A walk-up apartment building at 36-52 35th Street located on the west side of 35th Street between 36th and 37th Avenues in Long Island City, Queens was sold in an all cash transaction valued at $3,300,000.
The five-story building is approximately 20,700 square feet and sits on a 60’ x 100’ lot. There are 29 units; 14 one-bedroom units, 14 two-bedroom units, one three-bedroom unit, and a Super’s unit in the basement. All but one of the units are rent stabilized and there is only one vacancy. The purchase price equates to a capitalization rate of 6.0%, a gross rent multiple of 9.2, and $113,793 per unit. The buyer received 53% financing.
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Neighborhoods: Long Island City