Massey Knakal is
pleased to offer 3300 Netherland Avenue for sale. This premium property is a
six-story, sixty-six (66) unit, elevator apartment building located in the heart
of Riverdale. The unit mix is eight (8) smaller one-bedrooms, twelve (12)
one-bedrooms, forty (40) two-bedrooms, and six (6) larger 2-bedrooms. Twenty
(20) apartments are free market, thirty-six (36) rent stabilized, eight (8) rent
controlled; there are no program tenants. There is a full basement with
underground parking for 38 cars, laundry facilities, & workshops. The
building is very well maintained and has no HPD violations. The owners have
invested in significant upgrades, including a dual fuel boiler, rubber roof,
parapet replacement, pointing, new risers & electrical system upgrades.
Ownership was planning a condo conversion and allowed a number of units to
vacate. As a result there are twenty (20) vacant units in various states of
renovation. The property is projected to generate approximately $1,216,000 in
gross revenue with a net operating income of approximately $785,000. Offering an
outstanding location and future conversion potential, this is a rare opportunity
to acquire a fantastic building in sought-after Riverdale.
Click here for listing details.
Neighborhoods: Riverdale/ Agents: Karl Brumback