Overview
BKREA has been exclusively retained to manage the sale of 144-30/32 35th Avenue, a prime multifamily investment opportunity located in the lively neighborhood of Flushing, Queens. This property offers 118,200 gross square feet across four interconnected six-story buildings equipped with elevators. Situated on the south side of 35th Avenue, the combined properties provide 174 feet of frontage and contain 116 rentstabilized units—a rare find in the area. This unique investment holds strong appeal for those interested in multifamily property in a high-demand residential market.
The current residential unit mix consists of two (2) studio units, seventy-eight (78) one-bedroom units, and thirty-six (36) two-bedroom units. Approximately 40% of the units are currently leased at preferential rents, presenting a significant value-add opportunity.
The property is located in the heart of Flushing, a vibrant and diverse community in New York. In recent years, Flushing has seen major economic growth, including projects like the Tagram, a 1.2 million-squarefoot development project.
Investment Highlights
- Expansive Multifamily Property: This 116-unit building offers strong management efficiency and lasting stability along with four elevators ensuring easy access throughout.
- Opportunity for Value Growth: With several vacant units, investors have the opportunity to combine units or raise rents to the legal limits, creating significant potential for value-add and increased returns.
- Historic Charm: Built in 1929, this pre-war building featuring a courtyard retains its historic appeal while providing modern comforts such as hardwood floors and updated kitchen appliances.
- Well-Maintained: This well-maintained pre-war property is in excellent condition with clean common areas and an efficient dual boiler system providing heat and hot water to all units for easy management.
- Convenient Guest Amenities: Residents enjoy the convenience of on-site laundry facilities, elevators, and bicycle storage, enhancing daily living ease.
- Prime Location: Situated in the vibrant Murray Hill neighborhood of Flushing, the property offers easy access to major roadways, the 7-train, LIRR, and the Flushing-Main Street subway station, with LaGuardia Airport just a short drive away.
