Six-Bedroom Multifamily
New
For Sale
$949,000
23-50 Oceancrest, Far Rockaway, NY 11691
Three bedrooms on each of two floors are complemented by a finished basement with a separate entrance.
Property Size3,283 SF
Price / SF$289.06
Days on Market4
Property Features for 23-50 Oceancrest
General Information
Standard status
Active
Size
3,283 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$3,167
Amenities
hardwood floors
full finished basement with separate entrance
Formal Dining
Natural Woodwork
Walk Through Kitchen
Building Details
Building Size
3,283 SF
Year Built
1955
Units
2
Listing Agency:
Unlimited Homes Realty Inc
Listed By:
Robert A. McLeod
(800) 820-9450
Source:
Georgemcknight
Added: Oct 23
Changed: Oct 25
Last Checked: Oct 26 at 4:01AM
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 Unlimited Homes Realty Inc
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Investment Insights
Based on property information with market context.
This 3,283-square-foot multifamily property, built in 1955, has three bedrooms on each of its first and second floors. Each floor also includes a full bathroom, along with a kitchen and formal dining room. Hardwood flooring extends throughout the home, and a finished basement has its own separate entrance.
The property is to be delivered vacant.
The property is to be delivered vacant.
Key Highlights
- Six bedrooms across the first and second floors
- Two full bathrooms, with one on each floor
- Finished basement with separate entrance
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$80,251
Cap Rate
8.46%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,605,020
$1.6M
Cap Rate 7%
$1,146,443
$1.1M
Cap Rate 9%
$891,678
$891.7K
Market Conditions
NOI Build-Up for 3,283 SF
Gross rent
$151.7K $46.20/SF
− Vacancy
−$5.8K −$1.76/SF
EGI
$145.9K $44.44/SF
− OpEx
−$65.7K −$20.00/SF
NOI
$80.3K $24.44/SF
Area
Queens County, NY
Vacancy
3.80%
Lease Rate
$46.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,605,020
Cap Rate 7%
$1,146,443
Cap Rate 9%
$891,678
Alternative Uses
Best Use
Apartment 5plus
$1.15M
$1.00M – $1.34M
NOI $80,251 @ 7.0% cap · market cap 8.46%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.42M
$2.12M – $2.82M
NOI $169,419 @ 7.0% cap · market cap 17.85%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Location Intelligence
Trade Area within ½ mile
2,097
Businesses Nearby
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Business Placement
Demographics for 11691, NY
64,673
Population
23,400
Households
2.8
Avg Household Size
34
Median Age
23%
College-Educated
78%
High-School Grad
2.7 sq mi
ZIP Area
23,953
Density / Sq Mi
$57,027
Median Household Income
$40,366
Median Earnings
$1,444
Median Rent
$649,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Multifamily property - Three bedrooms on each of two floors are complemented by a finished basement with a separate entrance.
Where is this multifamily property located?
The property is located at 23-50 Oceancrest Far Rockaway, NY.
What is the asking price?
The asking price for this property is $949,000.
What are key features of this property?
This property features: Six bedrooms across the first and second floors; Two full bathrooms, with one on each floor; Finished basement with separate entrance
