88-02 Rockaway Beach Boulevard, Rockaway Beach, NY 11693

The Rockaways, Rockaway Beach, New York 11693

$7,500,000   $7,300,000  

Listing ID Number

24967

Property Description

Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of a newer construction, 7-story, elevator serviced mixed-use apartment building located on the northwest corner of Beach 88th Street and Rockaway Beach Boulevard in Rockaway Beach, Queens, NY. The building is comprised of two (2) ground floor medical offices, nineteen (19) luxury apartments (16 two-bedroom units & 3 one-bedroom units) on the 2nd to 7th floors and ten (10) on-site parking spaces. With average rents of approx. $11.50 PSF for the medical spaces and $25 PSF for the apartments, this asset is an ideal investment or 1031 exchange opportunity. Please contact exclusive agents for additional information.

Overview

Building Type:Mixed-Use Investment Buildings
Location:Northwest corner of Beach 88th Street and Rockaway Beach Blvd
Block/Lot:16123/86
Lot Dimensions:54' X 90'
Irregular
Lot Sq Ft:6,102
Approx.
Stories:7
Units:21
Residential Units:19
Commercial Units:2
Year Built:2012
Gut Renovated
Tax Year:2016/2017
Assessment Value:$26,262
421A Abatement
Taxes:$3,386
Building Sq Ft:21,975
Approx.

Documents

Contact

For further information or inspection, please contact Exclusive Agents:

Thomas A. Donovan
Vice Chairman
(718) 512 2626
tom.donovan@cushwake.com

Tommy C. Lin
Director
(718) 512 2609
tommy.lin@cushwake.com

Eugene Kim
Director
(718) 512 2618
eugene.kim@cushwake.com

Robert Rappa
Associate Director
(718) 512 2601
robert.rappa@cushwake.com


Property Images

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Property Map


Aerial View


The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.