6557 Myrtle AveGlendale, NY 11385

Property Details for 6557 Myrtle Ave

Year built

1910

Lot size

0.04 AC

Property size (Sq ft)

3,230 SF

Zone code

R5D

Property type

Investment properties

Property subtype

Live-work space

APN

03677-0026

APU

36770026

Description

This exceptional mixed-use property at 6557 Myrtle Avenue in Glendale, NY, presents a lucrative investment opportunity. The building, measuring 20 feet by 55 feet, encompasses a total of 3,230 square feet and features a thriving commercial storefront on the first floor, currently generating a monthly rental income of $3,800. Above the commercial space, the building offers two residential units, each providing substantial rental income. The second-floor unit, a three-bedroom, one-bathroom apartment, commands a monthly rent of $2,300, inclusive of water. The third-floor unit, also a three-bedroom, one-bathroom apartment, rents for $2,600 per month, with water included. All other utilities are separately metered for each unit, ensuring efficient cost management for tenants and owner. This property is situated on a lot with no acreage specified, offering a prime location in the vibrant Glendale market. The asking price of $1,699,900 represents a compelling investment opportunity with significant potential for future appreciation and strong, consistent cash flow from both commercial and residential tenants. This is a rare chance to acquire a well-maintained, income-producing property in a desirable area. The current rental income stream provides a solid foundation for immediate returns, making this an attractive proposition for both seasoned investors and those seeking a stable, high-yield investment.

• CAP approach

  CAP return

  Valuation

  6%

  $534,016

  6.5%

  $492,937

  7%

  $457,728

• Comparable approach

  Method

  Valuation

  Relative Method

  $422,032

  Geo Method

  $422,032

• Alternative Use

  Use

  Valuation

  Residential

  $611,242

  Hospitality

  $559,895

  Educational

  $465,826

  Medical

  $481,846

  Retail

  $724,618

Location Insight

City

Glendale

County

Queens

State

New York

Latitude

40.7015

Longitude

-73.8886

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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