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40-15 81st St 107 Unit Apartment Building $15,000,000 ($140,187/Unit) Elmhurst, NY 11373
INVESTMENT HIGHLIGHTS
- Cash flowing 95%+ leased property below market rents and strong collections
- One block from Elmhurst Hospital Center, a 545-bed acute care facility
- 7 Train station on block provides direct access to Grand Central Station in Midtown Manhattan
- Within one block of national retailers including Target, Chick-fil-A, Starbucks and Chipotle Mexican Grill
- Desirable nearby dining and entertainment options and neighborhood amenities
- A slow construction pipeline is putting upwards pressure on market rents
EXECUTIVE SUMMARY
CALL FOR OFFERS 1/30/2026
40-15 81st Street, Queens, New York is a six-story, 107 unit multi-family building comprised of two wings, each with an elevator. 100% of the Property’s units are subject to rent stabilization, however this investment has signi?cant upside. 20 of the units have discounted “preferential rents”, which can be increased to legal rent upon vacancy.
40-15 81st Street is a transit-oriented residential building on the same block as the 82 St-Jackson Heights 7 train station, providing direct service to Long Island City and Manhattan. The E, F, M and R train are also within short walking distance. Less than one block away, Elmhurst Hospital Center (or NYC Health + Hospitals/Elmhurst) is a 545-bed facility recently recognized as a “Best Regional Hospital”. The neighborhood’s storefronts are replete with a desirable mix of local businesses and national brands including Chipotle Mexican Grill, Starbucks, Chick-fil-A, Old Navy, Walgreens, CitiBank and Blink Fitness. A 160,000 SF Target-anchored commercial property opened in 2021 on the adjacent block.
40-15 81st Street, Queens, New York is a six-story, 107 unit multi-family building comprised of two wings, each with an elevator. 100% of the Property’s units are subject to rent stabilization, however this investment has signi?cant upside. 20 of the units have discounted “preferential rents”, which can be increased to legal rent upon vacancy.
40-15 81st Street is a transit-oriented residential building on the same block as the 82 St-Jackson Heights 7 train station, providing direct service to Long Island City and Manhattan. The E, F, M and R train are also within short walking distance. Less than one block away, Elmhurst Hospital Center (or NYC Health + Hospitals/Elmhurst) is a 545-bed facility recently recognized as a “Best Regional Hospital”. The neighborhood’s storefronts are replete with a desirable mix of local businesses and national brands including Chipotle Mexican Grill, Starbucks, Chick-fil-A, Old Navy, Walgreens, CitiBank and Blink Fitness. A 160,000 SF Target-anchored commercial property opened in 2021 on the adjacent block.
PROPERTY FACTS
| Price | $15,000,000 | Building Class | B |
| Price Per Unit | $140,187 | Lot Size | 0.37 AC |
| Sale Type | Investment | Building Size | 68,194 SF |
| No. Units | 107 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 6 |
| Property Subtype | Apartment | Year Built | 1932 |
| Apartment Style | Mid-Rise | Opportunity Zone |
Yes
|
| Zoning | R6 - medium-density residential zoning district. | ||
| Price | $15,000,000 |
| Price Per Unit | $140,187 |
| Sale Type | Investment |
| No. Units | 107 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 0.37 AC |
| Building Size | 68,194 SF |
| Average Occupancy | 100% |
| No. Stories | 6 |
| Year Built | 1932 |
| Opportunity Zone |
Yes |
| Zoning | R6 - medium-density residential zoning district. |
AMENITIES
UNIT AMENITIES
- Heating
- Refrigerator
- Oven
- Tub/Shower
- Freezer
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Smoke Free
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 36 | - | 600 |
| 1+1 | 71 | - | 750 |
1 1
Walk Score®
Walker's Paradise (100)
Transit Score®
Rider's Paradise (100)
Bike Score®
Very Bikeable (78)
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40-15 81st St
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