114-17 Rockaway Bch Blvd Queens, NY 11694
- Mixed-use properties
- 17,000 SF
Current Use by Public Records
- Mixed-use properties
Property Details for 114-17 Rockaway Bch Blvd
- Year built
- 1908
- Property size
- 17,000 SF
- Property type
- Mixed-use properties
- Property subtype
- Apartment buildings
Description
This exceptional investment opportunity presents a three-story, 17,000 square foot multifamily building located at 114-17 Rockaway Beach Boulevard in Rockaway Park, Queens, New York. Built in 1908, this property comprises two buildings sharing an 8,005 square foot lot, and features a mix of residential and commercial space, including 16 apartment units and 5 stores. Currently boasting 100% occupancy, the property offers a compelling 9% capitalization rate with a pro-forma rate of 10%, indicating significant upside potential. The property is zoned R5B, C1-3, allowing for a variety of uses. Its prime location adjacent to the Rockaway Park Beach 116th Street A train subway station ensures convenient access to public transportation. This well-maintained building presents a rare chance to acquire a substantial multifamily asset in a desirable coastal location with strong rental income and growth prospects. The property's size and zoning offer flexibility for future development or renovation, maximizing return on investment. This is an ideal opportunity for investors seeking a stable, high-yielding property with significant potential for appreciation. The building's history and location contribute to its unique character and appeal within the vibrant Rockaway Park community.
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
- -73.836
- Latitude
- 40.58
