For Sale
$1,950,000

111-17 Roosevelt AveQueens, NY 11368

High-Yield Multifamily Building in Corona

Overview

Added:
Dec 11, 2024
Days on market:
117
This exceptional mixed-use property in Corona, Queens, presents a compelling investment opportunity. The building, constructed in 1992 with a significant 2024 renovation, boasts a prime location near the train station and offers convenient parking for two vehicles. The property comprises a substantial 1600 sq ft ground-floor retail space with two half-baths and additional storage, complemented by two 2-bedroom, 1-bathroom apartments (approximately 600 sq ft each) on the second floor. Atop the building sits a luxurious 3-bedroom, 2-bathroom penthouse suite (approximately 1300 sq ft), built in 2007. The building's total square footage is 2250 sq ft, situated on a 2250 sq ft lot. The property features a strong financial profile, with a Net Operating Income (NOI) of $158,646 and an 8.35% cap rate. The building's gross income, including the storefront, is $178,740, against total expenses of $20,094. A transferrable two-year roof warranty is included. The property is zoned R6B, offering potential for future development. This four-unit apartment building represents a rare blend of immediate income generation and long-term growth potential in a vibrant and accessible location. All utilities are clearly separated and easily accessible.

Highlights

  • Strong NOI of $158,646, based on gross income of $178,740 and expenses of $20,094.
  • Mixed-use building with first two floors constructed in 1992 (first floor renovated 2024) and third floor in 2007. Includes a transferable 2-year roof warranty.
  • Attractive 8.35% cap rate.
  • Excellent location offering high profit potential.
  • R6B zoning allows for potential future development.

Property Details for 111-17 Roosevelt Ave

Property type
Retail properties, Mixed-use properties
Square Feet
2,250 SF
Year Built/Renovated
1992/2024
Buildings
1
Stories
3
Units
4

Location Insight

City
Queens
County
Queens
State
New York
Latitude
40.752091
Longitude
-73.8552541
111-17 Roosevelt Ave, Queens, New York

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111-17 Roosevelt Ave
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