Property Description

MIXED-USE INVESTMENT | JACKSON HEIGHTS | FREE MARKET | STEPS TO THE 7, E, F, M, R | Rare opportunity to own a fully free-market, mixed-use building in the heart of Jackson Heights, one block from the 74 St-Broadway / Jackson Hts-Roosevelt Av transit hub (E, F, M, R, 7). This 4-story, 5,880 SF masonry building on a 20' x 100' (2,000 SF) lot features a recently leased lower-level commercial space and four spacious free-market apartments: one 3-bedroom and three 4-bedroom units. The lower-level commercial space is built out as a spa with a reception area, 7 examination rooms and 2 half baths, and is leased through 5/31/2031. The residential units are large, with 2-bath layouts on the upper floors, and staggered lease expirations provide stability along with upside. Current gross rent is $207,300, with a pro forma gross of $244,681 at market rents. Real estate taxes are $56,289; insurance $7,774, utilities $12,375, water/sewer $5,289 and maintenance/super $7,850. Total expenses are $89,577, for a current NOI of $117,723 (5.35% cap rate), rising to a pro forma NOI of $155,104 (7.05% cap rate). Zoned R5 with Walk Score 99 and Transit Score 100, this is a strong income-producing asset in one of Queens' most established, high-demand rental markets. Asking $2,200,000 ($374 PSF). Showings by appointment only; please do not disturb tenants.

Property Features

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