For Sale
$2,300,000

4220 34Th AveQueens, NY 11101

High-ROI Corner Property, 3 Units

Overview

Added:
Dec 11, 2024
Days on market:
117
This mixed-use building in Queens, NY, presents a compelling value-add investment opportunity. Located in an Opportunity Zone, this three-story, 2,001 square foot building boasts three units: a ground-floor convenience store with a lease in place until 2033, and two vacant residential units on the upper floors. The store's lease provides stable income, with rent projected at $3,300 in 2025, increasing incrementally until 2033. The residential units, currently significantly under market rent, offer substantial upside potential. Renovations could increase rental income to $3,500 or more per unit. The building, situated on an 800 sq ft lot, is in excellent condition, with a recently updated roof (2023) and utilities less than eight years old. It's fully compliant with all codes and free of violations. The permitted zoning is R6B, C1-4. The property's strong NOI of $89,780 and a 4% cap rate make it an attractive investment. Seller financing is available with a minimum 10% down payment and a 30-year fixed-rate mortgage. This corner property is ideally positioned within a major redevelopment area, promising significant long-term growth.

Highlights

  • Located in an Opportunity Zone.
  • Vacant residential units, currently available for lease.

Property Details for 4220 34Th Ave

Property type
Retail properties, Mixed-use properties
Square Feet
2,001 SF
Year Built
1920
Stories
3
Units
3

Location Insight

City
Queens
County
Queens
State
New York
Latitude
40.7555124
Longitude
-73.9187104
4220 34Th Ave, Queens, New York

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4220 34Th Ave
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