Excellent investment!
Sale of an occupied 1200 sqft Rent Stabilized 2BR/1.5 BTH Sponsor co-op unit. No board approval is required.
***Rent stabilized units are regulated by the city of NY. Leases are issued for one or two years. The rent increase is dictated by NY city. A tenant can not be evicted as long as the unit is his/her primary residence. The owner can take possession of the unit once the tenant moves out.
Positive cash flow.
Yearly rental income: $14,784 Yearly maintenance expenses: $12,816
Vacant Market Value ( VMV): $709,000 Sale Price: $248,000 (35% of the VMV)
Comparable:
Unit Size Price Date
#6N 2BR/2BTH $725K 04/26/22
#2J 2BR/1.5 BTH $709K 10/26/21
#7R 2BR/1.5 BTH $705K 07/07/21
#4D 2BR/2BTH /Terr $787K 05/17/21

The terrace View is a pet-friendly full-service doorman with a full-time staff. It features a beautiful lobby, 2 new elevators, a new digital intercom and lobby doors, a gym, storage, indoor parking (waiting list), two laundry rooms, and a live-in super. Pet-friendly building.
The building is located on a tree-lined street in the historical landmark district of Jackson heights.
Nearby are a weekly farmers market, supermarkets, great restaurants, cafes, banks, libraries, and schools. A very vibrant neighborhood.
Easy access to the E, F, M, R, and 7 train lines.
The unit has a 2BR/1.5 bath, and a dining alcove overlooking a sunken living room.
2 full-size bedrooms, a sizeable breakfast area, and a large separate dining room that can be converted into a third bedroom.
This is a Sponsor sale that does not need board approval.
***The status of unsold shares is transferable to the purchaser until the tenant moves out. Once the RS tenant moves out, the owner can move in with no board approval or sell the unit with board approval
***Management is trying to contact the tenant to schedule a viewing or to be able to take pictures of the unit. The information will be posted as soon as possible. Additional Information: Amenities:Windowed Bath,HeatingFuel:Oil Above Ground,