4220 34Th Ave Queens, NY 11101

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.