25,000 SF | 2-23 Beach 101st Street | Turnkey MultiFamily Property For Sale - Over 8% CAP
25,000 SF | Turnkey MultiFamily Property For Sale - Over 8% CAP
Marketing description
Turnkey MultiFamily Property For Sale - Over 8% CAP
Located in the Far Rockaway neighborhood of Queens between Beach Channel Dr & Rockaway Beach Blvd near the Beach 98th St subway station.
Nearest Transit: S & A trains at Beach 98th St and the Q53-SBS, Q11, Q35, QM16, RES, QM17, QM15, & Q52-SBS bus lines.
Nearby tenants include Walgreens Photo, Rockaway Beach Golf Club, Burn Fitness, Beachside Pharmacy, Brisas Del Mar, Deli Grill, The Madelaine Chocolate Company, Rockaway Beach Pickleball, Bay Towers Apartments, The Scholars Academy, Dayton Towers West, The Rockaway Hotel, Corp Construction Corporation, and more!
2-23 Beach 101st Street presents a compelling multifamily investment opportunity in the Far Rockaway section of Queens. This well-maintained 32-unit brick building was constructed in 2012 and offers modern construction with long-term durability. The property is fully occupied, providing immediate and stable cash flow for investors. Residents benefit from on-site parking, a valuable amenity in the area, while the building’s contemporary layout and solid condition minimize near-term capital expenditures. Ideally located near public transportation, local retail, and the Rockaway waterfront, this asset is well positioned within a growing residential market.
Ideally situated 2-23 Beach 101st Street is located in the Far Rockaway section of Queens, a neighborhood experiencing continued residential growth and investment activity. The property benefits from proximity to major transportation options, including the A train at Beach 98th Street and multiple bus lines, providing convenient access throughout Queens, Brooklyn, and Manhattan. Nearby amenities include local supermarkets, pharmacies, restaurants, and public facilities, making this a desirable location for long-term residential tenants and investors seeking stability in a well-connected coastal market.
Defined by its coastal setting and ongoing revitalization, Far Rockaway offers a unique blend of beachfront living and urban convenience. The neighborhood features a growing mix of residential developments, neighborhood retail, and public amenities, supported by strong transit access via subway and bus lines. With close proximity to the Rockaway Beach and Boardwalk, Far Rockaway appeals to residents seeking open space, recreation, and accessibility. Continued public and private investment has reinforced the area’s long-term appeal for both residents and investors.
Investment highlights
- 2 Unit Brick Building Built in 2012 with Parking
- Fully Occupied
- Turnkey
- Total Residential Units: 32
- Occupancy Rate: 100%
- Multiple Tenancy
- Delivered: As Is
- Current CAP: 8.6%
- Compelling value-add opportunity 2-23 Beach 101st Street offers a compelling value-add opportunity through the lease-up of vacant units and the ability to mark existing below-market rents to prevailing market levels.
- Strong market fundamentals The property is located within the South Shore Multifamily Submarket, which exhibits strong fundamentals, including a 99.5% occupancy rate and average asking rents of approximately $1,600 per unit.
- Convenient access to retail and medical services The property is well positioned near essential retail and medical amenities, including Stop & Shop Supermarket (0.8 miles), Walgreens Pharmacy (0.4 miles), Rockaway Beach Medical Arts Center (steps away), and CityMD Rockaway Urgent Care–Queens (0.9 miles).
- Excellent transportation connectivity The property is located 0.3 miles from the Beach 105 Street subway station and 0.2 miles from the Beach 98 Street–Playland station, providing direct access to Brooklyn, Manhattan, and convenient transfers throughout New York City. Additionally, the property benefits from close proximity to the Cross Bay Veterans Memorial Bridge (0.8 miles) and the Marine Parkway Bridge (5.4 miles), offering efficient access to major highway networks serving Brooklyn, Manhattan, Queens, and Staten Island.
- On-site covered parking The property features 15 on-site covered garage parking spaces, presenting an opportunity for the next owner to generate additional income through structured parking fees.
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