83-30 118 STREET

For Sale - Queens - Kew Gardens

$38,500,000

Net Operating Income: Contact Agent

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Key Details

Property Type
Mixed Use
Neighborhood
Kew Gardens
Property Dimensions
179.0 x 87.0
Property Area
15,573 sq.ft.
Total Units:
110
Stories:
6
NOI
Contact Agent
Price
$38,500,000

Listing Description

Avison Young, as exclusive agent, is pleased to offer for sale 83-30 118th Street (the “Property”), a six-story co-up building in the Kew Gardens neighborhood of Queens. The Property offers a grand 218 feet of tree-lined frontage on 118th street, between Metropolitan Avenue and Curzon Road. The Property consists of 108 co-op residential units in 87,442 square feet and 2 commercial units in 6,801 square feet, totaling 94,243 square feet. Thirty-four indoor parking spaces are on site, delivering an average monthly rent of $220 per parking space. The Property has great connectivity and is conveniently located in proximity to the Kew Gardens LIRR and E, F, J, Z subway trains. With Q37 and Q10 buses around the corner, commute to LIRR and subway trains is less than 10 minutes. It is a 20-minute ride from Kew Gardens LIRR station to Penn Station in Manhattan and under 1-hour commute to central Brooklyn through public means of transportation. John F. Kennedy International Airport is only 5 miles away. The Property is 2 blocks away from the third largest park in Queens, Forest Park.

With an in-place NOI of $1,603,169 and a projected NOI of $1,968,585, the Property is offered for sale at $38,500,000 or a 4.2% in place cap rate and 5.1% projected cap rate.

Property Details

Block/Lot:
3321/7506
Lot Dimensions
218.5 x 111.5
Lot Area
31,500 sq.ft
Zoning:
R7A
FAR as Built:
2.99
Max FAR:
4
Sam SchertzAvison Young
Contact Agent Download Listing Flyer

Sales & Transactions

AddressSale PriceSale DateProperty Type
83-30 KEW GARDENS ROAD$35,000,00010/29/2015Mixed Use