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8625 59th Ave 5 Unit Apartment Building $2,500,000 ($500,000/Unit) Elmhurst, NY 11373
Investment Highlights
- Calling All Investors, Developers, & End-Users!!! 100% Occupied 5 Unit Free Market Apartment Building With Private Garage In Flushing For Sale!!!
- Located In The Heart Of Elmhurst Right Near The Queens Center Mall Situated Between I-495 (L.I.E.), Woodhaven Blvd., & Queens Blvd.!!!
- This Property Offers HUGE Upside Potential!!!
- The Property Features Excellent Signage, Great Exposure, R6B Zoning, Private 2 Car Garage, Private Driveway, 6 Parking Spaces, Rear Yard, +++!!!
- Neighbors Include Citibank, Bank of America, T-Mobile, Costco, Target, Macy’s, Retro Fitness, Applebee’s Bar & Grill, The Cheesecake Factory, +++!!!
- This Could Be Your Next Development Site Or The Next Home For Your Business!!!
Executive Summary
Calling All Investors, Developers, & End-Users!!! 100% Occupied 5 Unit Free Market Apartment Building In Flushing For Sale!!! The Property Features Excellent Signage, Great Exposure, R6B Zoning, (1) 5 Br. Apartment, (1) 3 Br. Apartment, (2) 2 Br. Apartments, (1) 1 Br. Apartment, Basement, Rear Yard, Private 2 Car Garage, Private Driveway, 6 Parking Spaces, High 8’ Ceilings, 200 Amp Power, Updated Electrical Wires & Panels, New Boiler Installed In 2023, A/C, +++!!! The Property Is Located In The Heart Of Elmhurst Right Near The Queens Center Mall!!! The Property Is Situated Between I-495 (L.I.E.), Woodhaven Blvd., & Queens Blvd.!!! Neighbors Include Citibank, Bank of America, T-Mobile, Costco, Target, Macy’s, Retro Fitness, Applebee’s Bar & Grill, The Cheesecake Factory, Shake Shack, Olive Garden, Popeye’s Louisiana Kitchen, Quest Diagnostics, Walgreens, +++!!! This Property Offers HUGE Upside Potential!!! This Could Be Your Next Development Site Or The Next Home For Your Business!!!
Income:
LL (3 Br. Apt.): $30,000 Ann.; M-M.
1st Fl. (5 Br. Apt.): $48,000 Ann.; M-M.
2nd Fl. (Front 1 Br. Apt. ): $14,700 Ann.; M-M.
2nd Fl. (Rear 2 Br. Apt.): $29,160 Ann.; M-M.
3rd Fl. (2 Br. Apt.): $27,000 Ann.; M-M.
2 Car Garage: $2,400 Ann.
1 Car Parking: $1,800 Ann.
1 Car Parking: $1,800 Ann.
1 Car Parking: $1,200 Ann.
Gross Income: $156,060. Ann.
Expenses:
Oil: $8,000. Ann.
Electric: $2,070. Ann. (Hallway & Boiler Only)
Water & Sewer: $2,543. Ann
Insurance: $3,568. Ann.
Snow & Landscaping: $0 Ann.
Maintenance: $2,500. Ann.
Taxes: $17,746. Ann.
Total Expenses: $36,427. Ann.
Net Operating Income (NOI): $119,633. Ann.
Income:
LL (3 Br. Apt.): $30,000 Ann.; M-M.
1st Fl. (5 Br. Apt.): $48,000 Ann.; M-M.
2nd Fl. (Front 1 Br. Apt. ): $14,700 Ann.; M-M.
2nd Fl. (Rear 2 Br. Apt.): $29,160 Ann.; M-M.
3rd Fl. (2 Br. Apt.): $27,000 Ann.; M-M.
2 Car Garage: $2,400 Ann.
1 Car Parking: $1,800 Ann.
1 Car Parking: $1,800 Ann.
1 Car Parking: $1,200 Ann.
Gross Income: $156,060. Ann.
Expenses:
Oil: $8,000. Ann.
Electric: $2,070. Ann. (Hallway & Boiler Only)
Water & Sewer: $2,543. Ann
Insurance: $3,568. Ann.
Snow & Landscaping: $0 Ann.
Maintenance: $2,500. Ann.
Taxes: $17,746. Ann.
Total Expenses: $36,427. Ann.
Net Operating Income (NOI): $119,633. Ann.
Financial Summary (Pro Forma - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$156,060
|
$33.56
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$156,060
|
$33.56
|
| Taxes |
$17,746
|
$3.82
|
| Operating Expenses |
$18,681
|
$4.02
|
| Total Expenses |
$36,427
|
$7.83
|
| Net Operating Income |
$119,633
|
$25.73
|
Financial Summary (Pro Forma - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $156,060 |
| Annual Per SF | $33.56 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $156,060 |
| Annual Per SF | $33.56 |
| Taxes | |
|---|---|
| Annual | $17,746 |
| Annual Per SF | $3.82 |
| Operating Expenses | |
|---|---|
| Annual | $18,681 |
| Annual Per SF | $4.02 |
| Total Expenses | |
|---|---|
| Annual | $36,427 |
| Annual Per SF | $7.83 |
| Net Operating Income | |
|---|---|
| Annual | $119,633 |
| Annual Per SF | $25.73 |
Property Facts
Amenities
Site Amenities
- 24 Hour Access
- Fenced Lot
- Security System
- Tenant Controlled HVAC
- Storage Space
- Bicycle Storage
- Public Transportation
- Walk-Up
Exceptionally walkable
90/100
Moderately drivable
70/100
Exceptional public transit
100/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 02872-0043 | Total Assessment | $142,666 |
| Land Assessment | $1,007 | Annual Taxes | $17,746 ($3.82/SF) |
| Improvements Assessment | $141,659 | Tax Year | 2026 |
Property Taxes
Parcel Number
02872-0043
Land Assessment
$1,007
Improvements Assessment
$141,659
Total Assessment
$142,666
Annual Taxes
$17,746 ($3.82/SF)
Tax Year
2026
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8625 59th Ave
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