Introducing a rare opportunity in Far Rockaway, Queens: A 40 unit residential building containing an adjacent lot with possibilities for expansion or additional development. The existing building boasts a mix of newly renovated 1-2 bedroom apartments. This is an ideal investment for developers seeking to capitalize on the burgeoning demand for quality housing in the Far Rockaway area. Situated in a sought-after neighborhood, this property enjoys proximity to both the vibrant communities of the Five Towns and the scenic coastline of Rockaway. Residents benefit from excellent transportation links, including easy access to major highways, the Long Island Rail Road, and multiple bus routes, ensuring seamless connectivity to Manhattan and surrounding areas. The building is equipped with advanced security systems, including 24/7 surveillance cameras, secure entry points and a live in Superintendent. The nearby Rockaway Beach and local parks offer excellent recreational opportunities. This property generates substantial rental income, making it an attractive investment for both new and seasoned investors. Far Rockaway is undergoing significant development and revitalization, promising potential for property value appreciation. Given its strategic location near thriving communities and continuous urban development, the property is poised for significant appreciation in value over the coming years. All information was accessed from public record and the owner and deemed to be accurate however buyer and buyers agent must verify. Taxes do not reflect the J51 tax abatement of $17, 927 per year for the next 15 years. As per public record, lot 119 is 18808 sq ft & lot 72 is 8181 sq ft. , Additional information: Rental Income: Y, Building Size: 43120
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William Raveis Real Estate
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William Raveis Mortgage, LLC
Phone: 347.223.0992
Sarah.DeFlorio@Raveis.com
NMLS Mortgage Loan Originator ID 1880936
5/6 (30 Yr) Adjustable Rate Jumbo* |
30 Year Fixed-Rate Jumbo |
15 Year Fixed-Rate Jumbo |
|
---|---|---|---|
Loan Amount | $9,200,000 | $9,200,000 | $9,200,000 |
Term | 360 months | 360 months | 180 months |
Initial Interest Rate** | 5.875% | 6.625% | 6.125% |
Interest Rate based on Index + Margin | 8.125% | ||
Annual Percentage Rate | 6.893% | 6.723% | 6.284% |
Monthly Tax Payment | $4,325 | $4,325 | $4,325 |
H/O Insurance Payment | $125 | $125 | $125 |
Initial Principal & Interest Pmt | $54,421 | $58,909 | $78,258 |
Total Monthly Payment | $58,871 | $63,359 | $82,708 |
* The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan.
** Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable rate mortgages [if applicable], are subject to change without prior notice.
The rates and Annual Percentage Rate (APR) cited above may be only samples for the purpose of calculating payments and are based upon the following assumptions: minimum credit score of 740, 20% down payment (e.g. $20,000 down on a $100,000 purchase price), $1,950 in finance charges, and 30 days prepaid interest, 1 point, 30 day rate lock. The rates and APR will vary depending upon your unique credit history and the terms of your loan, e.g. the actual down payment percentages, points and fees for your transaction. Property taxes and homeowner's insurance are estimates and subject to change.