114-02 Jamaica Ave Queens, NY 11418
- Office Properties & Spaces
- 2,065 SF
Current Use by Public Records
- Monas nail and spa / Nail Salon
Property Details for 114-02 Jamaica Ave
- Year built
- 1920
- Property size
- 2,065 SF
- Property type
- Office Properties & Spaces
- Property subtype
- Mixed-use properties
Description
This exceptional mixed-use property at 114-02 Jamaica Avenue in Queens, New York, presents a compelling investment opportunity. The building, constructed in 1920, boasts 2,065 square feet across three stories and sits on a 2,065 square foot lot. Currently operating at 100% occupancy with four tenants, all credit-rated, under a net lease structure, the property generates a substantial net operating income (NOI) of $122,582, yielding a current cap rate of 5.84%. A pro-forma NOI of $155,180 projects a significantly improved cap rate of 7.39%. The property is zoned R6A and features a mix of residential and commercial units. The building is situated in the Richmond Hill neighborhood and is held under a ground lease by 114-02 LLC. The asking price is $2,100,000. This is a rare opportunity to acquire a well-performing, multi-tenant property with significant upside potential in a desirable Queens location. The property's strong tenant base and current high occupancy rate ensure a stable income stream, while the pro-forma projections indicate substantial growth potential. The property's mixed-use nature provides flexibility and diversification for investors. This is a turn-key investment ready for immediate income generation. The APN is 493041.
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
- -73.8346
- Latitude
- 40.6981
