Property Description

Located in the borough of Staten Island, this 38-unit multifamily apartment complex presents a rare opportunity to acquire a fully occupied, income-producing asset situated on over 1.25 acres.Property OverviewThe offering consists of four separate buildings, each independently metered with:Separate water metersSeparate electric metersSeparate gas metersIndividual hot water heatersThis setup enhances operational efficiency and simplifies expense allocation.Unit Mix (Total: 38 Units)17 One-Bedroom ApartmentsLiving Room, Kitchen, and Full Bathroom17 Two-Bedroom ApartmentsLiving Room, Kitchen, and Full Bathroom4 Studio ApartmentsKitchen and Full BathroomAll 38 units are fully occupied, providing immediate, stabilized income.Financial HighlightsGross Monthly Income: Approximately $66,000Gross Annual Income: Approximately $792,000Occupancy: 100%Estimated Cap Rate: ~8%The property is being offered at a valuation that supports a roughly 8.5% capitalization rate, presenting an attractive return profile for investors seeking stable cash flow in a strong New York City submarket.Value Add: -Room to add another 5-6 units or a laundry center for convenience (Must hire engineer & architect)-Owner is currently not charging for parking-The property typically sees one to two units per year convert to free-market rents, creating ongoing upside potential through natural tenant turnover

Property Features