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Listing Courtesy of Corcoran Group
$ 5,000,000
Est. payment /mo
Active
39-29 47TH Avenue Queens, NY 11104
12 Beds
8 Baths
UPDATED:
Key Details
Property Type Commercial
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
Subdivision Sunnyside
MLS Listing ID RLS20005159
Bedrooms 12
HOA Y/N No
Year Built 1931
Annual Tax Amount $53,712
Property Sub-Type Mixed Use
Property Description
The Forray Team at The Corcoran Group presents 39-29 47th Avenue, a fully remodeled Ultra Rare 10 Unit mixed-use property in Sunnyside, Queens. This investment comprises six residential units (5 free market & 1 rent stabilized) and four commercial spaces, offering a balanced income stream in a highdemand rental market.
Redeveloped in 2018, the property blends classic architecture with modern amenities. Residential units feature high end finishes, including stainless steel appliances, in-unit washers and dryers, and hardwood flooring, appealing to quality-conscious tenants.
Located near the 7 train at 40th Street-Lowery Street, tenants enjoy swift access to Midtown Manhattan. The neighborhood offers a variety of amenities, with a caf , deli, office & Lessage Laser Spa, a premier skincare clinic, situated within the building.
Financially, the property demonstrates robust performance with favorable tax class 2B status, a current NOI of $272,953, reflecting a 5.46% cap rate based on a $5,000,000 purchase price. Projections indicate potential growth, with NOI projected up to $304,000 with improvements and further future growth with rising rents for both residential and commercial units. Sunnyside has experienced a 7.8% increase in rental demand from 2023 to 2024, underscoring the area's growth potential.
With modern upgrades, prime location, and strong financial metrics, 39-29 47th Avenue represents an exceptional investment opportunity in one of Queens' most desirable neighborhoods.
Redeveloped in 2018, the property blends classic architecture with modern amenities. Residential units feature high end finishes, including stainless steel appliances, in-unit washers and dryers, and hardwood flooring, appealing to quality-conscious tenants.
Located near the 7 train at 40th Street-Lowery Street, tenants enjoy swift access to Midtown Manhattan. The neighborhood offers a variety of amenities, with a caf , deli, office & Lessage Laser Spa, a premier skincare clinic, situated within the building.
Financially, the property demonstrates robust performance with favorable tax class 2B status, a current NOI of $272,953, reflecting a 5.46% cap rate based on a $5,000,000 purchase price. Projections indicate potential growth, with NOI projected up to $304,000 with improvements and further future growth with rising rents for both residential and commercial units. Sunnyside has experienced a 7.8% increase in rental demand from 2023 to 2024, underscoring the area's growth potential.
With modern upgrades, prime location, and strong financial metrics, 39-29 47th Avenue represents an exceptional investment opportunity in one of Queens' most desirable neighborhoods.
Location
State NY
County Queens
Rooms
Basement Other
Interior
Fireplace No
Laundry Building Other
Exterior
View Y/N No
View Other
Porch None
Private Pool No
Building
Dwelling Type Mixed Use
Story 3
New Construction No
Others
Pets Allowed Pets Allowed
Ownership None
Monthly Total Fees $4, 476
Special Listing Condition Standard
Pets Allowed Building Yes, No
RLS Data display by The Saba Team | Compass