109-11 Farmers BlvdQueens, NY 11412

Property Details for 109-11 Farmers Blvd

Year built

1920

Lot size

0.04 AC

Property size (Sq ft)

2,120 SF

Property type

Retail properties

Property subtype

Mixed-use properties

Description

This exceptional mixed-use building, located at 109-11 Farmers Blvd in Saint Albans, Queens, NY 11412, presents a compelling investment opportunity. The property, built in 1920, encompasses 2,120 square feet on a 0.04-acre lot and features a total of three units: two residential apartments and one commercial storefront. The building is currently 100% occupied, generating a Net Operating Income (NOI) of $60,852, resulting in a 5.63% capitalization rate. A pro forma NOI of $72,852 projects a 6.75% cap rate. The property is zoned R5B/C1-3, allowing for a variety of uses. Each unit has separately metered electric service, and the apartments are fully renovated with mini-split units for climate control. The commercial tenant is under a new five-year lease with built-in annual rent bumps of 5%. The asking price is $1,080,000, representing a price per square foot of $509.43. This fee-simple ownership opportunity boasts a strategic location near the Hollis Train Station and multiple bus lines, ensuring high visibility and accessibility. The property's strong cash flow, combined with its prime location and upside potential, makes it an ideal addition to any investment portfolio. The building consists of two stories and is situated in Queens County.

Location Insight

City

Queens

County

Queens

State

New York

Latitude

40.7037

Longitude

-73.7668

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