114-17 and 114-11 Rockaway Beach Boulevard
8% Cap Rate Mixed Use Building 1 Block Away from Subway Train
Marketing description
Sinclair Realty Group is pleased to exclusively represent the ownership in its sale of 114-17 and 114-11 Rockaway Beach Boulevard, two contiguous mixed-use buildings with a combined five (5) retail stores and sixteen (16) apartments (“The Property”).
Located on the corner of Rockaway Beach Boulevard and Beach 115th Street, The Property is just one city block (600 feet) away from the NYC Subway (A, S) at Rockaway Park-Beach 116th street. Flanked by retail tenants on Beach 116th Street and Rockaway Beach Boulevard, the property benefits from high volumes of daily car and foot traffic.
One building in The Property is rent stabilized and the other is free market. Separating the two properties from one another yields immediate upside.
Investment highlights
Going-in 8% cap rate
Property Taxes only comprise 13% of Gross Rents
New retail tenant has invested heavily in building out retail space
Property has no material violations
100 feet of retail frontage on Rockaway Beach Boulevard
16 apartments and 5 retail stores
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