Current Use by Public Records
- Isalis / (Bike/Boat/Book/etc) Store
- Party City / Party Supply Store / (Bike/Boat/Book/etc) Store
- Skunk Funk / Big Box & Wholesale Store
- Carl's Trading Co / Hat Shop
- Bushka's Kitchen LLC / (Bike/Boat/Book/etc) Store
Property Details for 220-22 Hempstead Ave
- Property type
- Retail properties & Spaces
- Property subtype
- Mixed-use properties
Description
This exceptional mixed-use investment opportunity in Queens Village, NY, presents two adjacent buildings totaling 4,940 square feet on a 2,660 square foot lot. Each building features two apartments above a storefront, creating a desirable blend of residential and commercial space. Currently boasting 83% occupancy and a strong NOI of $151,683, this property offers an 8.20% cap rate. The asking price is $1,850,000, translating to $374.49 per square foot. One retail space is currently vacant, providing immediate upside potential, with multiple letters of intent from qualified tenants offering $3,300 monthly rent, ensuring an 8%+ cap rate from day one. The property benefits from 38 feet of frontage on Hempstead Avenue, placing it within easy reach of UBS Arena and Belmont Park, two major entertainment venues undergoing significant development. Both buildings are classified as Tax Class 1, resulting in a combined annual tax bill of only $10,264. The property is zoned R3-2, C1-2, and is a 10-minute walk from the LIRR station. This is a value-add opportunity with potential for immediate income generation and long-term appreciation. The property is offered as a multi-unit investment with four total units across two two-story buildings.
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
- -73.7333
- Latitude
- 40.7124
