5615 Van Cleef St 7 Unit Apartment Building $3,050,000 ($435,714/Unit) Flushing, NY 11368

Calling all investors, developers, and end-users. All Island Commercial is pleased to present 5615 Van Cleef Street, a 100% occupied, brand-new seven-unit apartment building for sale in Flushing, NY. The building features excellent signage, great exposure, six parking spaces, high 9-foot ceilings, strong R6B zoning, a basement office, a security camera system, a large rear yard, separate meters, strategically placed curb cuts, all new LED lighting, sprinklers, 3-phase power, A/C, and so much more. The unit mix comprises one two-bedroom/ one-bath unit and six one-bedroom/ one-bathroom units.

The property was recently constructed in 2022 and is located in the heart of the Corona neighborhood of Flushing. It is easily accessible just off the Grand Central Parkway and Interstate 495. It is situated near Citifield, Flushing Meadows Corona Park, the Queens Zoo, and the Queens Museum. Retailers nearby include Nike, The Home Depot, Target, Costco, 7-Eleven, Mobil, Gulf, T.J. Maxx, Marshalls, Raymour & Flanigan, Macy’s, New York Sports Club, Maaco Auto Body, Olive Garden, Aldi, and more. This property offers tremendous upside potential. This could be your next development site or the next home for your business.

Income:
Unit 1A (2 Br.): $31,800 Ann.
Unit 2A (1 Br.): $20,700 Ann.
Unit 2B (1 Br.): $25,200 Ann.
Unit 3A (1 Br.): $20,700 Ann.
Unit 3B (1 Br.): $25,200 Ann.
Unit 4A (1 Br.): $21,312 Ann.
Unit 4B (1 Br.): $25,200 Ann.
Parking: $1,800 Ann.; M-M.
Basement Office: $8,400 Ann.; M-M.

Expenses:
Gas: $792 Ann. (Common Area Only)
Electric: $1,320 Ann. (Common Area Only)
Maintenance & Repairs: $250 Ann.
Insurance: $6,589 Ann.
Water: $3,852 Ann.
Taxes: $3,034 Ann.
Total Expenses: $15,837 Annually

Current Gross Income: $180,312 Annually

Net Operating Income (NOI): $164,475 Annually