Property Details for 92-18 Liberty Ave

Year built

1931

Property size

2,600 SF

Property type

Office properties & Spaces

Property subtype

Mixed-use properties

Description

This 2-story, 2,600 square foot mixed-use building in Ozone Park, Queens, presents a compelling investment opportunity. Located at 92-18 Liberty Avenue, this property boasts a prime location just two blocks from the Cross Bay Boulevard subway station, ensuring excellent accessibility. The building, constructed in 1931 and renovated in 2023, features four units: a 600 square foot vacant commercial space on the first floor with a market value of $2,200+ per month, a vacant 3-bedroom apartment (also on the first floor) with a market rent value of $2,800 (including backyard use), a 700 square foot, 2-bedroom apartment on the second floor with a market rent of $2,600, and a 600 square foot, 1-bedroom apartment on the second floor with a market rent of $2,300. The building sits on a 2,080 square foot lot (20' x 104') with a building footprint of 20' x 68'. The property is zoned R6B, C2-3, and includes 1,560 square feet of available air rights. With a projected gross income of nearly $116,400 (at full occupancy and market rents) and expenses of $22,277 (including low taxes), the property offers a net operating income (NOI) of $94,123, resulting in an 8.51% pro-forma cap rate. Currently, the occupancy is 50%, with full occupancy expected by October 31, 2024. This property is ideal for owner-users or investors seeking a strong return on investment in a rapidly developing area. The asking price is $1,175,000.

Location Insight

City

Queens

County

Queens

State

New York

Longitude

-73.8461

Latitude

40.6802