136-21 41St Ave Queens, NY 11355
- Retail properties
- 8,100 SF
Current Use by Public Records
- Spring Fish Village / Chinese Restaurant / Delivery Restaurant
- Niu B Chuan / Barbecue Restaurant
Property Details for 136-21 41St Ave
- Year built
- 2001
- Property size
- 8,100 SF
- Property type
- Retail properties
- Property subtype
- Restaurants
Description
This exceptional five-story mixed-use building, constructed in 2001 and renovated in 2018, presents a lucrative investment opportunity in the heart of Flushing, Queens. Boasting 8,100 square feet of space, with 7,500 square feet net rentable, the property currently enjoys an 80% occupancy rate across six units, including four offices, a restaurant, and a basement retail space. The building is classified as Class B and features a modified lease type with multiple tenants. The asking price is $9,250,000, representing a 5.20% cap rate and a pro-forma cap rate of 4.32%. The property's strong performance is reflected in its current pro-forma net operating income (NOI) of $400,000. Situated on a 2,581 square foot lot, the building benefits from 500 square feet of available air rights and is zoned C4-3. Its prime location, just 200 feet from Main Street and Kissena Boulevard, one block from the Long Island Rail Road (LIRR), and two blocks from the #7 train, ensures high visibility and accessibility. Rent bumps are included in the lease agreements. This property offers significant upside potential due to its location in one of the three busiest commercial corridors in New York City. The building's strong tenant base and strategic location make it an ideal investment for both owner-occupiers and investors seeking a high-return property in a thriving market.
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
- -73.8287
- Latitude
- 40.7588
