYC Ferry, local shops, parks, and an increasingly vibrant restaurant scene.
PROPERTY FACTS
| Price Per Unit | $349,667 | Apartment Style | Low-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 6.31% | Lot Size | 0.06 AC |
| Gross Rent Multiplier | 12.63 | Building Size | 4,425 SF |
| No. Units | 6 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1990 |
| Property Subtype | Apartment | ||
| Zoning | R5 - R5 Zoning in NYC is a low density contextual residential zoning district | ||
| Price Per Unit | $349,667 |
| Sale Type | Investment |
| Cap Rate | 6.31% |
| Gross Rent Multiplier | 12.63 |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.06 AC |
| Building Size | 4,425 SF |
| No. Stories | 3 |
| Year Built | 1990 |
| Zoning | R5 - R5 Zoning in NYC is a low density contextual residential zoning district |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 6 | - | 725 |
PROPERTY TAXES
| Parcel Number | 00506-0062 | Improvements Assessment | $267,428 |
| Land Assessment | $3,562 | Total Assessment | $270,990 |
PROPERTY TAXES
Parcel Number
00506-0062
Land Assessment
$3,562
Improvements Assessment
$267,428
Total Assessment
$270,990
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