ASKING PRICE - $9,350,000

5% CAP RATE - $195,000/UNIT

PROPERTY HIGHLIGHTS
TEAMPREUSS • 48-Unit Multi-Family Elevator Building Located
Walking Distance to Downtown Flushing
140-71 ASH AVENUE
• Long-Term Ownership - First Sale in ~40 Years
FLUSHING, NY 11355
• Ideal for Investor Seeking In-Place Cash Flow
48-Unit Multi-Family Elevator
Building Located Walking Dis- • Prime location walking distance to the Main St.-
Flushing 7 train subway stop, Flushing Main Street
tance to Downtown Flushing
LIRR station and Q26/Q20/Q34/Q17/Q27 bus lines
First Sale in ~40 Years • J51 Abatement In-Place

THE TEAM PREUSS ADVANTAGE

We provide a full service approach to real estate, providing a distinct specialization in the capital markets.
Investment Sales • Debt • Leasing | Queens • Brooklyn • Long Island

STEPHEN R. PREUSS KEVIN LOUIE KEVIN SCHMITZ CHARLIE DUPONT 118-35 Queens Boulevard
Vice Chairman Director Director Associate 14th Floor
+1 718 512 2118 +1 718 512 2627 +1 718 512 2628 +1 718 512 2602 Forest Hills, NY 11375
stephen.preuss@cushwake.com kevin.louie@cushwake.com kevin.schmitz@cushwake.com charlie.dupont@cushwake.com cushmanwakefield.com
©2020 Cushman & Wakefield. All rights reserved. The information contained in this communication is strictly confidential. This information has been obtained from sources believed to be reliable but has not been verified. No warranty or
representation, express or implied, is made as to the condition of the property (or properties) referenced herein or as to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions,
change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). Any projections, opinions or estimates are subject to uncertainty and do not signify current or future
property performance.
 TEAMPREUSS
140-71 ASH AVENUE
FLUSHING, NY 11355
48-Unit Multi-Family Elevator Building Located Walking
Distance to Downtown Flushing

First Sale in ~40 Years First Sale in 40 Years

ASKING PRICE - $9,350,000
5% CAP RATE - $195,000/UNIT

PROPERTY DESCRIPTION
Cushman & Wakefield has been exclusively retained to arrange for the sale of 140-71 Ash Avenue in Flushing, NY.

The subject property is a 48-Unit Multi-Family Elevator Building located walking distance to Downtown Flushing.

140-71 Ash Avenue has been under long-term ownership and this will be its first sale in 40 years. The property
consists of (7) studio apartments, (25) 1-bedroom apartments, (11) 1.5-bedroom apartments and (5) 2.5-bedroom
apartments and is ideal for an investor seeking in-place cash flow with little downside risk.

The property is ideally located just blocks from one of the busiest transporation, retail and dining hubs in the
outer-boroughs. 140-71 Ash Ave. sits in prime location walking distance to the Main St.-Flushing 7 train subway
stop, Flushing Main Street LIRR station and the Q26/Q20/Q34/Q17/Q27 bus lines.

Nearby credit tenants include Macy’s, UPS, Bank of America, Nike, Target, Starbucks, etc. Nearby attractions
include the Shops at SkyView, Flushing Meadows Park, Citi Field and more.

This is a great opportunity to take advantage of a cash-flowing investment in a densely-populated, vibrant

neighborhood of Queens. Please reach out to exclusive brokers for additional information. Building inspections
are by appointment only.

THE TEAM PREUSS ADVANTAGE

We provide a full service approach to real estate, providing a distinct specialization in the capital markets.
Investment Sales • Debt • Leasing | Queens • Brooklyn • Long Island

STEPHEN R. PREUSS KEVIN LOUIE KEVIN SCHMITZ CHARLIE DUPONT 118-35 Queens Boulevard
Vice Chairman Director Director Associate 14th Floor
+1 718 512 2118 +1 718 512 2627 +1 718 512 2628 +1 718 512 2602 Forest Hills, NY 11375
stephen.preuss@cushwake.com kevin.louie@cushwake.com kevin.schmitz@cushwake.com charlie.dupont@cushwake.com cushmanwakefield.com
©2020 Cushman & Wakefield. All rights reserved. The information contained in this communication is strictly confidential. This information has been obtained from sources believed to be reliable but has not been verified. No warranty or
representation, express or implied, is made as to the condition of the property (or properties) referenced herein or as to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions,
change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). Any projections, opinions or estimates are subject to uncertainty and do not signify current or future
property performance.
 TEAMPREUSS
140-71 ASH AVENUE
FLUSHING, NY 11355
48-Unit Multi-Family Elevator Building Located Walking
Distance to Downtown Flushing

First Sale in ~40 Years First Sale in 40 Years

ASKING PRICE - $9,350,000
5% CAP RATE - $195,000/UNIT

PROPERTY INFORMATION TAX MAP

140-71 Ash Avenue, BLOCK BOWNE ST
Address Flushing NY 11355 5182
Location Midblock between Bowne LOT
St. and Kissena Blvd.
39
Block / Lots 5182 / 39
Lot Dimensions 100’ x 79’ (Approx.)
39
Gross Lot Sq. Ft. 9,600 (Approx.)

