311 St Nicholas Ave Queens, NY 11385
- Office Properties & Spaces
- 5,870 SF
Current Use by Public Records
- Isalis / Gift Shop / Boutique
- Party City / Party Store / Balloon Store
- Skunk Funk / Clothing Store / Corporate Campus
- Carl's Trading Co / Hat Shop
- Bushka's Kitchen LLC / Outdoor Clothing And Equipment Shop
Property Details for 311 St Nicholas Ave
- Year built
- 2011
- Property size
- 5,870 SF
- Property type
- Office Properties & Spaces
- Property subtype
- Medical offices
Description
This exceptional investment opportunity presents a fully equipped and furnished 5,870 square foot medical office condo in Ridgewood, Queens. Located at 311 St Nicholas Ave, 11385, this Class B property boasts a 9.01% cap rate and a strong net operating income (NOI) of $185,124. Currently 100% occupied with a multi-tenant lease structure (six tenants), the property offers a gross lease type with built-in 3% annual rent bumps. The building was constructed in 2011 and includes two parking spaces. The asking price is $2,055,000, translating to a price per square foot of $350.09. Significant improvements, including furniture, equipment, and an ADA-compliant elevator, totaling approximately $700,000 in investment, have been made. Conveniently located near the L and M train lines at Myrtle Avenue-Wyckoff Avenue station, this stabilized investment offers a significant advantage with a $300,000 assumable mortgage at a 3% interest rate, maturing in 2035. This is a rare opportunity to acquire a high-performing medical office building with substantial upside potential.
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
- Queens
- County
- Queens
- State
- New York
- Longitude
- -73.9107
- Latitude
- 40.7014