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.