64-29 Myrtle Ave Queens, NY 11385
- Mixed-use properties
- 4,400 SF
Current Use by Public Records
- Mixed-use properties
Property Details for 64-29 Myrtle Ave
- Property size
- 4,400 SF
- Property type
- Mixed-use properties
Description
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.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Queens
- County
- Queens
- State
- New York
- Longitude
- -73.8913
- Latitude
- 40.7012
