85-05 Jamaica Ave Queens, NY 11421
- Retail properties
Current Use by Public Records
- Brothers farm llc / Grocery Store
Property Details for 85-05 Jamaica Ave
- Year built
- 1931
- Property type
- Retail properties
- Property subtype
- Mixed-use properties
Description
This exceptional mixed-use property at 85-05 Jamaica Avenue in Queens, New York, presents a compelling investment opportunity. The building, constructed in 1931, features a 3,100 square foot net rentable area spread across two stories. The property includes a ground-floor storefront ideally suited for retail use, currently configured as a grocery store, offering high visibility and significant foot traffic due to its prime location on Jamaica Avenue. Above the retail space are two residential units, providing an additional income stream. The property sits on a 2,035 square foot lot and is zoned R6A, offering potential for future development. The current Net Operating Income (NOI) is $94,836, resulting in a 6.00% capitalization rate. Pro forma projections indicate a 7.50% capitalization rate, showcasing significant upside potential. This is a rare opportunity to acquire a mixed-use property in a high-traffic area with strong potential for both retail and residential income. The property's proximity to the J/Z train station at 85th Street further enhances its appeal and accessibility. This investment offers a unique blend of immediate income generation and long-term growth prospects. The asking price is $1,580,000.
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
- -73.8588
- Latitude
- 40.6927
