85-05 Jamaica AveQueens, NY 11421

Property Details for 85-05 Jamaica Ave

Year built

1931

Property type

Retail properties

Property subtype

Mixed-use properties

Description

This exceptional mixed-use property at 85-05 Jamaica Avenue in Queens, New York, presents a compelling investment opportunity. The building, constructed in 1931, features a 3,100 square foot net rentable area spread across two stories. The property includes a ground-floor storefront ideally suited for retail use, currently configured as a grocery store, offering high visibility and significant foot traffic due to its prime location on Jamaica Avenue. Above the retail space are two residential units, providing an additional income stream. The property sits on a 2,035 square foot lot and is zoned R6A, offering potential for future development. The current Net Operating Income (NOI) is $94,836, resulting in a 6.00% capitalization rate. Pro forma projections indicate a 7.50% capitalization rate, showcasing significant upside potential. This is a rare opportunity to acquire a mixed-use property in a high-traffic area with strong potential for both retail and residential income. The property's proximity to the J/Z train station at 85th Street further enhances its appeal and accessibility. This investment offers a unique blend of immediate income generation and long-term growth prospects. The asking price is $1,580,000.

Location Insight

City

Queens

County

Queens

State

New York

Latitude

40.6927

Longitude

-73.8588

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