15011 Northern BlvdQueens, NY 11354

Property Details for 15011 Northern Blvd

Year built

2005

Property size (Sq ft)

7,850 SF

Property type

Mixed-use properties

Property subtype

Multifamily properties

Description

This exceptional mixed-use property, located at 15011 Northern Blvd in Queens, NY 11354, presents a compelling investment opportunity. The 7,850 square foot building, constructed in 2005, boasts a strong current NOI of $189,684, yielding a 5.75% cap rate. A pro-forma analysis projects a significantly improved NOI of $242,462 and a 7.35% cap rate upon full occupancy. The building comprises six units: a ground floor doctor's office, three residential apartments (two 3-bedroom, 2-bathroom units and one 2-bedroom, 2-bathroom unit), and a duplex apartment (two 2-bedroom, 2-bathroom units) on the fourth floor. A fully finished basement adds further versatility. Currently operating at 83% occupancy, the property is projected to reach full occupancy by November 12, 2024. The asking price is $3,300,000, translating to $445.86 per square foot. This well-maintained building offers a blend of commercial and residential income streams, making it an attractive investment for owner-users or seasoned investors seeking strong returns in a desirable Queens location. The property's walk-up daycare potential in the basement adds to its long-term value and income generation possibilities.

Location Insight

City

Queens

County

Queens

State

New York

Latitude

40.7654

Longitude

-73.8146

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