Far Rockaway Multifamily Investment
2-23 Beach 101st St, Far Rockaway, NY 11694
32-unit apartment building in Far Rockaway, Queens. Fully occupied.
Type:Multifamily
Property size:
25,000 SFPrice / SF:
$310/SF- Added:
- Feb 20, 2026
- Days on Market:
- 129
- Last Refresh:
- Mar 17 at 1:16 pm
Property Features for 2-23 Beach 101st St
General Information
- Standard status
- Active
- Size
- 25,000 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 2012
Listing office Tri State Commercial
Listing date Feb 20, 2026
Source Crexi
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
All listing content including descriptions, pricing, images are the copyrighted material of Tri State Commercial
HighLights
- Turnkey multifamily property with over 8% CAP, providing immediate and stable cash flow
- Modern construction (built in 2012) minimizing near‑term capital expenditures
- Fully occupied 32‑unit brick building
- Excellent location near public transportation (A & S trains, multiple bus lines) providing easy access to Queens, Brooklyn, and Manhattan
- On‑site parking, a valuable amenity for residents
- Proximity to Rockaway Beach and Boardwalk, local retail, supermarkets, pharmacies, restaurants, and public facilities
Overview
Located in the Far Rockaway neighborhood of Queens, near the Beach 98th St subway station, this multifamily property at 2-23 Beach 101st Street presents a compelling investment opportunity. The 32-unit brick building was constructed in 2012 and offers modern construction. The property is fully occupied. Residents benefit from on-site parking. The building’s contemporary layout and solid condition minimize near-term capital expenditures. The property is near public transportation, local retail, and the Rockaway waterfront. The neighborhood offers a mix of residential developments, neighborhood retail, and public amenities, supported by transit access via subway and bus lines. 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. The property is located near 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, and Corp Construction Corporation. The property is approximately 25,000 square feet.
Local 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 | $1.16M | $46.20 |
| − Vacancy | −$43.9k | −$1.76 |
| EGI | $1.11M | $44.44 |
| − OpEx | −$500.0k | −$20.00 |
| NOI | $611.1k | $24.44 |
25,000 SF · lease $46.20/SF/yr · vacancy 3.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$8.73M
$7.64M – $10.19M
NOI $611,111 @ 7.0% cap · market cap 7.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$18.43M
$16.13M – $21.50M
NOI $1,290,120 @ 7.0% cap · market cap 16.65%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Far Rockaway
- County
- Queens
- State
- New York
- Longitude
- -73.821181
- Latitude
- 40.582813
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - 32-unit apartment building in Far Rockaway, Queens. Fully occupied.
Where is this apartment building located?
The property is located at 2-23 Beach 101st St Far Rockaway, NY.
What is the asking price?
The asking price for this property is $7,750,000.
What are key features of this property?
This property features: Turnkey multifamily property with over 8% CAP, providing immediate and stable cash flow; Modern construction (built in 2012) minimizing near‑term capital expenditures; Fully occupied 32‑unit brick building
