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Free Market Mixed-Use Queens Corner w Parking 11024-11028 Merrick Blvd 6,658 SF 83% Leased Retail Building Jamaica, NY 11433 $3,500,000 ($525.68/SF) 7.40% Cap Rate
INVESTMENT HIGHLIGHTS
- Free Market Mixed-Use Tax Class Protected
- 100% Occupied - 6 Residential and 3 Commercial Units
- 5.01 FAR under City of Yes and approved Jamaica Rezoning
- Paved and Gated Leased Parking Lot
EXECUTIVE SUMMARY
11024-11028 is an assemblage of three mixed-use properties on the northwest corner of Merrick Blvd and 110th Rd in South Jamaica, Queens. The properties each include 2 residential units on top of 1 retail per building and the apartments have all been recently renovated. Two brand-new residential leases and one retail lease have recently been signed. There is a rear yard on 110th Rd with an existing curb-cut which has been paved, gated, and leased to a construction company for parking and storage.
The recent approved Jamaica Rezoning under City of Yes allows for a 5.01 FAR and 26,658 of total buildable square footage.
The properties lie exactly 1 mile south of Jamaica Ave and the nearby Jamaica Center-Parsons/Archer and LIRR hubs and the subject stretch of Merrick Blvd is serviced by the Q4,5,84,85 and n4 bus lines.
The recent approved Jamaica Rezoning under City of Yes allows for a 5.01 FAR and 26,658 of total buildable square footage.
The properties lie exactly 1 mile south of Jamaica Ave and the nearby Jamaica Center-Parsons/Archer and LIRR hubs and the subject stretch of Merrick Blvd is serviced by the Q4,5,84,85 and n4 bus lines.
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Property Subtype
Building Size
6,658 SF
Building Class
C
Year Built
1931
Price
$3,500,000
Price Per SF
$525.68
Cap Rate
7.40%
NOI
$259,000
Percent Leased
83%
Tenancy
Multiple
Building Height
2 Stories
Building FAR
0.90
Lot Size
0.17 AC
Zoning
R7A - Medium density district with a height limit of 40 feet
Frontage
60’ on Merrick Blvd
Walk Score®
Very Walkable (83)
Transit Score®
Excellent Transit (81)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $124,186 | |
| Land Assessment | $51,720 | Total Assessment | $175,906 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$51,720
Improvements Assessment
$124,186
Total Assessment
$175,906
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Free Market Mixed-Use Queens Corner w Parking | 11024-11028 Merrick Blvd
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