Listed by Ariel Property Advisors
$2,900,000
Residential Portfolio in Far Rockaway
Details
Property Type Multifamily, Mixed Use
Sub Type Apartment Building
Square Footage 5,180
Net Rentable (SqFt) 5,180
Units 5
NOI $46,748
Stories 7
Lot Size (SqFt) 20,724
Zoning R4-1
Investment Type Value Add
Residential Portfolio | 20,724 BSF
Marketing description
For Sale
Investment highlights
- The portfolio includes six lots: five located on beach 27th street between seagirt ave and the boardwalk, and one separate lot on beach 44th street between edgemere and beach chanel drives
- R4-1 zoning allows for a total of 20,724 bsf for residential redevelopment
- The residential homes are collecting significantly below market rents, providing an investor an immediate value-add opportunity
- Perfectly situated just steps from the beach and boardwalk. In close proximity to several schools. Nearby retailers include cvs, shop fair supermarket, bank of america & dunkin donut
- A few blocks from the q22, q113 & q114 bus stops. A 10 minute walk to the beach 25th street a train subway station
- Conveniently close to the special downtown far rockaway district, which was rezoned in 2017 to spur development in the area and create a vibrant mixeduse community
Listing Contacts
Listed by Ariel Property Advisors
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$46,748.00
$3,895.67/mo
Valuation Metrics
0
DSCR
1.61%
Cap Rate
1.61%
ROI
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