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    64-29 Myrtle Ave Queens, NY 11385

    Sponsored
    For Sale
    $1,999,000

    Prime Queens location, high cap rate.

    Property size:
    4,400 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    393
    This exceptional mixed-use property, located at 64-29 Myrtle Avenue in the vibrant Ridgewood neighborhood of Queens, New York, presents a compelling investment opportunity. The two-story building boasts a total of 4,400 square feet situated on a uniquely shaped 2,400 square foot lot offering frontage on all sides. The property is currently classified as 2A and features a strong 8.54% cap rate, generating a net operating income (NOI) of $170,800. The building comprises two free-market apartments, currently vacant upon delivery, one office space, and one retail store. The retail space is secured by a 10-year lease, commencing July 2022, with a favorable 3% annual rent increase. The asking price is $1,999,000, translating to $454.32 per square foot. This property offers significant upside potential due to its prime location, strong cash flow, and the flexibility afforded by its mixed-use zoning (R5D). The 100% occupancy rate further underscores the property's desirability and potential for long-term growth. This is a rare opportunity to acquire a well-positioned, income-generating asset in a thriving Queens neighborhood.

    Property Features for 64-29 Myrtle Ave

    General Information

    Property type
    Mixed-use properties
    Square Feet
    4,400 SF

    Building Details

    Stories
    2

    HighLights

    • Prime Ridgewood, Queens location.
    • Tax Class 2A building offering an 8.6% cap rate.
    • 4,400 SF, two‑story mixed‑use building with two vacant free‑market apartments, one office, and one retail store.
    • Triangular lot with frontage on all three sides.
    • Retail store features a new 10‑year lease (July 2022) with 3% annual rent increases.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    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
    -73.891326
    Latitude
    40.701186

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    FAQs

    What type of property is this?
    Mixed-use property - Prime Queens location, high cap rate.
    Where is this mixed-use property located?
    The property is located at 64-29 Myrtle Ave Queens, NY.
    What is the asking price?
    The asking price for this property is $1,999,000.
    What are key features of this property?
    This property features: Prime Ridgewood, Queens location.; Tax Class 2A building offering an 8.6% cap rate.; 4,400 SF, two-story mixed-use building with two vacant free-market apartments, one office, and one retail store.
    Request Owner's contact information
    64-29 Myrtle Ave Queens, NY 11385
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    Queens, NY 11385
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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
    64-29 Myrtle Ave Queens, NY 11385
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