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90% Free Market Multi-Family Building 4029 23rd St 8 Unit Apartment Building $3,900,000 ($487,500/Unit) 5.95% Cap Rate Long Island City, NY 11101
Investment Highlights
- Fully leased
- Recently renovated
- Great central location for public transportation
- 90% free market (one unit Rent Controlled)
Executive Summary
Welcome to 40-29 23rd St, a gem in the heart of Long Island City! This turnkey, 90% free market, investment property offers a unique opportunity to own a fully leased, recently renovated 8-unit multi-family building. With tenants already in place, you can start generating income from day one. All eight units are currently leased, providing a stable and consistent income stream for savvy investors. Benefit from the immediate returns of a property that is not only well-maintained but also in high demand in the thriving Long Island City rental market. Seize this opportunity to own a prime piece of Long Island City real estate.
Financial Summary (Actual - 2022) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$267,180
|
$44.38
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$5,344
|
$0.89
|
| Effective Gross Income |
$261,836
|
$43.49
|
| Taxes |
$19,234
|
$3.20
|
| Operating Expenses |
$10,540
|
$1.75
|
| Total Expenses |
$29,774
|
$4.95
|
| Net Operating Income |
$232,062
|
$38.55
|
Financial Summary (Actual - 2022)
| Gross Rental Income | |
|---|---|
| Annual | $267,180 |
| Annual Per SF | $44.38 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $5,344 |
| Annual Per SF | $0.89 |
| Effective Gross Income | |
|---|---|
| Annual | $261,836 |
| Annual Per SF | $43.49 |
| Taxes | |
|---|---|
| Annual | $19,234 |
| Annual Per SF | $3.20 |
| Operating Expenses | |
|---|---|
| Annual | $10,540 |
| Annual Per SF | $1.75 |
| Total Expenses | |
|---|---|
| Annual | $29,774 |
| Annual Per SF | $4.95 |
| Net Operating Income | |
|---|---|
| Annual | $232,062 |
| Annual Per SF | $38.55 |
Property Facts
| Price | $3,900,000 | Building Class | C |
| Price Per Unit | $487,500 | Lot Size | 0.05 AC |
| Sale Type | Investment | Building Size | 6,020 SF |
| Cap Rate | 5.95% | Average Occupancy | 100% |
| No. Units | 8 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 1940 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Mid-Rise | ||
| Zoning | M1-3 - M1 is a Light Manufacturing Zoning District having manufacturing, commercial, and community facility uses. | ||
| Price | $3,900,000 |
| Price Per Unit | $487,500 |
| Sale Type | Investment |
| Cap Rate | 5.95% |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.05 AC |
| Building Size | 6,020 SF |
| Average Occupancy | 100% |
| No. Stories | 4 |
| Year Built | 1940 |
| Opportunity Zone |
Yes |
| Zoning | M1-3 - M1 is a Light Manufacturing Zoning District having manufacturing, commercial, and community facility uses. |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 8 | - | - |
1 1
Exceptionally walkable
100/100
Fairly drivable
40/100
Exceptional public transit
100/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 00408-0013 | Total Assessment | $163,145 (2025) |
| Land Assessment | $2,804 (2025) | Annual Taxes | $19,234 ($3.20/SF) |
| Improvements Assessment | $160,341 (2025) | Tax Year | 2022 |
Property Taxes
Parcel Number
00408-0013
Land Assessment
$2,804 (2025)
Improvements Assessment
$160,341 (2025)
Total Assessment
$163,145 (2025)
Annual Taxes
$19,234 ($3.20/SF)
Tax Year
2022
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90% Free Market Multi-Family Building | 4029 23rd St
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