40-32 Forley St Queens, NY 11373

Property Details for 40-32 Forley St

Year built

1930

Property size

2,634 SF

Property type

Office Properties & Spaces

Property subtype

Medical offices

Description

This exceptional investment opportunity presents a 2-story, 2,634 sq ft Class B medical office building in the thriving Elmhurst/Jackson Heights neighborhood of Queens, NY. Located at 40-32 Forley St, this 100% occupied, single-tenant property boasts a strong NOI of $90,000 and is listed at $1,700,000 ($645.41/sq ft). Built in 1930, the building sits on a 3,248 sq ft lot (30 ft x 108.25 ft) and features a 34 ft roof height. The property is zoned R4 and offers a usable floor area of 2,634 sq ft, with a potential for expansion given the available unused FAR of 3,862 sq ft. Conveniently located near the 7 train and LIRR, it benefits from excellent public transportation access and proximity to NYC Health & Hospitals/Elmhurst and several schools. The property is currently occupied by a medical practice, offering the potential for continued rental income or a vacant delivery upon sale. A short-term sale leaseback option is also available. This is a rare user/investment opportunity in a high-demand area. Property taxes are $10,614. The building is classified as Primarily One Family with One Store or Office (S1).