582 Seneca Ave Flushing, NY 11385-2160
- Retail space
- 2,253 SF
- 0.05 lot acres
Current Use by Public Records
- The Seneca / Bar & Grill
Property Details for 582 Seneca Ave
- Year built
- 1931
- Lot size
- 0.05 lot acres
- Property size
- 2,253 SF
- Zone code
- R6B
- Property type
- Retail space
- APN
- 03440-0025
- APU
- 34400025
Description
This thriving Ridgewood restaurant at 582 Seneca Avenue, Queens, NY 11385 presents a unique investment opportunity. The 2,550 square foot single-tenant space boasts a 2,250 square foot main area (approximately 25 ft x 90 ft) plus a basement. Originally a warehouse, it's been expertly converted into a fully equipped food and beverage establishment, featuring a full kitchen with commercial cooking gas and a fully vented system. Large skylights illuminate the space, and convenient backyard access is available. The property enjoys a prime location, close to the L and M subway lines, ensuring excellent accessibility. This well-known establishment generates approximately $1.5 million in annual gross revenue, demonstrating consistent growth with a 50% year-over-year increase. A 7-year lease assignment extends to November 2031, providing long-term stability. The property is a single-story building with no tenants above. A significant advantage is the inclusion of a 4 AM liquor license, which also permits live music. A complete equipment list is available upon request. Key money details are also available upon inquiry. All uses are considered.
Value Estimations
-
CAP approach
- CAP Return
- Estimation
- 6%
- $670,000
- 6.5%
- $620,000
- 7%
- $575,000
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Location Insight
- Map
- Local Demand
- City
- Flushing
- County
- Queens
- State
- New York
- Longitude
- -73.9105
- Latitude
- 40.7042
- CBSA code
- 35620
- CBSA name
- NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA
