6527 Roosevelt Ave
Newly constructed 12-unit multifamily building in Woodside, Queens, offered at $6,785,000 at a 6.47% cap ($440,000 NOI). The Class B elevator building, completed in 2023, combines nine residential apartments with three built-to-suit retail medical spaces leased to established medical tenants, generating approximately $510,000 in gross annual income. The property benefits from 32 years remaining on a 421a tax abatement, providing significant long-term tax savings.
The six-story building totals 10,010 SF on a 0.06-acre lot zoned R6/C1-4/R5D. Residents are responsible for their own heating costs, and each floor includes a dedicated maintenance closet and individual hot water heaters, reducing operating expenses and simplifying management. Unit amenities include air conditioning, central heating, washer/dryer or laundry services, dishwasher, microwave, and natural light. The building features controlled access and is fully occupied.
The location offers strong transit access via public transportation, metro/subway, commuter rail, and bus lines, with proximity to LaGuardia Airport. The Roosevelt Avenue corridor in Woodside is a well-established residential and commercial neighborhood with convenient access to regional transportation networks.
- 32 years remaining on 421a tax abatement
- Nine residential units plus three medical retail spaces
- Fully occupied, 100% leased
- Built 2023, six-story elevator building with controlled access
- Strong transit access and proximity to LaGuardia Airport
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This newly developed 12-unit elevator building offers a strong investment opportunity, generating approximately $510,000 in gross annual income and $440,000 in net operating income. The property benefits from 32 years remaining on a 421a tax abatement and features a well-balanced tenant mix of nine residential apartments and three built-to-suit retail medical spaces occupied by established medical tenants. Residents are responsible for their own heating costs, and each floor is equipped with a dedicated maintenance closet and individual hot water heaters, contributing to efficient property management and reduced operating expenses.