A four story, mixed-use walk-up apartment building with seven (7) large three-bedroom apartments and a restaurant on the ground floor. The building features a new roof and boiler, and most of the units have been recently renovated with new kitchens and bathrooms. The property is located at the corner of Vernon Blvd. and 36th Avenue directly across the street from the bridge (and only means of vehicular access) leading into Roosevelt Island where Cornell, in conjunction with the Technion-Israel Institute of Technology, will create and build a $2 billion Cornell NYC Tech campus. The 2.1 million square foot project, slated to be completed by 2017, will accommodate more than 2,000 students, create thousands of jobs, and drastically increase pedestrian traffic along this section of Vernon Boulevard. The property is also located at the corner bus stops for the #103 bus servicing all of Vernon Boulevard as well as the #102 bus which provides service along Queens Plaza, 31st Street, and Roosevelt Island. The combination of this unique location and residential rents that are approximately 25-30% below market value makes this an excellent opportunity for an investor or 1031 exchange buyer. Overview Building Type: Mixed-Use Investment Buildings Block/Lot: 355/19 Stories: 4 Residential Units: 7 Commercial Units: 1 Taxes: $12,504 Expenses Total Annual Expenses: $43,385 Investment Information Gross Annual Income: $163,592 Less Total Expenses: $43,385 Net Operating Income: $120,207 Summary Price Per Sq Ft: $277
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