16-10 Caffrey AveQueens, NY 11691

For Sale
$5,700,000

20-Unit Multifamily, High NOI, Excellent Location

Overview

Added:
Dec 11, 2024
Days on market:
93
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.

Highlights

  • Class A, 20-unit apartment building in Far Rockaway, Queens.
  • 14,707 square feet on a 20,600 square foot lot, 100% occupancy.
  • $5,700,000 asking price, $353,782 NOI, 6.21% cap rate.
  • 14 parking spaces, mix of 2 & 3-bedroom units.
  • Currently under J51 tax abatement, expiring soon; near A & B subway lines.

Property Details for 16-10 Caffrey Ave

Property type
Multifamily properties, Apartment buildings
Square Feet
14,707 SF
Class
A
Stories
2
Units
20

Location Insight

City
Queens
County
Queens
State
New York
Latitude
40.5993939
Longitude
-73.7507736
16-10 Caffrey Ave, Queens, New York

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
Please email our support team at [email protected] and they will add the team member.
How do I access a private listing?
Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
How do I unsubscribe from emails?
At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].
16-10 Caffrey Ave
Thanks! Your message was sent.
Error! Your message wasn't sent.
Please enter your first name
Please enter your last name
Please enter email
Please enter the email in the correct format
Please enter phone
Please enter the number in the correct format
Select size
Please enter message