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    Restaurant and Parking in Little Neck Title is generated by Realmo AI

    251-15 Northern Boulevard 44-14 Jessie Court, Little Neck, NY 11362

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    Restaurant, parking lot, and single-family home in Queens.

    Type:Retail
    Property size:
    7,600 SF
    Price / SF:
    $789/SF
    Added:
    May 7, 2024
    Days on Market:
    791
    Last Refresh:
    May 12 at 10:56 pm

    Property Features for 251-15 Northern Boulevard 44-14 Jessie Court

    General Information

    Standard status
    Active
    Size
    7,600 SF
    Property subtype
    Retail

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    Michael Tortorici
    Michael Tortorici

    Listing office Ariel Property Advisors

    Listing date May 7, 2024

    Source Crexi

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Ariel Property Advisors

    HighLights

    • Rare opportunity for investors or owner‑users in Little Neck, Queens.
    • 6,300 Sq. Ft. restaurant with 85’ frontage on Northern Boulevard.
    • Flexible zoning suitable for various uses.
    • Parking lot with 20 spaces; potential for drive‑thru access.
    • Includes a single‑family home that can be delivered vacant.
    • Close proximity to Long Island Railroad, LIE & Cross Island Expressway.

    Overview

    This property presents a real estate opportunity for investors or owner-users in Little Neck, Queens. It features a 6,300-square-foot, one-story restaurant with a capacity of 280 people and 85 feet of frontage on Northern Boulevard. The restaurant is currently occupied by a tenant on a month-to-month basis. The property also includes a parking lot with 20 spaces, currently used by the restaurant. There is a single-family home located at the entrance to the parking lot that can be delivered vacant. The property's zoning (C-1/r3-1/r2a) and accessible parking make it suitable for owner-users, non-profits, and investors. The location can accommodate large gatherings and host educational, artistic, and community-oriented programming. Investors may find the central location attractive to retail tenants. The property is located a half mile from the Long Island Railroad and is a short drive to the LIE & Cross Island Expressway. Buyers have the option to create drive-thru accessibility between Jessie Court and Cornell Lane by opening an entrance on the west side of the parking lot. The property size is 7,600 square feet.

    Local Financial Insights For Specialty Retail

    Simulate Cap Rate and NOI

    NOI Build-Up
    Vacancy
    income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
    EGI (Effective Gross Income)
    gross rent minus vacancy losses — the realistic income before paying operating costs.
    OpEx (Operating Expenses)
    recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
    NOI (Net Operating Income)
    income a property generates after operating costs but before financing and taxes.

    Component $ $/SF
    Gross rent $501.6k $66.00
    − Vacancy −$32.6k −$4.29
    EGI $469.0k $61.71
    − OpEx −$117.2k −$15.43
    NOI $351.7k $46.28
    7,600 SF · lease $66.00/SF/yr · vacancy 6.50% · expense 25.00%

    Alternative Uses

    Best Use
    Specialty Retail
    $5.02M
    $4.40M – $5.86M (±1% cap)
    NOI $351,747 @ 7.0% cap · market cap 5.86%
    Second Best
    Retail
    $1.94M
    $1.70M – $2.26M (±1% cap)
    NOI $135,660 @ 7.0% cap · market cap 2.26%
    Theoretical Best
    Office A
    $5.60M
    $4.90M – $6.54M (±1% cap)
    NOI $392,196 @ 7.0% cap · market cap 6.54%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Conventional restaurants

    Suggested Use

    Nursing Home Nursing Home Parking Lot & Garage Barber Shop Hotel & Motel Discount Store Bar & Pub Bed & Breakfast Electronics & Wireless Store Auto Parts Store

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Yasaiya — 25211 Northern Blvd, Little Neck, NY 11362

    Location Insight

    • Map
    • Local Demand
    City
    Little Neck
    County
    Queens
    State
    New York
    Longitude
    -73.737113
    Latitude
    40.76971

    FAQs

    What type of property is this?
    Conventional restaurant - Restaurant, parking lot, and single-family home in Queens.
    Where is this conventional restaurant located?
    The property is located at 251-15 Northern Boulevard 44-14 Jessie Court Little Neck, NY.
    What is the asking price?
    The asking price for this property is $6,000,000.
    What are key features of this property?
    This property features: Rare opportunity for investors or owner‑users in Little Neck, Queens.; 6,300 Sq. Ft. restaurant with 85’ frontage on Northern Boulevard.; Flexible zoning suitable for various uses.
    (212) 544-9500 Call to check price and availability
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