164-11 Highland Avenue - Apartments FOR SALE


Jamaica, NY 11432- Jamaica Hills
$3,750,000 USD
212-430-5100
164-11 Highland Avenue, Jamaica, NY for Sale
$3,750,000 USD
Apartments - FOR SALE
1/38
null | 7.2% Cap Rate

164-11 Highland Avenue
Jamaica, NY 11432
Jamaica Hills


HIGHLIGHTS

  • 12-Unit, 100% Rent-Stabilized Multifamily Walk-Up
  • One 1-Bedroom and Eleven 2-Bedrooms Averaging $2,171.08/Month In Place, many with Balconies or Private Yards
  • $269,374 Current NOI on $339,376.92 EGI — Lean 20.6% Expense Ratio
  • 421a Tax Abatement Holding Projected Taxes to $3,713 (Abatement Expires in 2060)
  • Ancillary Income from 13 Parking Spaces plus Laundry; Pro Forma NOI $281,000
  • Listing Price $3,750,000 — 7.18% Current Cap Rate / 10.75 GRM

OVERVIEW

The New York Multifamily Group at Marcus & Millichap is pleased to exclusively offer 164-11 Highland Avenue for sale, a 12-unit multifamily walk-up in Jamaica Hills, Queens (11432). The property is approximately 12,844 square feet, contains 12 fully rent-stabilized residential units, and sits on a 50’ x 150’ lot (Block: 09846; Lot: 0010). The building is zoned R5, tax class 2, and benefits from a 421a tax abatement expiring in 2060. The property also benefits from a fully built parking garage located below-grade. 13 spaces and 100% occupied.

FOR SALE DETAILS

PRICE

$3,750,000 USD

PRICE/SF

$292 USD /SF

# OF UNITS

12

PRICE/UNIT

$312,500

CAP RATE

7.2%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

164-11 Highland Avenue

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

2019

PARKING SPACES

13

LAND DETAILS

LAND ACRES

0.17 AC

LAND SF

7,396 SF

ZONING

R5

APN/PARCEL ID

09846-0010

ASK ABOUT THIS PROPERTY

David CornejoMarcus & MillichapMore Info
212-430-5100

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.

David CornejoMarcus & MillichapMore Info
212-430-5100

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.