90% Free Market Multi-Family Building | 4029 23rd St
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90% Free Market Multi-Family Building 4029 23rd St
8 Unit Apartment Building $5,528,133 CAD ($691,017 CAD/Unit) 5.95% Cap Rate Long Island City, NY 11101
Investment Highlights
- Fully leased
- Recently renovated
- Great central location for public transportation
- 90% free market (one unit Rent Controlled)
Executive Summary
Welcome to 40-29 23rd St, a gem in the heart of Long Island City! This turnkey, 90% free market, investment property offers a unique opportunity to own a fully leased, recently renovated 8-unit multi-family building. With tenants already in place, you can start generating income from day one. All eight units are currently leased, providing a stable and consistent income stream for savvy investors. Benefit from the immediate returns of a property that is not only well-maintained but also in high demand in the thriving Long Island City rental market. Seize this opportunity to own a prime piece of Long Island City real estate.
Financial Summary (Actual - 2022) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$378,720
|
$62.91
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$7,575
|
$1.26
|
| Effective Gross Income |
$371,145
|
$61.65
|
| Taxes |
$27,264
|
$4.53
|
| Operating Expenses |
$14,940
|
$2.48
|
| Total Expenses |
$42,204
|
$7.01
|
| Net Operating Income |
$328,941
|
$54.64
|
Financial Summary (Actual - 2022)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $378,720 |
| Annual Per SF | $62.91 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $7,575 |
| Annual Per SF | $1.26 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $371,145 |
| Annual Per SF | $61.65 |
| Taxes (CAD) | |
|---|---|
| Annual | $27,264 |
| Annual Per SF | $4.53 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $14,940 |
| Annual Per SF | $2.48 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $42,204 |
| Annual Per SF | $7.01 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $328,941 |
| Annual Per SF | $54.64 |
Property Facts
| Price | $5,528,133 CAD | Building Class | C |
| Price Per Unit | $691,017 CAD | Lot Size | 0.05 AC |
| Sale Type | Investment | Building Size | 6,020 SF |
| Cap Rate | 5.95% | Average Occupancy | 100% |
| No. Units | 8 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 1940 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Mid Rise |
| Price | $5,528,133 CAD |
| Price Per Unit | $691,017 CAD |
| Sale Type | Investment |
| Cap Rate | 5.95% |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid Rise |
| Building Class | C |
| Lot Size | 0.05 AC |
| Building Size | 6,020 SF |
| Average Occupancy | 100% |
| No. Stories | 4 |
| Year Built | 1940 |
| Opportunity Zone |
Yes |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 8 | - | - |
1 of 1
Walk Score ®
Walker's Paradise (96)
Transit Score ®
Rider's Paradise (100)
Bike Score ®
Very Bikeable (87)
PROPERTY TAXES
| Parcel Number | 00408-0013 | Total Assessment | $231,252 CAD (2024) |
| Land Assessment | $3,551 CAD (2024) | Annual Taxes | $27,264 CAD ($4.53 CAD/SF) |
| Improvements Assessment | $227,701 CAD (2024) | Tax Year | 2022 |
PROPERTY TAXES
Parcel Number
00408-0013
Land Assessment
$3,551 CAD (2024)
Improvements Assessment
$227,701 CAD (2024)
Total Assessment
$231,252 CAD (2024)
Annual Taxes
$27,264 CAD ($4.53 CAD/SF)
Tax Year
2022
zoning
| Zoning Code | M1-3 (M1 is a Light Manufacturing Zoning District having manufacturing, commercial, and community facility uses.) |
| M1-3 (M1 is a Light Manufacturing Zoning District having manufacturing, commercial, and community facility uses.) |
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90% Free Market Multi-Family Building | 4029 23rd St
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