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    114-02 Jamaica Ave Queens, NY 11418

    For Sale
    $2,100,000

    Prime Queens location, high NOI, strong cap rate.

    Property size:
    2,065 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    370
    This exceptional mixed-use property at 114-02 Jamaica Avenue in Queens, New York, presents a compelling investment opportunity. The building, constructed in 1920, boasts 2,065 square feet across three stories and sits on a 2,065 square foot lot. Currently operating at 100% occupancy with four tenants, all credit-rated, under a net lease structure, the property generates a substantial net operating income (NOI) of $122,582, yielding a current cap rate of 5.84%. A pro-forma NOI of $155,180 projects a significantly improved cap rate of 7.39%. The property is zoned R6A and features a mix of residential and commercial units. The building is situated in the Richmond Hill neighborhood and is held under a ground lease by 114-02 LLC. The asking price is $2,100,000. This is a rare opportunity to acquire a well-performing, multi-tenant property with significant upside potential in a desirable Queens location. The property's strong tenant base and current high occupancy rate ensure a stable income stream, while the pro-forma projections indicate substantial growth potential. The property's mixed-use nature provides flexibility and diversification for investors. This is a turn-key investment ready for immediate income generation. The APN is 493041.

    Property Features for 114-02 Jamaica Ave

    General Information

    Property type
    Mixed-use properties
    Square Feet
    2,065 SF

    Building Details

    Year Built
    1920
    Buildings
    1
    Stories
    3
    Units
    4

    HighLights

    • Mixed‑use building in desirable Richmond Hill, Queens.
    • Three‑story, 2,065 sq ft building on a 2,065 sq ft lot.
    • 100% occupancy with four credit‑rated tenants under net leases.
    • $2,100,000 asking price; $122,582 current NOI, 5.84% cap rate; $155,180 pro‑forma NOI, 7.39% pro‑forma cap rate.
    • R6A zoning.
    Property Profile Location Intelligence

    Current Use by Public Records

    Monas nail and spa Nail Salon

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Clothing Store Nail Salon Food Market Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Queens
    County
    Queens
    State
    New York
    Longitude
    -73.834642
    Latitude
    40.698098

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    FAQs

    What type of property is this?
    Mixed-use property - Prime Queens location, high NOI, strong cap rate.
    Where is this mixed-use property located?
    The property is located at 114-02 Jamaica Ave Queens, NY.
    What is the asking price?
    The asking price for this property is $2,100,000.
    What are key features of this property?
    This property features: Mixed-use building in desirable Richmond Hill, Queens.; Three-story, 2,065 sq ft building on a 2,065 sq ft lot.; 100% occupancy with four credit-rated tenants under net leases.
    (646) 812-2151
    Request Owner's contact information
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    Queens, NY 11418
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    114-02 Jamaica Ave Queens, NY 11418
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