Current Use by Public Records
- Mixed-use properties
Property Details for 64-16 Wetherole St
- Property type
- Mixed-use properties
- Property subtype
- Apartment buildings
Description
This exceptional mixed-use building, located at 64-16 Wetherole Street in Rego Park, Queens, NY 11374, presents a compelling investment opportunity. The newly developed property boasts 17 units, including 5 affordable units (3 City FHEPS, 1 NYCHA Section 8, and 1 self-paid) and 12 market-rate units (2 one-bedroom and 10 two-bedroom). The building features a daycare center occupying the basement and retail space, accessible from both Austin Street and Wetherole Street. With a total square footage of 17,845 and situated on a 4,037 square foot lot, the property offers significant potential. The building is fully occupied, generating a strong Net Operating Income (NOI) of $651,245.72, resulting in a 5.43% cap rate. Modern amenities include stainless steel appliances, luxurious bathrooms, in-unit climate control, secure entry, elevator service, and 13,887 square feet of available air rights. The property is zoned R7-1, providing flexibility for future development. Its prime location in Rego Park offers convenient access to public transportation, shopping, dining, and parks. The asking price is $11,999,000. This is a rare opportunity to acquire a high-performing, mixed-use asset in a desirable Queens neighborhood.
Value Estimations
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Queens
- County
- Queens
- State
- New York
- Longitude
- -73.8621
- Latitude
- 40.7272