BUILDING INFORMATION
Building Sq. Ft. 38,894 (Approx.)
Building Dimensions 100' x 79' (Approx.)

FRANKLIN AVE
Stories 6

ASH AVE
No. of Units 48

ZONING INFORMATION
Zoning R7B
Residential FAR 3.0
Community Facility FAR 3.0
Maximum Buildable Sq. Ft. 28,800 (Approx.)

FINANCIAL INFORMATION
Assessment (20/21) $1,160,910
Taxes Before Abatement
$142,409
(20/21)
J51 Abatement $4,479
Total Taxes (20/21) $137,930

KISSENA BLVD

STEPHEN R. PREUSS KEVIN LOUIE KEVIN SCHMITZ CHARLIE DUPONT 118-35 Queens Boulevard
Vice Chairman Director Director Associate 14th Floor
+1 718 512 2118 +1 718 512 2627 +1 718 512 2628 +1 718 512 2602 Forest Hills, NY 11375
stephen.preuss@cushwake.com kevin.louie@cushwake.com kevin.schmitz@cushwake.com charlie.dupont@cushwake.com cushmanwakefield.com
©2020 Cushman & Wakefield. All rights reserved. The information contained in this communication is strictly confidential. This information has been obtained from sources believed to be reliable but has not been verified. No warranty or
representation, express or implied, is made as to the condition of the property (or properties) referenced herein or as to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions,
change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). Any projections, opinions or estimates are subject to uncertainty and do not signify current or future
property performance.
 TEAMPREUSS
140-71 ASH AVENUE
FLUSHING, NY 11355
48-Unit Multi-Family Elevator Building Located Walking
Distance to Downtown Flushing

First Sale in ~40 Years First Sale in 40 Years

ASKING PRICE - $9,350,000
5% CAP RATE - $195,000/UNIT

RENT ROLL
140-71 ASH AVENUE
UNIT BEDROOM LEASE EXP. MONTHLY RENT ANNUAL RENT UNIT BEDROOM LEASE EXP. MONTHLY RENT ANNUAL RENT

101 1.5 Nov-21 $1,634 $19,610 403 1 Jun-22 $1,589 $19,065

102 1 Aug-21 $1,550 $18,600 404 1 Aug-21 $1,573 $18,879

103 1 Aug-21 $1,624 $19,488 405 1.5 Jul-21 $907 $10,879

104 1 Jun-22 $1,563 $18,758 406 STUDIO Jan-22 $1,213 $14,553

105 1.5 Mar-22 SUPT $- 407 2.5 Nov-21 $1,581 $18,969

106 STUDIO Nov-21 $1,264 $15,165 408 1 Oct-21 $1,550 $18,600

107 1 Mar-21 $1,600 $19,200 501 1.5 Jan-22 $1,464 $17,572

108 1 May-21 $1,600 $19,200 502 1 May-21 $1,521 $18,252

201 1.5 Sep-21 $1,181 $14,169 503 1 Jun-22 $1,204 $14,451

202 1 May-21 $1,303 $15,630 504 1 Feb-22 $1,127 $13,519

203 1 Dec-20 $1,413 $16,954 505 1.5 Jun-22 $1,262 $15,139

204 1 Apr-22 $1,507 $18,081 506 STUDIO Dec-20 $1,263 $15,155

205 1.5 Nov-21 $1,219 $14,632 507 2.5 Feb-21 $1,372 $16,468

206 STUDIO May-21 $1,029 $12,351 508 1 Apr-22 $1,563 $18,758

207 2.5 Dec-20 $1,299 $15,594 601 STUDIO Feb-22 $1,358 $16,298

208 1 Mar-21 $1,159 $13,906 602 1 Aug-21 $1,269 $15,230

301 1.5 Jan-21 $1,575 $18,900 603 1 Aug-21 $1,635 $19,614

302 1 Jun-22 $1,589 $19,065 604 1 Feb-21 $1,430 $17,160

303 1 Sep-21 $1,167 $14,009 605 1.5 May-21 $1,249 $14,991

304 1 Mar-21 $1,550 $18,600 606 STUDIO May-21 $1,250 $15,000

305 1.5 Aug-22 $1,267 $15,209 607 2.5 Dec-20 $1,775 $21,300

306 STUDIO Feb-22 $1,384 $16,605 608 1 Vacant $1,800 $21,600

(Previously RC)
307 2.5 Aug-22 $1,406 $16,876
TOTAL $66,051.62 $792,619
308 1 Apr-21 $1,263 $15,151

