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5201 Skillman Ave 6 Unit Apartment Building $1,400,000 ($233,333/Unit) 7% Cap Rate Woodside, NY 11377
Investment Highlights
- 2 Car Parking Lot.
- All Tenants Pay On Time.
- Building has been owned and "babied" by the same owner for 30+ years.
- Building in great condition, new boiler, no violations.
- Desirable Sunnyside/Woodside location, just 1 block to the 7 train.
Executive Summary
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%!
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%!
Financial Summary (Pro Forma - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$139,052
|
$24.40
|
| Other Income |
$16,800
|
$2.95
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$155,852
|
$27.34
|
| Taxes |
$20,661
|
$3.62
|
| Operating Expenses |
$34,339
|
$6.02
|
| Total Expenses |
$55,000
|
$9.65
|
| Net Operating Income |
$100,852
|
$17.69
|
Financial Summary (Pro Forma - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $139,052 |
| Annual Per SF | $24.40 |
| Other Income | |
|---|---|
| Annual | $16,800 |
| Annual Per SF | $2.95 |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $155,852 |
| Annual Per SF | $27.34 |
| Taxes | |
|---|---|
| Annual | $20,661 |
| Annual Per SF | $3.62 |
| Operating Expenses | |
|---|---|
| Annual | $34,339 |
| Annual Per SF | $6.02 |
| Total Expenses | |
|---|---|
| Annual | $55,000 |
| Annual Per SF | $9.65 |
| Net Operating Income | |
|---|---|
| Annual | $100,852 |
| Annual Per SF | $17.69 |
Property Facts Under Contract
| Price | $1,400,000 | Apartment Style | Low-Rise |
| Price Per Unit | $233,333 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.06 AC |
| Cap Rate | 7% | Building Size | 5,700 SF |
| Gross Rent Multiplier | 9 | Average Occupancy | 100% |
| No. Units | 6 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1924 |
| Property Subtype | Apartment | Parking Ratio | 0.35/1,000 SF |
| Zoning | C2 - residential areas with commercial uses | ||
| Price | $1,400,000 |
| Price Per Unit | $233,333 |
| Sale Type | Investment |
| Cap Rate | 7% |
| Gross Rent Multiplier | 9 |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.06 AC |
| Building Size | 5,700 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1924 |
| Parking Ratio | 0.35/1,000 SF |
| Zoning | C2 - residential areas with commercial uses |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Tub/Shower
Site Amenities
- Controlled Access
- Fenced Lot
- Private Bathroom
- Walk-Up
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+1 | 6 | - | - |
Walk Score®
Walker's Paradise (95)
Transit Score®
Rider's Paradise (100)
Bike Score®
Very Bikeable (75)
Property Taxes
| Parcel Number | 01238-0005 | Total Assessment | $208,005 (2025) |
| Land Assessment | $2,791 (2025) | Annual Taxes | $20,661 ($3.62/SF) |
| Improvements Assessment | $205,214 (2025) | Tax Year | 2026 Payable 2026 |
Property Taxes
Parcel Number
01238-0005
Land Assessment
$2,791 (2025)
Improvements Assessment
$205,214 (2025)
Total Assessment
$208,005 (2025)
Annual Taxes
$20,661 ($3.62/SF)
Tax Year
2026 Payable 2026
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5201 Skillman Ave
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