40-10 Forley StQueens, NY 11373

Property Details for 40-10 Forley St

Year built

1955

Property size (Sq ft)

3,568 SF

Property type

Retail properties

Property subtype

Other retail properties

Description

This exceptional three-story mixed-use building, located at 40-10 Forley St in Queens, NY 11373, presents a compelling investment opportunity. The 3,568 square foot property, built in 1955 and renovated in 2008, sits on a 2,040 square foot lot and boasts a 4.00% cap rate. Currently operating at 100% occupancy, the building generates a Net Operating Income (NOI) of $130,000 annually, with an asking price of $3,190,000 ($894.06 per square foot). The property features two units: expansive retail spaces on the first and second floors, ideal for a variety of businesses, and a spacious residential unit on the third floor. Its convenient location adjacent to a subway station ensures high visibility and foot traffic. The permitted zoning (R4, R6, C1-3) offers flexibility for future development. This property is perfect for both investors seeking a strong return and owner-occupants desiring a live-work situation in a thriving Queens neighborhood. The building's strong financial performance, prime location, and versatile zoning make it an attractive investment opportunity in a highly desirable area. This is a 1031 exchange eligible property.

Location Insight

City

Queens

County

Queens

State

New York

Latitude

40.7476

Longitude

-73.8811

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