39-29 47TH Avenue, Queens, NY 11104 (MLS # RLS20005159)
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The Forray Team at The Corcoran Group presents 39-29 47th Avenue, a fully remodeled Ultra Rare 10 Unit mixed-use property in Sunnyside, Queens. This investment comprises six residential units (5 free market & 1 rent stabilized) and four commercial spaces, offering a balanced income stream in a highdemand rental market.
Redeveloped in 2018, the property blends classic architecture with modern amenities. Residential units feature high end finishes, including stainless steel appliances, in-unit washers and dryers, and hardwood flooring, appealing to quality-conscious tenants.
Located near the 7 train at 40th Street-Lowery Street, tenants enjoy swift access to Midtown Manhattan. The neighborhood offers a variety of amenities, with a caf , deli, office & Lessage Laser Spa, a premier skincare clinic, situated within the building.
Financially, the property demonstrates robust performance with favorable tax class 2B status, a current NOI of $272,953, reflecting a 5.46% cap rate based on a $5,000,000 purchase price. Projections indicate potential growth, with NOI projected up to $304,000 with improvements and further future growth with rising rents for both residential and commercial units. Sunnyside has experienced a 7.8% increase in rental demand from 2023 to 2024, underscoring the area's growth potential.
With modern upgrades, prime location, and strong financial metrics, 39-29 47th Avenue represents an exceptional investment opportunity in one of Queens' most desirable neighborhoods.
| DAYS ON MARKET | 73 | LAST UPDATED | 4/7/2025 |
|---|---|---|---|
| TRACT | Sunnyside | YEAR BUILT | 1931 |
| COUNTY | Queens | STATUS | Active |
| PROPERTY TYPE(S) | Single Family |
| ADDITIONAL DETAILS | |
| AIR | None |
|---|---|
| BASEMENT | Other, Yes |
| LOT | 2396 sq ft |
| LOT DIMENSIONS | 100.00x24.00 |
| STORIES | 3 |
| SUBDIVISION | Sunnyside |
| TAXES | 53712 |
| VIEW DESCRIPTION | Other |
MORTGAGE CALCULATOR
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