5201 Skillman Ave 6 Unit Apartment Building $1,400,000 ($233,333/Unit) 7% Cap Rate Woodside, NY 11377

6 Family walk-up with 2 car parking lot in great condition, located on the corner of Skillman Ave and 52nd St on the Woodside/Sunnyside border. The total current income is $124,000. Total proforma income is $155,850. The total current expenses are about $55,000.
The owner is not currently renting the 2 parking spaces or 6 storage cages in the basement. The proforma income was calculated based on renting the parking for $400 a month per spot, $100 a month per each of the 6 storage cages, and the approved 4.5% increase to 5 of the aparmtents in 2026, starting in January and February.
The building has been "babied" by the same owner for 30+ years and professionally managed since 2022. The buildng is in greate condition, has no violatons, and is located 1 block away from the 7 train. All of the apartments are rented with leases, everyone pays ontime, and this trully is a great opportunity for any investor. Keep the current management company in place to create a true hands-off, passive income, revenue stream!
The yearly expenses for the past 12 months include a new water heater, common area electric, water, heat, insurance, property tax, and repairs. With net income of almost 100K a year, the asking price of $1,400,000 = a cap rate of just over 7%!