88-02 Rockaway Bch Blvd Queens, NY 11693

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.