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$ 11,500,000
Est. payment | /mo
$ 11,500,000
Est. payment | /mo
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID KEYL3563773
Originating Board onekey2
Rental Info No
Year Built 1927
Annual Tax Amount $51,904
Property Description
Introducing a rare opportunity in Far Rockaway, Queens: A 40 unit residential building containing an adjacent lot with possibilities for expansion or additional development. The existing building boasts a mix of newly renovated 1-2 bedroom apartments. This is an ideal investment for developers seeking to capitalize on the burgeoning demand for quality housing in the Far Rockaway area. Situated in a sought-after neighborhood, this property enjoys proximity to both the vibrant communities of the Five Towns and the scenic coastline of Rockaway. Residents benefit from excellent transportation links, including easy access to major highways, the Long Island Rail Road, and multiple bus routes, ensuring seamless connectivity to Manhattan and surrounding areas. The building is equipped with advanced security systems, including 24/7 surveillance cameras, secure entry points and a live in Superintendent. The nearby Rockaway Beach and local parks offer excellent recreational opportunities. This property generates substantial rental income, making it an attractive investment for both new and seasoned investors. Far Rockaway is undergoing significant development and revitalization, promising potential for property value appreciation. Given its strategic location near thriving communities and continuous urban development, the property is poised for significant appreciation in value over the coming years. All information was accessed from public record and the owner and deemed to be accurate however buyer and buyers agent must verify. Taxes do not reflect the J51 tax abatement of $17,927 per year for the next 15 years. As per public record, lot 119 is 18808 sq ft & lot 72 is 8181 sq ft., Additional information: Rental Income:Y, Building Size:43120
Location
State NY
County Queens
Interior
Heating Hot Water, Natural Gas, Oil
Fireplace No
Exterior
Private Pool No
Building
Story 4
Others
Special Listing Condition None
Listed by Mahler Realty
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