137-16 88th Street
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.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $974,999 |
| No. of Units: | 5 |
| Year Built: | 1978 |
| Lot Size: | 3,705.00 Sq ft |
| Opportunity Zone: | No |
| Price per unit: | $195,000 |
| Property Website | Click Here |
| Number of Bedrooms: | 5 |
| Number of Bathrooms: | 5 |
ID: 3yd-BMLSNY-502298
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