114-20 Jamaica Ave, Queens, NY 11418

Property Details for 114-20 Jamaica Ave

Year built

1921

Property type

Retail properties & Spaces

Property subtype

Banks

Description

This exceptional investment opportunity presents a 6,500 square foot, single-story retail property in Richmond Hill, Queens, currently occupied by Chase Bank under a Net Lease agreement expiring May 31, 2026. The property boasts a strong 6.15% cap rate and a substantial NOI of $233,006, reflecting a $584.62 price per square foot. The lease, originally commenced June 1, 2005, is a corporate guaranteed lease with no renewal options. Chase Bank is responsible for all operating expenses, including taxes, insurance, maintenance, and utilities. Landlord responsibility is limited to structural repairs. Situated on an 8,074 square foot lot with rear parking for bank employees only, the property features 29-foot ceilings and is zoned C2-4/R6A, allowing for significant future development potential. With a 3 FAR and 17,722 additional buildable square feet (total 24,222 SF), this presents a unique opportunity to acquire a low-management, high-return asset in a prime Queens location. The property's strategic corner location on Jamaica Avenue, a major retail corridor, places it directly across from Dollar Tree and Crunch Fitness, surrounded by numerous residential units and just four blocks from the 111th Street J Train station. This is a chance to own a piece of a thriving retail market, leased to a financially stable, A+ rated tenant with a significant local presence. The land value alone is $470 per square foot. The asking price is $3,800,000.

Location Insight

City

Queens

County

Queens

State

New York

Longitude

-73.8341

Latitude

40.6984