40-42 82 St Queens, NY 11373

This exceptional three-story mixed-use property, located at 40-42 82nd Street in Elmhurst, Queens, presents a compelling investment opportunity. The 4,572 square foot building, situated on a 2,000 square foot lot (20' x 100'), is currently configured as a multi-tenant retail and restaurant space with three units. The property boasts a current NOI of $78,995 and a pro-forma NOI of $249,055, reflecting a significant upside potential. The asking price is $2,850,000, representing a current cap rate of 2.77% and a pro-forma cap rate of 8.74%. The building's dimensions are approximately 20' x 84' (irregular). It benefits from a highly desirable location, one block from the 82nd Street 7 train subway station (over 5 million annual riders) and a short distance to the 74th Street-Broadway station (7, E, F, M, R trains). The property is also conveniently located half a block from Elmhurst Hospital and directly across the street from a new retail development featuring national tenants such as Target, Chipotle, Starbucks, Chick-fil-A, and Smashburger. This prime location sits at the heart of 82nd Street, Elmhurst's main shopping corridor, surrounded by other national retailers and within a densely populated neighborhood. The property is zoned R6/C1-3, with a residential FAR of 2.43 and a facility FAR of 4.8. Annual property taxes are $32,617. While the building requires some work, the substantial upside potential makes this a rare opportunity in a thriving market. The current lease is a gross lease, expiring December 31, 2023.