71-08 Fresh Pond Rd Queens, NY 11385
- Mixed-use properties
- 3,299 SF
Current Use by Public Records
- Mixed-use properties
Property Details for 71-08 Fresh Pond Rd
- Property size
- 3,299 SF
- Property type
- Mixed-use properties
Description
This exceptional mixed-use property in Ridgewood, Queens, presents a compelling investment opportunity. Located just off bustling Myrtle Avenue, this 3,299 square foot building boasts a prime location near major national retailers and the M subway line, ensuring high visibility and accessibility. The property includes a ground floor retail space and two free-market apartments, currently offering 100% occupancy. A significant advantage is the inclusion of an additional 1,100 square foot basement and a rear yard, providing ample potential for expansion or additional income streams. Recent renovations in 2023 encompass the roof and electrical systems, minimizing immediate maintenance concerns. The property is currently generating a projected net operating income (NOI) of $132,241, translating to a 7.52% capitalization rate based on the asking price of $1,759,000. The property is classified as Tax Class 2A. This turnkey investment is delivered 100% vacant, allowing for immediate customization and tenant selection to maximize returns. This presents a rare chance to acquire a well-maintained, high-performing asset in a rapidly developing neighborhood. The property's strong financials and strategic location make it an ideal addition to any investment portfolio.
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
- -73.8951
- Latitude
- 40.7015
