88-02 Rockaway Bch Blvd Queens, NY 11693
- Office Properties & Spaces
- 21,975 SF
- 0.24 lot acres
Current Use by Public Records
- New Horizon Counseling Center / Mental Health Clinic
Property Details for 88-02 Rockaway Bch Blvd
- Year built
- 1957
- Lot size
- 0.24 lot acres
- Property size
- 21,975 SF
- Property type
- Office Properties & Spaces
- Property subtype
- Medical offices
Description
This exceptional six-story mixed-use building at 88-02 Rockaway Beach Blvd in Queens, NY, presents a compelling investment opportunity. The 21,975 square foot property, built in 1957 and renovated in 2013, sits on a 0.24-acre lot and boasts a 5.83% cap rate with a current NOI of $390,052. Currently operating at 100% occupancy, the building comprises twenty-one units: sixteen two-bedroom/two-bathroom apartments, three one-bedroom/one-bathroom apartments, and two ground-floor commercial units leased to a single medical tenant. Ten surface parking spaces are also available. Nineteen of the residential units are rent-stabilized. The property benefits from its prime location in Rockaway Beach, offering coastal serenity and urban convenience with easy access to the A & S trains for a quick commute to NYC. The vibrant surrounding community provides diverse dining, shopping, and retail options. Currently enjoying a 421-A property tax benefit expiring in July 2026, this presents a significant value-add opportunity for investors. Upon expiration, potential deregulation upon the first lease renewal after the 421-A benefit period allows for market-rate rents, further enhancing the property's investment potential. The asking price is $6,800,000.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Queens
- County
- Queens
- State
- New York
- Longitude
- -73.8131
- Latitude
- 40.5873
