Multifamily
Hunters Point Duo
49-02 21st St, Queens, NY 11101
Listing Price: $9,450,000
Investment Overview
THE OFFERING
Marcus and Millichap is pleased to exclusively offer for sale The Hunter’s Point Collection, which is located in prime Hunter’s Point, Long Island City. Located on 49th Avenue between 21st Street and 11th place, this 60-unit, Tax Class 2, Multifamily property is comprised of approximately 40,000 square feet. The property sits on a cumulative 100ft X 100ft corner lot (Block:62 Lot: 28-30) and is built 100ft x 90ft. The property is zoned R6A, C1-5, LIC.
Free Market Upside: The property contains a cumulative of 11 Free Market units. Prime Northwest Queens submarkets have seen the highest rent growth YoY throughout New York City. This allows for immediate value-add and increase in NOI.
100% Occupancy: Owning a building with 100% occupancy provides financial stability, enhances property value, reduces vacancy risks, improves tenant stability, streamlines property management, and contributes to a positive community image. These benefits make full occupancy an attractive goal for property owners and investors in the real estate market.
Management Opportunity: Neighboring buildings in proximity allow for more efficient oversight of property maintenance, repairs, and tenant needs. This proximity also facilitates shared resources and services, such as maintenance staff, contractors, and administrative personnel. Consequently, management practices, policies, and standards can be consistently applied across all properties, streamlining decision-making processes, and ensuring a cohesive approach to property management.
Prime Location & Transportation: Hunter’s Point, situated in the heart of Long Island City, offers an attractive blend of urban charm and convenience. Its prime location along the East River provides breathtaking views of the Manhattan skyline, drawing visitors to its iconic waterfront parks like Hunter’s Point South Park, and the Gantry Plaza State Park.
Transportation is a major highlight, with easy access to 7, E, M, and G trains. The Long Island Expressway ensures seamless connectivity to Manhattan and destinations across Long Island, making Hunter’s Point a strategic hub for commuters and explorers alike.
The neighborhood’s cultural scene is vibrant, with attractions such as MoMA PS1 and the Sculpture Center showcasing contemporary art. Additionally, its diverse culinary scene offers an array of mouth-watering cuisines, from authentic ethnic eateries to innovative Michelin-rated gastronomic experiences. Hunter’s Point encapsulates the essence of New York City living, offering an unparalleled blend of recreation, culture, and convenience in one dynamic locale. Whether basking at skyline vistas, exploring artistic treasures, or savoring culinary experiences, Hunter’s Point radiates with its distinctive allure and endless possibilities.
Investment Highlights
- Free Market Upside: The property contains a cumulative of 11 Free Market units. Prime Northwest Queens submarkets have seen the highest rent growth YoY throughout New York City.
- 100% Occupancy: Owning a building with 100% occupancy provides financial stability, enhances property value, reduces vacancy risks, improves tenant stability, and streamlines property management.
- Prime Location & Transportation: Hunter's Point, situated in the heart of Long Island City, offers an attractive blend of urban charm and convenience.
Listing Price: $9,450,000
Investment Highlights
- Free Market Upside: The property contains a cumulative of 11 Free Market units. Prime Northwest Queens submarkets have seen the highest rent growth YoY throughout New York City.
- 100% Occupancy: Owning a building with 100% occupancy provides financial stability, enhances property value, reduces vacancy risks, improves tenant stability, and streamlines property management.
- Prime Location & Transportation: Hunter's Point, situated in the heart of Long Island City, offers an attractive blend of urban charm and convenience.
Investment Overview
THE OFFERING Marcus and Millichap is pleased to exclusively offer for sale The Hunter’s Point Collection, which is located in prime Hunter’s Point, Long Island City. Located on 49th Avenue between 21st Street and 11th place, this 60-unit, Tax Class 2, Multifamily property is comprised of approximately 40,000 square feet. The property sits on a cumulative 100ft X 100ft corner lot (Block:62 Lot: 28-30) and is built 100ft x 90ft. The property is zoned R6A, C1-5, LIC. Free Market Upside: The property contains a cumulative of 11 Free Market units. Prime Northwest Queens submarkets have seen the highest rent growth YoY throughout New York City. This allows for immediate value-add and increase in NOI. 100% Occupancy: Owning a building with 100% occupancy provides financial stability, enhances property value, reduces vacancy risks, improves tenant stability, streamlines property management, and contributes to a positive community image. These benefits make full occupancy an attractive goal for property owners and investors in the real estate market. Management Opportunity: Neighboring buildings in proximity allow for more efficient oversight of property maintenance, repairs, and tenant needs. This proximity also facilitates shared resources and services, such as maintenance staff, contractors, and administrative personnel. Consequently, management practices, policies, and standards can be consistently applied across all properties, streamlining decision-making processes, and ensuring a cohesive approach to property management. Prime Location & Transportation: Hunter’s Point, situated in the heart of Long Island City, offers an attractive blend of urban charm and convenience. Its prime location along the East River provides breathtaking views of the Manhattan skyline, drawing visitors to its iconic waterfront parks like Hunter’s Point South Park, and the Gantry Plaza State Park. Transportation is a major highlight, with easy access to 7, E, M, and G trains. The Long Island Expressway ensures seamless connectivity to Manhattan and destinations across Long Island, making Hunter’s Point a strategic hub for commuters and explorers alike. The neighborhood’s cultural scene is vibrant, with attractions such as MoMA PS1 and the Sculpture Center showcasing contemporary art. Additionally, its diverse culinary scene offers an array of mouth-watering cuisines, from authentic ethnic eateries to innovative Michelin-rated gastronomic experiences. Hunter’s Point encapsulates the essence of New York City living, offering an unparalleled blend of recreation, culture, and convenience in one dynamic locale. Whether basking at skyline vistas, exploring artistic treasures, or savoring culinary experiences, Hunter’s Point radiates with its distinctive allure and endless possibilities.