The price at which this co-op in New York City is listed may seem too good to be true, but rest assured, it’s not a scam. According to StreetEasy listing data, this spacious alcove studio in Jamaica, Queens is currently the cheapest residential property for sale within the city limits, priced at just $80,000. Lead listing agent Mark Cisneros of Keller Williams confirms that this unit is a standard co-op and not an HDFC co-op, which means it does not have strict financial requirements for low-income residents. However, there are still certain criteria that potential buyers must meet. They must have a minimum annual income of $40,000 for three consecutive years and a net worth of at least $25,000.
Situated on a quiet residential street near Jamaica Avenue and the main branch of the Queens Public Library, this studio boasts ample space and natural light, thanks to its western exposure. The layout is highly desirable, and although the kitchen doesn’t have a dishwasher, it offers plenty of counter space and cabinets. The unit features hardwood floors, a full bathroom with a bathtub, and a decent-sized closet. It is located in Avalon Terrace, a well-maintained building constructed in 1963, which offers amenities such as an elevator, a laundry room, and a garage.
Compared to the next least-expensive listing in the city’s real estate market, a one-bedroom co-op in Spuyten Duyvil, the Jamaica studio is priced nearly $20,000 lower. Cisneros reveals that the Queens apartment has been on the market since June 21st and has received significant interest from potential buyers. Multiple offers were received, with the lowest offer matching the asking price and most offers exceeding $100,000. Some were even cash offers. Although an accepted offer has been received, it has not yet reached the contract stage.
Cisneros mentions rental data on the area in the property’s StreetEasy description to attract potential buyers. According to Rentometer, the average monthly rent for a studio in Jamaica is $1,980, which is higher than the monthly mortgage and maintenance payments for this property. Jonathan Miller, the president and CEO of Miller Samuel, a real estate appraisal and consulting firm, explains that while the average sale price for a co-op in Queens is approximately $340,000, there are still many apartments in New York City that are priced below $100,000, although they often fly under the radar due to the focus on the high-end market.
In conclusion, this bargain-priced co-op is a rare find in New York City, particularly in the outer boroughs. Despite its low price, it offers spacious living and desirable amenities. Buyers interested in affordable residential properties should consider this opportunity.
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