40-59 & 40-67 Hampton Street

The subject properties, located on two lots, are four-story walk-up, pre-war buildings on Hampton Street in Elmhurst. There are 16 studios, 34 one-bedrooms and four two-bedrooms in the two buildings. Seven apartments (six apartments on the first floor) occupy each floor. Fifty-three apartments are rent-stabilized (40-67 Hampton Street apartment 1E is a rent-controlled unit). About 50% of the rents are below the market. The upside for the properties is tremendous. In the Elmhurst area, the rents for studios range from $900-1050/mo., for one-bedrooms range from $1100-1200/mo., and for two-bedrooms range from $1300-1500/mo. The buildings are in excellent condition.