87-97 Corona AveQueens, NY 11373

Property Details for 87-97 Corona Ave

Property size (Sq ft)

2,776 SF

Property type

Mixed-use properties

Property subtype

Other retail properties

Description

This exceptional mixed-use investment property, located at 87-97 Corona Ave in Queens, NY, presents a compelling opportunity for discerning investors. The two-story building, totaling 2,776 square feet, comprises a thriving convenience store and three additional rental units, ensuring a robust income stream. Currently operating at 100% occupancy, the property generates a substantial net operating income (NOI) of $108,500 annually, translating to a 6.20% cap rate. The asking price is $1,750,000. The property sits on a desirable 1,420 square foot corner lot, zoned R5, offering flexibility for future development. The four units are currently leased, producing a combined annual rent of $127,800. The building's assessed value is $1,495,000, and annual property taxes are $8,000. This prime location in Elmhurst, with its high foot traffic and strong demographics, makes this a truly exceptional investment opportunity with significant potential for appreciation. The property's strong financial performance, combined with its strategic location and zoning flexibility, makes it an ideal addition to any investment portfolio. Detailed financial statements are available upon request.

Location Insight

City

Queens

County

Queens

State

New York

Latitude

40.7407

Longitude

-73.8766

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