02/25/2025
Apt-to-Condo Conversion, Jackson Heights (Queens County) NY.
High demand for conversions in the area!
62 Units for Sale
Type: Multifamily
CLASS C7
Zoning: R7-1/R5
Year built: 1923
Units: 62
Sq ft: 54,624
LOT: 0.60 Acres
Buildings: 2 (8 Towers)
Residential: 43 FM & 12 RS + 1RS (admin)
Commercial: 6
Asking: $24M
Assumable Loan: 17.1M
Exp: 2031
Interest Rate: 3.7%
Cash needed: $6.9M FINAL
Or
Cash Deal at $22.1M FINAL
PRJ Condo Conversion Up-side: $15M
PRJ Cash on Cash Return after CC: 67%
Cash on Cash return: 15.8%
Gross Income: 2.1M
Net Income: $1.4M
Closing Terms: 30-45 days or less
EXIT STRATEGY: The property is undergoing a condo conversion with approval for test marketing, generating cash flow during the process. The condo sell-off is valued at $44 million, with an expected ROI of over 100% in 2-3 years. Rental income continues until the condos are sold, and low HOA fees are anticipated to boost prices. High demand for conversions in the area adds to its appeal.