4220 34Th AveQueens, NY 11101

Property Details for 4220 34Th Ave

Year built

1920

Lot size

0.02 AC

Property size (Sq ft)

2,001 SF

Zone code

R6B

Property type

Investment properties

Property subtype

Live-work space

APN

00675-0222

APU

6750222

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $377,176

  6.5%

  $348,162

  7%

  $323,294

• Comparable approach

  Method

  Valuation

  Relative Method

  $266,680

  Geo Method

  $266,680

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $681,379

  Retail / Commercial

  $349,408

  Hospitality / Lodging

  $255,436

  Office

  $346,094

  Institutional / Educational

  $361,948

  Residential Income

  $423,480

  Multifamily

  $507,899

  Automotive / Energy

  $310,242

  Parking / Income-Based Land

  $107,061

  Restaurant / Food Service

  $181,082

  Healthcare / Senior Housing

  $357,034

Location Insight

City

Long Island City

County

Queens

State

New York

Latitude

40.7555

Longitude

-73.9187

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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