8219 Queens BlvdElmhurst, NY 11373

Property Details for 8219 Queens Blvd

Year built

1950

Lot size

0.07 AC

Property size (Sq ft)

2,865 SF

Zone code

R6

Property type

Office buildings

APN

01542-0009

APU

15420009

Description

This exceptional commercial property, located at 8219 Queens Blvd in Elmhurst, NY, presents a remarkable investment opportunity. The 2,865 square foot building sits on a 0.07-acre lot (31ft x 40ft x 102ft deep) and boasts a prime location in the heart of Elmhurst, just minutes from the Grand Ave subway station (E, F, M, R trains) and numerous bus lines (Q60, Q58, Q53, Q59, Q29). Previously used as a restaurant, club, and senior center, the property's C2-3 zoning with an R6 overlay allows for a diverse range of business uses. The property's significant development potential is highlighted by its adjacency to a lot of 2,812 square feet, which has achieved a 13,424 square foot buildable area based on a 100-foot wide street. This demonstrates the potential for up to a 3 FAR (Floor Area Ratio) with community facility uses allowing up to 1 FAR and commercial uses also allowing up to 1 FAR. Given the identical zoning to the adjacent property, this 2,865 square foot lot could potentially allow for a maximum 4.85 FAR, resulting in a buildable area of approximately 13,895 square feet, combining residential and commercial uses. Priced at $2,990,000, this property offers a compelling opportunity for savvy investors seeking high-return potential in a thriving Elmhurst location. Don't miss this chance to acquire a property with significant upside.

• CAP approach

  CAP return

  Valuation

  6%

  $473,670

  6.5%

  $437,234

  7%

  $406,003

• Comparable approach

  Method

  Valuation

  Relative Method

  $374,341

  Geo Method

  $374,341

• Alternative Use

  Use

  Valuation

  Residential

  $542,170

  Hospitality

  $496,625

  Educational

  $413,186

  Medical

  $427,396

  Retail

  $642,734

Location Insight

City

Flushing

County

Queens

State

New York

Latitude

40.7378

Longitude

-73.8806

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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