Multifamily Investment Opportunity
Price
$16,750,000
(+ 3% Marketing Fee)
Exclusive Off-Market Opportunity for Savvy Multifamily Investors!
54-Unit New Construction Multifamily Gem in Prime Queens, NY
Welcome to 11406-11430 Rockaway Beach Blvd, Far Rockaway, Queens, NY – an extraordinary investment opportunity tailor-made for the savvy multifamily investor. This off-market listing is packed with compelling features that will undoubtedly pique your interest.
Please submit all offers directly to sarter@promiselandrealtyllc.com
Property Highlights:
New Construction: This property boasts two impressive 3-story elevatored buildings constructed in 2020. It's a symbol of modernity and reliability, ensuring your investment stands the test of time.
Income-Generating Machine: With a total of 54 well-appointed apartments, 5 versatile commercial units, and a whopping 45 indoor parking spaces, this property is designed for income generation. The numbers don't lie - it's a cash cow!
High CAP Rate: A stellar CAP rate of 7.1% ensures your investment delivers substantial returns, consistently exceeding industry standards.
Tax Abatement Bonanza: Benefit from a 35-Year 70/30 Tax Abatement and a 15-Year ICAP abatement. These tax incentives translate to substantial savings that will bolster your bottom line for years to come.
Prime Location: Situated just steps from the metro, a short walk to the NYC Ferry, and a mere two blocks from the boardwalk and beach, this property is perfectly positioned to attract tenants seeking convenience and a beachside lifestyle.
Property Details:
Total Rooms: 170
Lot Size: 35,889 SF (approx.)
Year Built: 2020
Tax Class: 2
Zoning: R5B, C1-3
FAR: 1.35 (FAR As Built: 2.42)
Effective Gross Income: $1,457,212
Asking Price: $16,750,000 (+3% Marketing Fee)
Income Breakdown:
Apartments: $1,212,665
Commercial: $228,347
Parking: $16,200
Estimated Expenses:
R.E. Taxes (23/24)
35-Year Tax Abatement (Expires 2055)
15-Year ICAP Tax Abatement (Expires 2035)
Water & Sewer
Fuel (All tenants are sub-metered)
Total Expenses: $232,881
NOI (Net Operating Income): $1,224,331
Don't miss out on this exclusive off-market opportunity to own a piece of prime Queens real estate with incredible income potential and unbeatable tax benefits.
For inquiries and offers, please contact sarter@promiselandrealtyllc.com.
Invest wisely and secure your future with this exceptional multifamily investment property. Act now to seize this incredible opportunity!
Additional Photos
Aerial View
Property Map
"Your #1 Source for Off Market Investment Properties, NATIONWIDE"
PROMISE LAND REALTY, LLC
Work: 864-762-2509
All Off Market Properties are sold 'As-Is'. Buyer must do their due diligence. Sold on warranty deed. We are selling our assignable interest. You do NOT HAVE PERMISSION to market this property WITHOUT EXPRESSED WRITTEN CONSENT. Proof of Funds is required with all offers. Earnest Money Deposit due within 48 hours of accepted offer. Closings are done quickly and with a title company/closing attorney. *Realtors add your fee on top*