37-62 82 St Queens, NY 11372
- Retail properties
- 14,000 SF
Current Use by Public Records
- Retail properties
Property Details for 37-62 82 St
- Year built
- 1928
- Property size
- 14,000 SF
- Property type
- Retail properties
- Property subtype
- Office Properties & Spaces
Description
This exceptional mixed-use property in Jackson Heights, Queens offers a compelling investment opportunity. Located on 82nd Street, this two-story, 14,000 square foot building sits on a 7,000 square foot lot and boasts a 7.31% cap rate with a strong NOI of $1,225,000. Currently 100% occupied with three tenants, including Walgreens, under a triple net lease with a remaining term of approximately 1.1 years until December 30, 2025. The building, constructed in 1928 and renovated in 2011, features a new roof, boilers, and HVAC system. The C4-3 zoning allows for significant development potential, with 11,685 square feet of available air rights. The property's prime location near the 7 train subway line ensures high visibility and accessibility. This is a value-add investment with a ground lease expiring concurrently with the existing leases. The asking price is $16,750,000, representing a price per square foot of $1,196.43. The net rentable area is 12,115 square feet. This presents a rare chance to acquire a well-located, income-producing asset with substantial upside potential.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Queens
- County
- Queens
- State
- New York
- Longitude
- -73.884
- Latitude
- 40.748
