80-50 77th Street

WOODHAVEN | FOREST PARK | 1931 CONSTRUCTION ELEVATOR BUILDING

80-50 77th Street, Queens, NY 11421
Asking Price $13,900,000
Type Multifamily
Neighborhood Woodhaven/Forest Park
Properties 1
Lot Size 99.42’ X 130’ built 99.42’ X 105’
Zoning Code R6A/R3-1/C2-4
Size 51,000 SF
Stories 6
Units 59 Apartments (and 5 Cell Towers)
Air Rights --

Investment Highlights:

Meridian Investment Sales is pleased to present 86-50 77th Street, a prewar elevator apartment building totaling 51,000 gross square feet in the Queens neighborhood of Woodhaven. This meticulously maintained building features a total of 59 apartments and 5 cell towers. Apartment layouts consist of 31 one-bedroom units, 24 two-bedroom units and 5 studios. With average monthly rents of approximately $1,267 per apartment and $384 per room, the property offers excellent cash flow. 86-50 77th Street offers exceptionally large units with average sizes of nearly 900 rentable square feet. The building is currently 100% rent stabilized with $97,000 in preferential rents, providing substantial future upside to potential investors. Current ownership has substantially improved the property in recent years spending approximately $946,000 on capital expenditures. Some of the major items include a new elevator, upgraded electric and apartment renovations.

Location:

Between Jamaica and 88th Avenues, Minutes From Forest Park

Property Listing Contact:

Amit Doshi // Senior Executive Managing Director // 800 3rd Ave., New York, NY // 212.468.5959 // adoshi@meridiancapital.com

Shallini B. Mehra // Managing Director // 800 3rd Ave., New York, NY // 212.468.5958 // smehra@meridiancapital.com

Jonathan Shainberg // Director // 800 3rd Ave., New York, NY // 212.468.5957 // jshainberg@meridiancapital.com