401 1.5 Dec-20 $1,523 $18,270

402 1 Apr-21 $1,429 $17,144

STEPHEN R. PREUSS KEVIN LOUIE KEVIN SCHMITZ CHARLIE DUPONT 118-35 Queens Boulevard
Vice Chairman Director Director Associate 14th Floor
+1 718 512 2118 +1 718 512 2627 +1 718 512 2628 +1 718 512 2602 Forest Hills, NY 11375
stephen.preuss@cushwake.com kevin.louie@cushwake.com kevin.schmitz@cushwake.com charlie.dupont@cushwake.com cushmanwakefield.com
©2020 Cushman & Wakefield. All rights reserved. The information contained in this communication is strictly confidential. This information has been obtained from sources believed to be reliable but has not been verified. No warranty or
representation, express or implied, is made as to the condition of the property (or properties) referenced herein or as to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions,
change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). Any projections, opinions or estimates are subject to uncertainty and do not signify current or future
property performance.
 TEAMPREUSS
140-71 ASH AVENUE
FLUSHING, NY 11355
48-Unit Multi-Family Elevator Building Located Walking
Distance to Downtown Flushing

First Sale in ~40 Years First Sale in 40 Years

ASKING PRICE - $9,350,000
5% CAP RATE - $195,000/UNIT

REVENUE $ / SF
Gross Annual Income $792,619 $20.38

Vacancy & Credit Loss Projected @ 2% / Gross Income $(15,852) $(0.41)

Effective Gross Annual Income $776,767 $19.97

EXPENSES $ / SF
Real Estate Taxes (20/21) NYC Dept of Finance $137,930 $3.55
Insurance Provided by Ownership $17,000 $0.44
Water / Sewer Provided by Ownership $51,000 $1.31
Fuel & Electric Provided by Ownership $44,000 $1.13
Salary Provided by Ownership $12,000 $0.31
Maintenance Provided by Ownership $24,000 $0.62
Management Provided by Ownership $22,800 $0.59
Elevator Maintenance Projected @ $3,000/Yr $3,000 $0.08
TOTAL $308,730 $7.94

$ / SF
Effective Gross Annual Income $776,767 $19.97

Less Expenses (40%) $308,730 $7.94

Net Operating Income $468,037 $12.03

STEPHEN R. PREUSS KEVIN LOUIE KEVIN SCHMITZ CHARLIE DUPONT 118-35 Queens Boulevard
Vice Chairman Director Director Associate 14th Floor
+1 718 512 2118 +1 718 512 2627 +1 718 512 2628 +1 718 512 2602 Forest Hills, NY 11375
stephen.preuss@cushwake.com kevin.louie@cushwake.com kevin.schmitz@cushwake.com charlie.dupont@cushwake.com cushmanwakefield.com
©2020 Cushman & Wakefield. All rights reserved. The information contained in this communication is strictly confidential. This information has been obtained from sources believed to be reliable but has not been verified. No warranty or
representation, express or implied, is made as to the condition of the property (or properties) referenced herein or as to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions,
change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). Any projections, opinions or estimates are subject to uncertainty and do not signify current or future
property performance.
 TEAMPREUSS
140-71 ASH AVENUE
FLUSHING, NY 11355
48-Unit Multi-Family Elevator Building Located Walking
Distance to Downtown Flushing

First Sale in ~40 Years First Sale in 40 Years

ASKING PRICE - $9,350,000
5% CAP RATE - $195,000/UNIT

PROPERTY PHOTOS & LOCATION MAP

DOWNTOWN FLUSHING LIRR

140-71 ASH AVENUE

STEPHEN R. PREUSS KEVIN LOUIE KEVIN SCHMITZ CHARLIE DUPONT 118-35 Queens Boulevard
Vice Chairman Director Director Associate 14th Floor
+1 718 512 2118 +1 718 512 2627 +1 718 512 2628 +1 718 512 2602 Forest Hills, NY 11375
stephen.preuss@cushwake.com kevin.louie@cushwake.com kevin.schmitz@cushwake.com charlie.dupont@cushwake.com cushmanwakefield.com
©2020 Cushman & Wakefield. All rights reserved. The information contained in this communication is strictly confidential. This information has been obtained from sources believed to be reliable but has not been verified. No warranty or
representation, express or implied, is made as to the condition of the property (or properties) referenced herein or as to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions,
change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). Any projections, opinions or estimates are subject to uncertainty and do not signify current or future
property performance.
 TEAMPREUSS
140-71 ASH AVENUE
FLUSHING, NY 11355
48-Unit Multi-Family Elevator Building Located Walking
Distance to Downtown Flushing

First Sale in ~40 Years First Sale in 40 Years

ASKING PRICE - $9,350,000
5% CAP RATE - $195,000/UNIT
BUILDING PHOTOS

STEPHEN R. PREUSS KEVIN LOUIE KEVIN SCHMITZ CHARLIE DUPONT 118-35 Queens Boulevard
Vice Chairman Director Director Associate 14th Floor
+1 718 512 2118 +1 718 512 2627 +1 718 512 2628 +1 718 512 2602 Forest Hills, NY 11375
stephen.preuss@cushwake.com kevin.louie@cushwake.com kevin.schmitz@cushwake.com charlie.dupont@cushwake.com cushmanwakefield.com
©2020 Cushman & Wakefield. All rights reserved. The information contained in this communication is strictly confidential. This information has been obtained from sources believed to be reliable but has not been verified. No warranty or
representation, express or implied, is made as to the condition of the property (or properties) referenced herein or as to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions,
change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). Any projections, opinions or estimates are subject to uncertainty and do not signify current or future
property performance.