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$ 999,000
Est. payment /mo
New
137-16 88th ST Queens, NY 11417
5 Beds
5 Baths
3,705 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 3,705 sqft
Price per Sqft $269
MLS Listing ID 502298
Bedrooms 5
Full Baths 5
Year Built 1978
Annual Tax Amount $32,524
Lot Dimensions 22x120
Property Sub-Type Multi-Family
Property Description
Exceptional investment opportunity in the heart of Ozone Park. This brick 5-unit income-producing property consists of five 1-bedroom apartments and is currently operating at approximately a 5% cap rate with significant upside potential. Two units are currently vacant, providing a rare opportunity for a new owner to immediately lease at market rents and substantially increase the property's income and overall return. Additional features include a private driveway, garage, common laundry area with supplemental income potential, separate utility services, and approximately 3,705 square feet of building area. Located just minutes from Cross Bay Boulevard, transportation, shopping, restaurants, and major roadways. Whether you're looking for a stable long-term hold, value-add investment, or 1031 exchange opportunity, this property offers immediate cash flow with the ability to significantly improve performance through lease-up and rental optimization. Rarely does a Queens multifamily asset offer both current income and such clear potential for future growth.
Location
State NY
County Queens
Area Ozone Park
Rooms
Basement None
Interior
Hot Water Gas
Heating Gas
Flooring Hardwood, Laminate, Tile, Other
Heat Source Gas
Exterior
Exterior Feature Brick Face
Amenities Available Laundry – Card Operated, Storage rooms
Roof Type Shingle
Handicap Access No
Building
Story 3
Foundation Poured Concrete
Others
Energy Description Gas
Financing 1031 Exchange,Bank Mortgage,Cash
Listed by RE/MAX Edge
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Christina Girgenti
Broker Associate