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903 35th Ave 15 Unit Apartment Building $2,500,000 ($166,667/Unit) 7.37% Cap Rate Long Island City, NY 11106
EXECUTIVE SUMMARY
BID DEADLINE - SEPTEMBER 30, 2025
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DEAL PAGE & DATA ROOM LINKS BELOW
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Stonefield Real Estate has been retained on an exclusive basis to sell 9-03 35th Avenue, a fully occupied, rent-stabilized, mixed-use building located in the Long Island City neighborhood of Queens, NY.
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The four-story walk-up consists of 14 residential apartments and 1 retail storefront, totaling approximately 16,157 square feet. Situated on a 3,835 square foot corner lot, the building features a classic pre-war brick façade and a well-maintained structural foundation. The property benefits from recent capital improvements and efficient management, delivering stable cash flow and minimal deferred maintenance.
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MIXED-USE TENANCY
• 14 residential units, each with 2-bedroom / 1-bathroom layouts
• 1,247 SF commercial unit leased to Doc Flow Medical PC, a primary care physician’s office
• Commercial unit is fully renovated and compliant with the Certificate of Occupancy
• 100% occupied with strong rental performance
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ADDITIONAL LEASEHOLD INTEREST – ROOF RIGHTS
• T-Mobile holds a long-term leasehold interest in the building’s roof for cellular equipment, with a remaining term of approximately 49 years.
• The lease grants T-Mobile the right to install and operate existing cellular equipment.
• Should T-Mobile add additional cellular equipment in the future, the landlord is entitled to receive 40% of the associated revenue.
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UTILITIES
• Electric: Separately Metered – Tenant’s Responsibility
• HVAC: Window AC Units – Tenant’s Responsibility
• Heat: Oil Tank – Landlord’s Responsibility
• Water: Boiler – Landlord’s Responsibility
.
DEAL PAGE & DATA ROOM LINKS BELOW
.
Stonefield Real Estate has been retained on an exclusive basis to sell 9-03 35th Avenue, a fully occupied, rent-stabilized, mixed-use building located in the Long Island City neighborhood of Queens, NY.
.
The four-story walk-up consists of 14 residential apartments and 1 retail storefront, totaling approximately 16,157 square feet. Situated on a 3,835 square foot corner lot, the building features a classic pre-war brick façade and a well-maintained structural foundation. The property benefits from recent capital improvements and efficient management, delivering stable cash flow and minimal deferred maintenance.
.
MIXED-USE TENANCY
• 14 residential units, each with 2-bedroom / 1-bathroom layouts
• 1,247 SF commercial unit leased to Doc Flow Medical PC, a primary care physician’s office
• Commercial unit is fully renovated and compliant with the Certificate of Occupancy
• 100% occupied with strong rental performance
.
ADDITIONAL LEASEHOLD INTEREST – ROOF RIGHTS
• T-Mobile holds a long-term leasehold interest in the building’s roof for cellular equipment, with a remaining term of approximately 49 years.
• The lease grants T-Mobile the right to install and operate existing cellular equipment.
• Should T-Mobile add additional cellular equipment in the future, the landlord is entitled to receive 40% of the associated revenue.
.
UTILITIES
• Electric: Separately Metered – Tenant’s Responsibility
• HVAC: Window AC Units – Tenant’s Responsibility
• Heat: Oil Tank – Landlord’s Responsibility
• Water: Boiler – Landlord’s Responsibility
PROPERTY FACTS Under Contract
| Price | $2,500,000 | Building Class | C |
| Price Per Unit | $166,667 | Lot Size | 0.09 AC |
| Sale Type | Investment | Building Size | 16,157 SF |
| Cap Rate | 7.37% | Average Occupancy | 100% |
| No. Units | 15 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 1915 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Mid-Rise | ||
| Zoning | R5 | ||
| Price | $2,500,000 |
| Price Per Unit | $166,667 |
| Sale Type | Investment |
| Cap Rate | 7.37% |
| No. Units | 15 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.09 AC |
| Building Size | 16,157 SF |
| Average Occupancy | 100% |
| No. Stories | 4 |
| Year Built | 1915 |
| Opportunity Zone |
Yes |
| Zoning | R5 |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 14 | - | 1,000 |
1 1
Walk Score®
Very Walkable (86)
Transit Score®
Excellent Transit (84)
Bike Score®
Very Bikeable (87)
PROPERTY TAXES
| Parcel Number | 00324-0001 | Improvements Assessment | $312,030 |
| Land Assessment | $141,480 | Total Assessment | $453,510 |
PROPERTY TAXES
Parcel Number
00324-0001
Land Assessment
$141,480
Improvements Assessment
$312,030
Total Assessment
$453,510
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