136-20 Cherry Ave Queens, NY 11355

Property Details for 136-20 Cherry Ave

Year built

2016

Property size

9,934 SF

Property type

Mixed-use properties

Description

This exceptional 2016-built, five-story mixed-use building in Queens, NY presents a compelling investment opportunity. Spanning 9,934 square feet, the property boasts a desirable location just one block from Main Street and the Queens Botanical Garden, offering convenient access to shops, restaurants, and public transportation. The building comprises twelve units: eight residential apartments (currently tenant-occupied) and four vacant commercial spaces (community facilities) located on the ground floor and basement. All residential units are sub-metered, simplifying management. The building benefits from a 15-year tax abatement, significantly reducing operating costs. With eight gas pumps, the property is ideally situated on a corner lot, providing excellent visibility and accessibility. The building features an elevator, enhancing convenience for residents and tenants. The R6 zoning permits a variety of uses, offering flexibility for future development or expansion. Its proximity to the 7 train and LIRR station (0.6 miles) and the Long Island Expressway (5-minute drive) ensures excellent connectivity. The strong rental market in the area, characterized by low vacancy rates, promises consistent income generation. This well-maintained property represents a hassle-free investment with significant potential for long-term growth and profitability. The asking price is $4,990,000, translating to $502.32 per square foot.