Amazingly Cheap $80k Apartment For Sale In Queens NY
At first glance, this price may seem like a fake listing, but rest assured, it’s 100% real. According to StreetEasy listing data, this spacious alcove studio is currently on the market for a remarkably low price of $80,000, making it the cheapest residential property available within New York City limits.
Despite the affordable asking price, this unit is a standard co-op and not an HDFC (Housing Development Fund Corporation), which typically has strict financial requirements and provides affordable housing to low-income New Yorkers.
However, there are certain conditions for potential buyers to consider. Interested individuals must have a maximum annual income of $40,000 for three consecutive years and a net worth of no more than $25,000.
Situated on a peaceful residential street in Jamaica near Jamaica Avenue and the main branch of the Queens Public Library, this sun-drenched studio offers a generous living space. The western exposure ensures abundant natural light, and the layout is highly appealing.
Inside the unit, there are hardwood floors and a full kitchen, albeit without a dishwasher. The kitchen provides ample counter space and cabinets, although the listing images indicate that some updates could be beneficial, which can be easily afforded given the low listing price.
Although not walk-in, the closet is reasonably spacious, offering storage for clothes, shoes, and other belongings. Additionally, the bathroom comfortably accommodates a full bathtub.
The co-op is located in Avalon Terrace, a well-maintained building constructed in 1963, featuring an elevator, a laundry room, and a garage.
With its asking price, this property is nearly $20,000 cheaper than the next least-expensive listing in the city, a one-bedroom co-op in Spuyten Duyvil, Bronx, priced at $96,154. As you would expect, this apartment has had a huge amount of interest.
The average monthly rent of $1,980 for a studio in Jamaica. Comparatively, the monthly mortgage and maintenance payments for this co-op are expected to be lower, with maintenance costs indicated as $630 on StreetEasy.
Furthermore, the average sale price for a co-op in Queens is around $340,000.
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