The Eklund Gomes Team at Douglas Elliman has been retained on an exclusive basis for the sale of four income-producing properties 86-11, 86-13, 86-15 and 86-17 Kingston Place along with eight parking spots as a package deal.
The asset is located on the east side of Kingston Place and runs over one half of the block length between Henley Road and Highland Avenue in the Jamaica Estates neighborhood of Queens. Each of the four properties is comprised of 3 units and totals approximately 12, 992 SF. The 12 existing tenants all contribute string base rent which creates immediate cash flow. Built in 2019, the property is in impeccable condition.
Each building is comprised of features unit 1 as a two-bedroom (2BR) and two bathrooms (2BTH) and units 2 and 3 as a three-bedroom (2BR) and two-bathroom (2BTH) homes. 86-11 to 86-17 Kingston Pl is exceptionally located in the scenic and serene Jamaica Estates neighborhood, which seamlessly combining a small-town atmosphere with easy accessibility to the city. The tree-lined streets give the neighborhood a picturesque look, making it a peaceful escape from the hustle and bustle of the city.
Located in the northeastern section of Queens, Jamaica Estates' proximity to major roads and highways, including the Grand Central Parkway and the Long Island Expressway, makes it a preferred choice of residence for commuters. The neighborhood is home to an array of small businesses, boutiques, and cafes that offer a unique and diverse shopping experience.
It boasts of beautiful homes ranging from Tudor-style to colonial-style architecture, and residents take pride in maintaining the aesthetic charm of the neighborhood. Known for its historic elegance and luxurious residences, Jamaica Estates has been a magnet for some of the most talented people in the country, making it a neighborhood with a rich cultural history and a legacy of excellence. Among its major landmarks is the Jamaica Estates-Holliswood-South Bayside Historical District, a designated landmark that includes beautiful homes from a variety of architectural styles.
The grand entrance of the fancy Chapel of the Redeemer is another iconic landmark surrounded by pristine gardens. Other attractions include the historic, family-friendly Klein Farm, which hosts events and farming activities, and the scenic St. John's University campus, a private, Catholic university that was founded in 1870 and is home to a variety of sports, arts, and academic programs. In addition, the neighboring Hillside Avenue offers access to an array of shopping and dining options to enjoy.
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NMLS Mortgage Loan Originator ID 1880936
5/6 (30 Yr) Adjustable Rate Jumbo* |
30 Year Fixed-Rate Jumbo |
15 Year Fixed-Rate Jumbo |
|
---|---|---|---|
Loan Amount | $4,796,000 | $4,796,000 | $4,796,000 |
Term | 360 months | 360 months | 180 months |
Initial Interest Rate** | 6.250% | 7.000% | 6.750% |
Interest Rate based on Index + Margin | 8.125% | ||
Annual Percentage Rate | 7.481% | 7.103% | 6.915% |
Monthly Tax Payment | N/A | N/A | N/A |
H/O Insurance Payment | $125 | $125 | $125 |
Initial Principal & Interest Pmt | $29,530 | $31,908 | $42,440 |
Total Monthly Payment | $29,655 | $32,033 | $42,565 |
* The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan.
** Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable rate mortgages [if applicable], are subject to change without prior notice.
The rates and Annual Percentage Rate (APR) cited above may be only samples for the purpose of calculating payments and are based upon the following assumptions: minimum credit score of 740, 20% down payment (e.g. $20,000 down on a $100,000 purchase price), $1,950 in finance charges, and 30 days prepaid interest, 1 point, 30 day rate lock. The rates and APR will vary depending upon your unique credit history and the terms of your loan, e.g. the actual down payment percentages, points and fees for your transaction. Property taxes and homeowner's insurance are estimates and subject to change.