582 Seneca AveQueens, NY 11385

Property Details for 582 Seneca Ave

Year built

1931

Lot size

0.05 AC

Property size (Sq ft)

2,253 SF

Zone code

R6B

Property type

Retail space

APN

03440-0025

APU

34400025

Description

This thriving Ridgewood restaurant at 582 Seneca Avenue, Queens, NY 11385 presents a unique investment opportunity. The 2,550 square foot single-tenant space boasts a 2,250 square foot main area (approximately 25 ft x 90 ft) plus a basement. Originally a warehouse, it's been expertly converted into a fully equipped food and beverage establishment, featuring a full kitchen with commercial cooking gas and a fully vented system. Large skylights illuminate the space, and convenient backyard access is available. The property enjoys a prime location, close to the L and M subway lines, ensuring excellent accessibility. This well-known establishment generates approximately $1.5 million in annual gross revenue, demonstrating consistent growth with a 50% year-over-year increase. A 7-year lease assignment extends to November 2031, providing long-term stability. The property is a single-story building with no tenants above. A significant advantage is the inclusion of a 4 AM liquor license, which also permits live music. A complete equipment list is available upon request. Key money details are also available upon inquiry. All uses are considered.

• CAP approach

  CAP return

  Valuation

  6%

  $426,196

  6.5%

  $393,411

  7%

  $365,311

• Comparable approach

  Method

  Valuation

  Relative Method

  $306,152

  Geo Method

  $306,152

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $767,190

  Mixed-Use / Specialty

  $392,009

  Hospitality / Lodging

  $287,604

  Office

  $389,680

  Institutional / Educational

  $407,531

  Residential Income

  $476,811

  Multifamily

  $571,862

  Automotive / Energy

  $349,312

  Parking / Income-Based Land

  $120,543

  Restaurant / Food Service

  $203,887

  Healthcare / Senior Housing

  $401,998

Location Insight

City

Flushing

County

Queens

State

New York

Latitude

40.7042

Longitude

-73.9105

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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