Property Description for 188-30 87th Drive
Massey Knakal Realty Services has been retained on an exclusive basis to arrange for the sale of a 6-story, elevatored apartment building located in the scenic Queens neighborhood of Jamaica Estates. Just one block off of the busy intersection of Hillside Avenue and 188th Street, the 96 unit property benefits substantially from its proximity to the nearby F Subway line, the Jamaica Center transit hub, and the myriad of hospital, educational, and private employers that predominate Jamaica, Queens. The property’s residential units are, on average, leased at rates that are approximately 6% below those of comparable renovated apartments, providing upside opportunities for diligent, hands-on multifamily operators. The gross scheduled revenue for 2013 is approximately $1.53 million. Please contact us for more information and to receive a confidentiality agreement in order to review the full offering memorandum.
