Jamaica Portfolio Gets $10M For-Sale Sign

[IMGCAP(1)]NEW YORK CITY-SJM Partners has arrange for the sale of a small portfolio of apartment buildings at 162-20 89th Ave. and 164-03 89th Ave. in the Jamaica section of Queens at an asking price of $10.2 million, GlobeSt.com has learned. A source close to the deal tells GlobeSt.com that the Washington, DC-based owners have shifted their focus to retail driven properties along the East Coast.

The 89th Avenue Portfolio consists of two six-story, elevatored apartment buildings that are only being offered together as a package. The apartments at 162-20 89th Ave. consists of 40 rent stabilized units and one super’s unit over approximately 8,096 sf. The average monthly rent is $885 per month. The building at 164-03 89th Ave. consists of 32 rent stabilized apartments, a super’s unit and seven stores over approximately 9,900 sf. The average rent in this building is $1,026 per month.

[IMGCAP(2)]There is an $8-million mortgage that must be assumed at 5.5% for 10 years interest only with annual payments of $438,000. There are nine years remaining on the loan.