102-113 FARMERS BLVD Queens NY 11423

St. Albans is rapidly emerging as an attractive neighborhood for real estate investment, offering promising opportunities for significant returns.

The robust NYC and Queens rental market is showing strong demand for all rentals, as people are being increasingly priced out of the housing market, suggesting a healthy income potential for investors.

• Average PPSF (Queens, 2023): $417.

• Average PPSF (St. Albans, Q1 2024): $399.

Average Free Market Rent: St. Albans, 2023

• 1 Bedroom: $2,326

• 2 Bedroom: $3,250

• 33% of Apartments rent between $1,500-$2,000/Month

• 67% of Apartments rent above $2,000/Month

• The PPSF in St. Albans is slightly lower than the Queens average, indicating that properties are more affordable here compared to the broader borough. Making it a key attraction for both investors and residents looking for value.

• The Jamaica NOW Action Plan, a $153 million initiative, is aimed at revitalizing the area with infrastructure improvements, economic development, and community services, which can drive future appreciation.

• St. Albans is experiencing a wave of new development which typically leads to increased property values. Investing early in such neighborhoods can result in substantial appreciation over time.

• Located just 2 miles from JFK International Airport, St. Albans is highly accessible for frequent travelers and airport employees, enhancing its desirability and future value growth.

• The neighborhood is well-served by the Long Island Rail Road (LIRR) with its own station, providing direct and efficient access to Manhattan (25 minutes to Penn Station) and other parts of NYC.

• Future Growth: The ongoing development coupled with the neighborhood’s strategic location near JFK and many convenient transportation options, position St. Albans for significant appreciation in property value.

In conclusion, St. Albans presents a compelling opportunity for real estate investment. Its affordability, robust rental market, strategic location, and potential for future growth make it an ideal target for investors and developers, promising both immediate rental income and long-term value appreciation.

Zoning: R5B, C1-3

Type: Shell. Ready for Renovation

Lot Dimensions: 70 x 180 ft

Lot Size: 4,865 Sq Ft

Interior Size: 9,700 Sq Ft

Units (Pro forma): 12

PPSF: $154

Total Cost PPSF: $412

Proforma Construction Costs: $2,500,000

Proforma Annual NOI: $301,864

Proforma Annual Expenses: $39,723

Projected Cap Rate: 7.55%