16-10 Caffrey AveQueens, NY 11691

Property Details for 16-10 Caffrey Ave

Property size (Sq ft)

14,707 SF

Property type

Apartment buildings

Description

This exceptional Class A apartment building, located at 16-10 Caffrey Ave in Far Rockaway, Queens, NY 11691, presents a compelling investment opportunity. The property boasts 20 units spread across two stories, encompassing a total of 14,707 square feet on a sizable 20,600 square foot lot. Currently operating at 100% occupancy, the building generates a substantial net operating income (NOI) of $353,782, yielding a 6.21% cap rate. The asking price is $5,700,000, translating to $300,000 per unit and $407.97 per square foot. The building features 14 parking spaces, a significant amenity in this area. Unit configurations include a mix of two- and three-bedroom apartments, with two-bedroom units having one bathroom and three-bedroom units having two bathrooms. The property is currently under a J51 tax abatement program, which is set to expire in the near future, presenting potential for increased future profitability. This prime location offers easy access to public transportation, with the A and B subway lines nearby. The building's strong performance and significant upside potential make it an ideal addition to any investment portfolio. The lot dimensions are approximately 45 feet by 158 feet, with the overall property dimensions being approximately 100 feet by 206 feet.

Location Insight

City

Queens

County

Queens

State

New York

Latitude

40.5994

Longitude

-73.7508

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