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.
86-50 77th Street presents investors with the opportunity to acquire a stabilized, cash-flowing asset in a historical neighborhood anchored by Forest Park, a 538 acres known as the third-largest greenspace in Queens with many amenities including: tennis courts, a golf course, carousel and three walking trails with over five miles of tree line paths. The diverse residential enclave of Woodhaven which includes families, students, and young professionals enjoy affordability, nature and proximity to Manhattan. The J train runs right through the neighborhood with the 75th Street – Elderts [J, Z] station just a half block away. The property is steps from Jamaica avenue, a bustling corridor with restaurants, local and national retail tenants offering a myriad of goods and services for the local residents.
