Brick Five-Unit Apartment
For Sale
$999,000
137-16 88th Street, Queens, NY 11417
MULTI_FAMILY - Queens, NY
Property Size3,705 SF
Lot Size0.08 Acres
Price / SF$269.64
Days on Market47
Property Features for 137-16 88th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
5
Full bathrooms
5
Rooms
Bathroom 5, Bedroom 3, Bathroom 2, Bedroom 5, Bathroom 3, Bedroom 4, Bathroom 1, Bedroom 2, Bathroom 4, Bedroom 1
Parking features
Garage
Interior features
A/C Unit - Window
Subdivision
Ozone Park
Standard status
Active
Size
3,705 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Annual Amount
32524
Building Details
Year built
1978
Floors in Building
3
Number of units
5
Flooring type
Laminate, Hardwood, Tile
Building materials
Brick
Roof type
Shingle
Listing Agency:
RE/MAX Edge · RE/MAX International
(718) 612-3088
Listed By:
Kathleen A. Garbarino
(718) 612-3088
Added: Jun 15
Changed: Jul 14
Last Checked: Jul 31 at 12:06AM
MLS# 502298
Copyright © 2026 Brooklyn New York Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This brick five-unit income property includes five 1-bedroom apartments. The building is designed to support separate utility services, and it features a private driveway and a garage. A common laundry area is also in place. According to the current offering remarks, two units are presently vacant, creating an immediate leasing opportunity for a new owner. The property is listed at approximately 3,705 square feet of building area and sits on a small lot totaling approximately 0.0755 acres.
Located at 137-16 88th Street in Queens (11417), the property is described as being in the heart of Ozone Park and just minutes from Cross Bay Boulevard. The surrounding area offers access to transportation, shopping, restaurants, and major roadways.
For buyers seeking an income-producing multifamily asset with room to improve through occupancy, this configuration offers straightforward leasing upside based on the two vacant units. The seller’s remarks also reference current performance at approximately a 5% cap rate. With separate utilities, on-site parking support via the garage and driveway, and a shared laundry setup, the building is positioned for practical management by an owner-operator, an investor planning a lease-up strategy, or a buyer evaluating a structured acquisition such as a 1031 exchange.
Located at 137-16 88th Street in Queens (11417), the property is described as being in the heart of Ozone Park and just minutes from Cross Bay Boulevard. The surrounding area offers access to transportation, shopping, restaurants, and major roadways.
For buyers seeking an income-producing multifamily asset with room to improve through occupancy, this configuration offers straightforward leasing upside based on the two vacant units. The seller’s remarks also reference current performance at approximately a 5% cap rate. With separate utilities, on-site parking support via the garage and driveway, and a shared laundry setup, the building is positioned for practical management by an owner-operator, an investor planning a lease-up strategy, or a buyer evaluating a structured acquisition such as a 1031 exchange.
Key Highlights
- Brick 5‑unit multifamily with five 1‑bedroom apartments
- Approximately 3,705 SF building area; roof is shingle
- Two units currently vacant, allowing immediate lease‑up
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $171.2k | $46.20 |
| − Vacancy | −$6.5k | −$1.76 |
| EGI | $164.7k | $44.44 |
| − OpEx | −$74.1k | −$20.00 |
| NOI | $90.6k | $24.44 |
3,705 SF · lease $46.20/SF/yr · vacancy 3.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.29M
$1.13M – $1.51M
NOI $90,567 @ 7.0% cap · market cap 9.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.73M
$2.39M – $3.19M
NOI $191,196 @ 7.0% cap · market cap 19.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
60%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,287
Businesses Nearby
Explore this area
Business Placement
Demographics for 11417, NY
31,229
Population
9,855
Households
3.2
Avg Household Size
38
Median Age
25%
College-Educated
78%
High-School Grad
1.1 sq mi
ZIP Area
28,390
Density / Sq Mi
$86,330
Median Household Income
$42,193
Median Earnings
$1,853
Median Rent
$731,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Five 1-bedroom apartments with two currently vacant, plus private driveway, garage, common laundry, and separate utilities.
Where is this apartment building located?
The property is located at 137-16 88th Street Queens, NY.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: Brick 5‑unit multifamily with five 1‑bedroom apartments; Approximately 3,705 SF building area; roof is shingle; Two units currently vacant, allowing immediate lease‑up
