803 Wyckoff Avenue, Queens, NY, 11385, US

803 Wyckoff Avenue

Asset description

Jones Lang LaSalle ("JLL") has been retained on an exclusive basis to facilitate the sale of 803 Wyckoff Avenue, a 5-story residential building located in the Ridgewood neighborhood of Queens, New York. The Property is composted of 54 apartments, including 6 one-bedrooms (11% of total), 8 two-bedrooms (15% of total) and 40 three-bedrooms (74% of total). The large unit layouts at 803 Wyckoff, averaging 740 RSF, cater to a mature renter base as well as provide the optionality of a future condo conversion. It carries a 15-year 421a tax abatement that expires in 2034. Upon expiration of the abatement, the residential units will revert to 100% fair market with unrestricted rent growth. This creates a strong mark-to-market opportunity for the next owner, who can implement a light renovation program and capitalize on the projected spread between in-place rents and future market rents.

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Attributes

Units

Rentable area

3,714 sm

Occupancy

100%

Media

Investment highlights

Value-Add Opportunity: 100% of the units will become free market upon the expiration of the abatement, which will generate a significant mark-to market opportunity. Through a combination of light unit renovations and amenity enhancements, the next owner will be able to dramatically push rents and capitalize on the discount of in-place rents.

Exemption from Good Cause Eviction Legislation: Built after 2009, the Property will be unaffected by this year's Good Cause Eviction rent growth legislation at least through 2046. This exemption provides a unique advantage, allowing the next owner to take full advantage of market rent growth upon expiration of the abatement.

Convenient Access to Mass Transit: 803 Wyckoff Avenue is ideally located just 2 blocks from the Myrtle-Wyckoff Avenues subway station, served by the and trains, providing direct access to Manhattan and other parts of Brooklyn and Queens.