Ad #7805579
MLS #502298
Exceptional investment opportunity in the heart of Ozone Park
137-16 88th St, Queens, NY 11417
$999,000
5Beds
5Baths
3,705Sqft
0.08Acres
About this property
Exceptional investment opportunity in the heart of Ozone Park. This brick 5-unit income-producing property consists of five 1-bedroom apartments and is currently operating at approximately a 5% cap rate with significant upside potential. Two units are currently vacant, providing a rare opportunity for a new owner to immediately lease at market rents and substantially increase the property's income and overall return. Additional features include a private driveway, garage, common laundry area with supplemental income potential, separate utility services, and approximately 3,705 square feet of building area. Located just minutes from Cross Bay Boulevard, transportation, shopping, restaurants, and major roadways. Whether you're looking for a stable long-term hold, value-add investment, or 1031 exchange opportunity, this property offers immediate cash flow with the ability to significantly improve performance through lease-up and rental optimization. Rarely does a Queens multifamily asset offer both current income and such clear potential for future growth.
Property Features
5 Beds
5 Baths
3,705 Sqft
Built in 1978
0.08 Acres
3 Stories
Garage
Siding: Brick
Shingle Roof
$32,524 / yr property tax
Queens County
Additional Photos
Contact Information
Kathleen A. Garbarino
Womcore LLC dba Remax Edge
718-612-3088
Location
Listing Agent: Kathleen A. Garbarino 718-612-3088
Broker: Womcore LLC dba Remax Edge 718-612-3088 Listing Site
Copyright © 2026 Brooklyn New York Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Broker: Womcore LLC dba Remax Edge 718-612-3088 Listing Site
Copyright © 2026 Brooklyn New York Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
BeachHouse.com
Printed Aug 11, 2026
Photo Gallery
$999,000
5
Beds
5
Baths
3,705
Sqft
137-16 88th St, Queens, NY 11417
By contacting this agent you agree to these Terms and Conditions.
MLS# 502298
Exceptional investment opportunity in the heart of Ozone Park
$999,000
137-16 88th St, Queens, NY 11417
5
Beds
5
Baths
3,705
Sqft
0.08
Acres
$999,000
137-16 88th St, Queens, NY 11417
5 Beds
5 Baths
3,705 Sqft
0.08 Acres
Exceptional investment opportunity in the heart of Ozone Park. This brick 5-unit income-producing property consists of five 1-bedroom apartments and is currently operating at approximately a 5% cap rate with significant upside potential. Two units are currently vacant, providing a rare opportunity for a new owner to immediately lease at market rents and substantially increase the property's income and overall return. Additional features include a private driveway, garage, common laundry area with supplemental income potential, separate utility services, and approximately 3,705 square feet of building area. Located just minutes from Cross Bay Boulevard, transportation, shopping, restaurants, and major roadways. Whether you're looking for a stable long-term hold, value-add investment, or 1031 exchange opportunity, this property offers immediate cash flow with the ability to significantly improve performance through lease-up and rental optimization. Rarely does a Queens multifamily asset offer both current income and such clear potential for future growth.
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Property Details
HOME DETAILS
5 Beds
5 Baths
3,705 Sqft
Built in 1978
0.08 Acres
3 Stories
EXTERIOR
Garage
Siding: Brick
Shingle Roof
FINANCIAL & COMMUNITY
$32,524 / yr property tax
Queens County
See More Details
Location
Mortgage Calculator
Ad Statistics
Ad Number
7805579
Viewed
55 times
Listing Status
Active
Added
Jun 15, 2026
Last Refreshed
Jul 03, 2026 06:17:28 PM
Listing Information
Data Source
Brooklyn New York Multiple Listing Service
Source Property ID
502298
Listing Agent: Kathleen A. Garbarino 718-612-3088
Broker: Womcore LLC dba Remax Edge 718-612-3088 Listing Site
Copyright © 2026 Brooklyn New York Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Broker: Womcore LLC dba Remax Edge 718-612-3088 Listing Site
Copyright © 2026 Brooklyn New York Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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