www.crexi.com - The Commercial Real Estate Exchange
Subscribe to Intelligence for full access
Analyze more property details including ownership and financial history. Share advanced property insights with your clients and teams.
Subscribe to Intelligence for full access
Analyze more property details including ownership and financial history. Share advanced property insights with your clients and teams.
33179122
33179140

148-36 89th Avenue, Jamaica, NY 11435

SK
NY 10301216872
Compass
Listed by Compass
$12,000,000
4 days on market
Updated 2 days ago
Opportunity zone

Parthenon Two

Details
APN 0968164
Property Type Multifamily
Sub Type Apartment Building, Duplex/Triplex/Quadruplex
Square Footage 31,919
Net Rentable (SqFt) 19,526
Units 22
Cap Rate 3.97%
NOI $476,000
Tenancy Multi
Rent Bumps No
Pro-Forma Cap Rate 4.29%
Pro-Forma NOI $515,000
Price per SqFt $376
Class B
Year Built 2020
Year Renovated 2021
Buildings 1
Stories 8
Acreage 0.170
Zoning R7A
Parking Spaces 8 spaces
Parking Per SqFt 0.25

Free Market- Multifamily - 22 Units with 8 Parking Spaces

Marketing description

Prime Transit-Oriented Bulk Condo Offering: Downtown Jamaica, Queens | 22 Residential Units & 8 Parking Spaces An exceptional investment opportunity in one of New York City’s most dynamic and accessible transit hubs. This bulk condominium package delivers immediate scale, majority asset control, and multiple exit strategies. The Offering: Discover a modern, eight-story elevator condominium building designed for urban convenience. This package features the vast majority of the building's inventory, presenting a rare turnkey acquisition for institutional investors, 1031-exchange buyers, or preservation funds. • The Portfolio: 22 Premium Residential Units + Two Media/Recreational Rooms + 8 On-Site Parking Spaces. • The Building: 8-Story Elevator Asset with a Full Cellar and 22 total apartment units. • The Control: Immediate majority control of the condominium board. Unmatched Connectivity. Situated in the absolute heart of Downtown Jamaica, this property boasts a near-perfect transit profile. Residents enjoy effortless commutes across New York City and Long Island. *2 Blocks to F Train (Sutphin Blvd/Hillside) *4 Blocks to F Train (Parsons Blvd/Hillside) *Short Walk to Jamaica Center Hub (E, J, Z Trains & LIRR) • Subway Access: Immediate access to the F, E, J, and Z lines. • Commuter Rail: Minutes from Jamaica Station (LIRR) for rapid transit to Manhattan, Brooklyn, and JFK Airport. • Surface Transit: Steps from major bus lines, including the Q20A, Q20B, Q40, and Q43 on Sutphin Boulevard. Investment Highlights: • High-Yield Rental Strategy: Capitalize on the historic rental demand in Queens with a highdensity, low-vacancy asset. • Fractionalized Exit Strategy: Hold for immediate cash flow and retail individual condo units over time to maximize total ROI. • Rapidly Growing Neighborhood: Benefit from the continuous public and private investments shaping Downtown Jamaica's commercial and residential landscape.

Investment highlights

  • All units are Free Market-22 units with 8 parking spaces and two spacious media rooms on the first floor. Commuter paradise. Minutes to Jamaica Hospital.
  • Opportunity to purchase three condo bulk sale/buildings for $28,000,000. Please contact LA for details.
Icon
Powered by Onekey MLS
Learn More

Listing Contacts

SK
NY 10301216872
Compass
Listed by Compass

Valuation Calculator

Login or Sign up to see Valuation Metrics
Sign up for Crexi to see valuation metrics for this property
$
$
%
Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$476,000.00
$39,666.67/mo

Valuation Metrics

0
DSCR
3.97%
Cap Rate
3.97%
ROI

Map

Broker Selected Comps View More Comps

Property History

Intelligence Badge

Similar Properties

View All

Additional Information

Name
Sarah Kim
License
10301216872
Brokerage
Compass
Brokerage Phone
7188134835
Title
Broker Associate
Brokerage Address
298 Merrick Road
*All information is deemed reliable but not guaranteed. Buyer to verify all information.
Is there information that looks off?
For assistance, reach out to our support team at [email protected] or call 888.273.0423 . For press inquiries, contact [email protected]
Equal Housing Opportunity
5510 Lincoln Blvd #400, Los Angeles, CA 90094Commercial Real Estate Exchange, Inc.Crexi Technologies, LLCCXTechnology, LLC
© 2026 Commercial Real Estate Exchange, Inc. All Rights Reserved. DRE #02086591