$1,395,000
Exceptional value-add investment opportunity in the heart of Jackson Heights. This well-maintained five-family building, constructed in 1992, offers approximately 6,240 SF across four stories on a 25.42 x 100 lot, featuring renovated apartments, an updated lobby, and a newer roof and boiler (approximately five years old). The unit mix spans one-, two-, and three-bedroom layouts, and tenants pay their own gas, heat, and hot water, keeping owner expenses low.
Current gross income of $142,020 supports a 4.7% cap rate at the asking price, with strong pro-forma upside to approximately 7.8% by bringing rents to market and capturing additional income from the lower level and on-site parking. Four parking spaces, including a two-car garage, are a rare and valuable amenity in this location.
Located in a C2 commercial overlay zone, the ground floor offers flexibility for professional, medical, or office use, enhancing the property's long-term appeal. The building shows no open violations, and a survey is available.
Set on a tree-lined street minutes from the 7 train, the 82nd Street and Roosevelt Avenue shopping corridor, restaurants, and parks, the location earns top walkability and transit ratings. Offered by a long-term absentee owner, this is a turnkey opportunity to acquire a well-located, income-producing asset with clear paths to increased revenue. Buyer to perform own due diligence regarding rents, unit configurations, and permitted uses.
1048951
MLS
35-57 86th Street, Jackson Heights
