71-02 Myrtle Ave Queens, NY 11385
- Mixed-use properties
Current Use by Public Records
- WB Office Furniture / Office Furniture Store
- Deli-Licious Delicatessen / Deli
Property Details for 71-02 Myrtle Ave
- Year built
- 1931
- Property type
- Mixed-use properties
Description
This exceptional mixed-use property, located at 71-02 Myrtle Avenue in Glendale, Queens, NY 11385, presents a compelling investment opportunity. The 5-unit building, constructed in 1931, is classified as a Class B property and is currently offered at $2,000,000, representing a price per unit of $400,000 and a 6.80% cap rate. The building boasts a prime corner location at the intersection of Myrtle Avenue and 71st Avenue, ensuring high visibility and accessibility. Currently configured as office and retail space, the property offers significant upside potential. The second floor is vacant, presenting a unique opportunity for conversion into four residential apartments, capitalizing on the strong demand for housing in this rapidly developing area. Current rental income is significantly below market value, with estimates suggesting a 40-50% increase in potential rental income. Glendale, Queens is experiencing substantial growth, benefiting from the spillover effects of development in nearby Bushwick and Williamsburg. This makes it one of the most attractive neighborhoods in New York City, offering investors strong long-term growth prospects. This property is an ideal investment for those seeking a blend of immediate income and significant future appreciation.
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
- -73.88
- Latitude
- 40.7018
