1565 70th Street
Property Description
Excellent investment opportunity! This well-maintained 6-family property underwent a complete gut renovation in 2011 and has been meticulously maintained ever since. The extensive renovation included structural steel beam reinforcement, all new plumbing and sewer lines, a fully updated electrical system, separate heating and hot water systems for each unit, all new windows, a new metal staircase, and complete reconfiguration of the apartments with new kitchens, bathrooms, and flooring throughout. The property consists of six residential units, including two spacious 3-bedroom, 1-living room apartments and four 3-bedroom apartments with large eat-in kitchens, plus a basement currently rented as storage for additional income that can be delivered vacant at closing. Current rental income totals $13,626 per month ($163,512 annually), including basement income. Annual operating expenses are approximately $32,093, consisting of property taxes of $20,973, water and sewer charges of $5,400, insurance of $5,000, and electric of approximately $720, resulting in a strong Net Operating Income (NOI) of approximately $131,419 per year. With stable cash flow, separate utilities, low maintenance requirements, and significant long-term upside potential, this property presents an outstanding opportunity for investors seeking a turnkey income-producing asset.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $1,988,000 |
| No. of Units: | 6 |
| Year Built: | 1926 |
| Lot Size: | 4,680.00 Sq ft |
| Opportunity Zone: | No |
| Price per unit: | $331,333 |
| Property Website | Click Here |
| Number of Bedrooms: | 18 |
| Number of Bathrooms: | 7 |
ID: 3yd-BMLSNY-502527
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