Current Use by Public Records
- 249 Street Newsstand Inc / Grocery & Convenience Store / Food Market
- J. Fresh Flowers Garden #2 / (Bike/Boat/Book/etc) Store / Florist
Property Details for 248-27 Union Tpke
- Property type
- Lifestyle centers
- Property subtype
- Power centers
Description
This exceptional Jamaica, NY retail property, located at 248-01 through 248-27 Union Turnpike, presents a compelling investment opportunity. Encompassing a substantial 22,200 square feet across a single story, this multi-tenant building sits on a sizable 30,000 square foot lot. Currently housing a diverse mix of retail tenants, including a pharmacy, the property boasts a strong net operating income (NOI) of $669,468, with an asking price of $20,550,000 ($925.68 per square foot). The R3-2 and C1-2 zoning permits a wide range of uses, making it ideal for owner-users or developers seeking to capitalize on the vibrant Jamaica market. The property's convenient location near the Q46 bus route on Union Turnpike ensures high visibility and accessibility. This is a rare chance to acquire a whole-block, 14-store retail complex with significant upside potential. The existing tenant mix provides immediate cash flow, while the flexible zoning allows for future expansion and diversification of revenue streams. This property is a strong contender for investors seeking a stable, high-performing asset in a prime location. The substantial lot size also offers potential for future development or expansion.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Jamaica
- County
- Queens
- State
- New York
- Longitude
- -73.7214
- Latitude
- 40.743
