308 Beach 86th Street

Description

This meticulously upgraded property features two spacious 3-bedroom, 1-bath units and a stylish 2-bedroom, 1-bath apartment currently rented for $2,850, with tenants covering their own utilities. With projected rents of $3,877 for each 3-bedroom unit, this property delivers a strong cap rate of approximately 9.15% based on a purchase price of $1,225,000an exceptional opportunity for investors seeking solid cash flow and long-term growth. Inside, discover high-end finishes throughout, while a large partially finished basement offers additional space for storage or future customization. Beyond your doorstep, embrace a lively coastal lifestyle with popular local spots like Cuisine by Claudette, the Rockaway Beach Surf Club for cocktails and bites, and shopping along Rockaway Beach Boulevard. Commuting is seamless thanks to nearby A train service and the NYC Ferry, whisking you to Manhattan or Brooklyn in no time. Whether you're an investor seeking impressive returns or looking to live steps from the beach while generating income, 308 Beach 86th Street offers the perfect blend of luxury, location, and lucrative potential! Projected Annual Income: Two 3-bed units @ $3,877 each ($3,877 x 2 x 12 = $93,048) One 2-bed unit @ $2,850 ($2,850 x 12 = $34,200) Total Annual Income = $127,248 Annual Expenses: Property Taxes = $6,629 Insurance = $3,500 Water, Electric, Misc. = $5,000 Total Annual Expenses = $15,129 Net Operating Income (NOI): $127,248 - $15,129 = $112,119 Cap Rate: $112,119 ÷ $1,225,000 = 9.15%