139-20 109 Ave Queens, NY 11433

Property Details for 139-20 109 Ave

Year built

1950

Property type

Mixed-use properties

Description

This fee-simple mixed-use property at 139-20 109th Ave, Jamaica, NY 11435, offers a compelling investment opportunity. The 5,000 square foot building, constructed in 1950 and renovated in 2018, sits on a 9,305 square foot lot zoned R3A. Currently boasting 100% occupancy with three tenants, the property generates a substantial net operating income (NOI) of $175,948, resulting in a 6.07% cap rate. The building features a meticulously upgraded second-floor apartment and a first floor comprised of three distinct commercial spaces: a broadcaster, a sign and window manufacturing business, and an independently operated commissary and food preparation facility serving a large local catering company. Two additional lots, currently leased for storage, provide further income potential. The property operates on a modified gross lease, with tenants responsible for real estate taxes and building utilities. Its corner location at 109th Avenue and 141st Street ensures excellent visibility. The asking price is $2,900,000. This stabilized investment presents a strong return with potential for future appreciation. The property's versatile nature, strong tenant base, and prime location make it an attractive addition to any portfolio. The building is a two-story structure with a professionally finished exterior.