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    37-62 82 St Queens, NY 11372

    Sponsored
    For Sale
    $16,750,000

    Prime Jackson Heights location, 14,000 sq ft, high NOI.

    Property size:
    14,000 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional mixed-use property in Jackson Heights, Queens offers a compelling investment opportunity. Located on 82nd Street, this two-story, 14,000 square foot building sits on a 7,000 square foot lot and boasts a 7.31% cap rate with a strong NOI of $1,225,000. Currently 100% occupied with three tenants, including Walgreens, under a triple net lease with a remaining term of approximately 1.1 years until December 30, 2025. The building, constructed in 1928 and renovated in 2011, features a new roof, boilers, and HVAC system. The C4-3 zoning allows for significant development potential, with 11,685 square feet of available air rights. The property's prime location near the 7 train subway line ensures high visibility and accessibility. This is a value-add investment with a ground lease expiring concurrently with the existing leases. The asking price is $16,750,000, representing a price per square foot of $1,196.43. The net rentable area is 12,115 square feet. This presents a rare chance to acquire a well-located, income-producing asset with substantial upside potential.

    Property Features for 37-62 82 St

    General Information

    Property type
    Individual retail properties
    Square Feet
    14,000 SF
    Class
    A

    Building Details

    Year Built/Renovated
    1928/2011
    Stories
    2
    Units
    3

    HighLights

    • Exceptional mixed‑use investment opportunity in Jackson Heights, Queens.
    • Prime 82nd Street location with high pedestrian and vehicular traffic, steps from the 7 train.
    • 14,000 SF building on a 7,000 SF lot, currently 100% occupied with a strong NOI of $1,225,000 and a 7.31% cap rate.
    • Triple net lease with Walgreens and other tenants, expiring December 30, 2025; ground lease expiring concurrently.
    • C4‑3 zoning allows for significant redevelopment potential with 11,685 SF of available air rights.
    Property Profile Location Intelligence

    Current Use by Public Records

    Retail space

    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
    -73.883980404132
    Latitude
    40.747989147662

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    FAQs

    What type of property is this?
    Individual retail property - Prime Jackson Heights location, 14,000 sq ft, high NOI.
    Where is this individual retail property located?
    The property is located at 37-62 82 St Queens, NY.
    What is the asking price?
    The asking price for this property is $16,750,000.
    What are key features of this property?
    This property features: Exceptional mixed-use investment opportunity in Jackson Heights, Queens.; Prime 82nd Street location with high pedestrian and vehicular traffic, steps from the 7 train.; 14,000 SF building on a 7,000 SF lot, currently 100% occupied with a strong NOI of $1,225,000 and a 7.31% cap rate.
    Request Owner's contact information
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    Queens, NY 11372
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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
    37-62 82 St Queens, NY 11372
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