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3118 Union St

Flushing, NY 11354

$932,000 - $1,348,000

Apartments Condos For Sale  •  2,454+ Sq Ft

Property Details

  • Property Type Apartments
  • Total Building Size 18,594 Sq Ft
  • Lot Size 0.09 ac
  • Building Class B
  • Year Built 2007
  • Cap Rate 7.04 %
  • Tenancy Multiple
  • Zoning R5A
88 Transit Score
93 Walk Score

2 Units Available

Name Condo Use Size Price Details
Bsmt Floor - Unit CF-CA Medical Office 2,454 SF $932,000
  • Unit Size: 2,454 SF
  • Condo Use: Medical Office
  • Price: $932,000
  • Sale Type: Investment or Owner User
  • Price/SF: $379.79
Description
Unit CF-CA is located on the lower level.  There are three forms of egress to the unit including an elevator connecting the unit with the main lobby and residential portion of the building.  The layout consists of nearly net usable of 1,870 sq. ft. of open floor space with one bathroom.  The floorplan can easily be modified to accommodate multiple uses. The gross sq. ft. of this unit is 2,454. 
IT ALSO HAS AN ELEVATOR GOING DIRECTLY TO THE CONDO UNIT IN ADDITION TO STAIRS.

Sale Notes
Unit CF-CA enables the opportunity to be utilized by an end user or purchased as an investment opportunity with the projected net income of $65,485 per year at a 7.04% CAP Rate. The condo unit can be purchased separately or packaged with Unit CF-1A.

1st Floor - Unit CF-1A Medical Office 3,132 SF $1,348,000
  • Unit Size: 3,132 SF
  • Condo Use: Medical Office
  • Price: $1,348,000
  • Sale Type: Investment or Owner User
  • Price/SF: $430.40
Description
Unit CF-1A is located on the retail ground floor.  The layout consists of a reception area, an open activities area, three private offices in the front, two private offices in the rear, two bathrooms (one which is handicap compliant), and plenty of room for additional offices, conference rooms, or cubicle layouts.  The unit has a net usable of over 2,370 sq. ft. of space, marble tiled floors, and is in turn-key condition. The gross sq. ft. of this unit is 3,132.

Sale Notes
Unit CF-1A enables the opportunity to be utilized by an end user or purchased as an investment opportunity with the projected net income of $94,920 per year at a 7.04% CAP Rate. The condo unit can be purchased separately or packaged with Unit CF-CA.

Description

The property is located in the heart of bustling Flushing, in close proximity to major thoroughfares such as the Whitestone Expressway and Northern Boulevard.  The property is surrounded by many medical and community facility users such as the Bayside Ave Medical Office Complex across the street, the Union Plaza Rehabilitation Center one block away, the Queens Public Library complex, the Dermatology Center of Queens on the corner of the block, and multiple medical offices within a two block radius.  Many houses of worship are also in close proximity.  The neighborhood consists mainly of large apartment buildings, multi-family homes, and mixed use commercial buildings.  This is a great opportunity for an owner/user.  
--Other Benefits Include:
--Great nighttime and daytime traffic
--Neighbors with a medical office, library, and United States Post Office
--Walking distance to many popular retail stores including Macy’s, McDonald’s and Stop & Shop and many medical buildings such as the Dermatology Center of Queens and the Union Plaza Rehab Center
--421-A tax benefit is in Year 11 of 15 and ends June 30th 2023
--Close to various bus stations with access to the Q16, Q20A, Q20B, Q44-SBS and Q34 buses

Highlights

Condos can be purchased separately or packaged--delivered vacant
Surrounded by many medical buildings such as the Dermatology Center of Queens and the Union Plaza Rehab Center
Close to various bus stations with access to the Q16, Q20A, Q20B, Q44-SBS and Q34 buses
Net Income projected at $160,405 at a 7.04% CAP Rate
High end finishes with marble flooring; multiple bathrooms (including handicapped accessible)--ELEVATOR BUILDING
Great exposure to light and air and plenty of open floor space

Financial Summary

Cap Rate: 7.04 %

Public Transportation

Commuter RailDriveWalkDistance
Murray Hill Station Commuter Rail (Port Washington Branch) 4 min - 1.1 mi
Flushing-Main Street Station Commuter Rail (Port Washington Branch) 5 min - 1.2 mi
Transit/SubwayDriveWalkDistance
Flushing-Main Street Transit Stop (7) 4 min 16 min 0.9 mi
AirportDriveWalkDistance
La Guardia Airport 9 min - 4.0 mi
John F. Kennedy International Airport 17 min - 11.3 mi
Westchester County Airport 35 min - 26.9 mi

Parking Details

Parking Available: No
Reserved: No
Type: AttachedGarage
Included in Rent: Yes
Michelle Abramov 646-767-6975 Asset Commercial Realty Group, LLC
Michelle Abramov 646-767-6975 Asset Commercial Realty Group, LLC