Courtesy: Daniel Gale Sothebys Intl Rlty
516-466-4036
Investor/Builder opportunity on one of the few beach community areas that have not been overdeveloped or priced out of reach. Rockaway Beach is part of Queens and as such enjoys the lower real estate taxes that the City has to offer. This area has been a beach destination for generations but only recently has begun to gain popularity as an investment area for developers. Luxury rentals and condos have been springing up here and the boardwalk and beach have been upgraded to rival any Long Island waterfront community. This flat parcel of land is located one block from the boardwalk and beach. It is zoned R4 with a FAR of .75. The existing zoning should allow for two, two-family homes to be built on this corner lot. With proper use of terraces and perhaps a roof deck, water views are achievable.
Courtesy: All Island Estates Realty Corp
516-783-5600
Calling All Investors, Developers & End-Users!!! 16.84 Cap 10 Free Market Apartments On A Huge Lot For Sale!!! The Property Features Great Exposure, Excellent Signage, 12 Parking Spaces, High Ceilings, 4 Family House, 2 Family House, (2) 2 Family Bungalows, Separate Meters, A/C, +++!!! The Property Is Located In The Heart Of Far Rockaway Minutes From The Rockaway Freeway!!! Neighbors Include Walmart, Chase Bank, Wyndham Hotels, BP Gas, U-Haul, CVS, T-Mobile, Boost Mobile, McDonald's, Key Food, Papa John's, Domino's, Popeye's, Dollar General, Golden Krust, +++!!! The Whole Property Can Be Delivered Vacant!!! This Could Be Your Next Development Site / Investment Property!!! Income: 416: 2 Units In Front House + 2 Units In Rear Detached Bungalow 1st Floor: 3 Br. Apt.: $32,400 Ann. (Available) 2nd Floor: 2 Br. Apt.: $26,400 Ann. (Available) Bungalow Left: 2 Br. Apt.: $20,400 Ann. M-M; Been There 8 Years. Bungalow Right: 1 Br. Apt.: $19,200 Ann. (Available) Studio Apt.: $18,000 Ann. (Available) Proforma Gross Income: $116,400 Ann. 420: 2 Front Units + 2 Side Units + 2 Units In Detached Rear Bungalow Unit 1F: 2 Br. Apt.: $32,400 Ann. (Available) Unit 2F: 2 Br. Apt.: $32,400 Ann. (Available) Unit 1R: 2 Br. Apt.: $19,200 Ann. M-M; Been There 5+ Years. Unit 2R: 1 Br. Apt.: $18,600 Ann. M-M. (Available) Bungalow Left: 2 Br. Apt.: $19,200 Ann. (Available) Bungalow Right: 2 Br. Apt.: $25,200 Ann. (Available) Proforma Gross Income: $102,600 Ann. Total Proforma Gross Income: $263,400 Ann. Expenses: Gas: $4,500 Ann. Electric: $3,100 Ann. Maintenance & Repairs: $250 Ann. Water & Sewer: $5,800 Ann. Insurance: $6,000 Ann. Flood Insurance: $2,000 Ann. Taxes: $39,502 Ann. Total Expenses: $61,152 Ann. Net Operating Income (NOI): $202,048 Ann. (Proforma 16.84 Cap!!!)
Far Rockaway is located in New York. Far Rockaway, New York has a population of 5,266.
The median household income in Far Rockaway, New York is $65,298. The median household income for the surrounding county is $126,576 compared to the national median of $69,021. The median age of people living in Far Rockaway is 31.4 years.
The average high temperature in July is 82.8 degrees, with an average low temperature in January of 25.7 degrees. The average rainfall is approximately 45.8 inches per year, with 23.9 inches of snow per year.
