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11302-06 Farmers Blvd
Saint Albans, NY 11412
113-02,06 FARMERS BLVD · Multifamily Property For Sale
·
12 Units
Investment Highlights
- Corner development site | R5B/C1-3 zoning | Up to 9,730 BSF (City of Yes FAR 2.0) | $200/BSF | 8.09% pro forma cap rate | 0.4mi to LIRR | 2mi to JFK |
Executive Summary
Diamond Pillar Properties presents 113-02/06 Farmers Blvd — a 4,865 SF corner development site on one of Southeast Queens' primary commercial corridors, offered at $1,950,000 (~$200/buildable SF).
Zoned R5B/C1-3, the site permits mixed-use development as-of-right. Post-City of Yes (December 2024), this site is a strong candidate for Town Center Qualifying Residential Site status, unlocking FAR 2.0 and up to 9,730 buildable SF with reduced parking requirements. Base FAR 1.35 yields 6,567 BSF.
DEVELOPMENT SCENARIOS:
Scenario A (Preferred): 8 residential 1BR units (floors 2-4) + 4 ground-floor commercial storefronts. Projected stabilized value: $4.5-$5.5M. Pro forma NOI: $360,069/yr. Cap rate on all-in basis: 8.09%.
Scenario B: 12+ residential units at full QRS FAR. Compatible with 485-x tax abatement (25% affordable at 60% AMI).
Scenario C: Medical, educational, or community facility use as-of-right.
LOCATION HIGHLIGHTS:
- 0.4 miles to LIRR Locust Manor Station
- 2 miles from JFK International Airport
- Multiple MTA bus lines on Farmers Blvd
- Within the Jamaica Neighborhood Plan corridor ($153M city initiative)
- Queens multifamily vacancy: 1.6% (Yardi Q1 2026); 1BR rents rising 6.35% YoY
THE NUMBERS:
All-in basis ~$4,450,000. Projected stabilized NOI $360,069/yr at 8.09% cap — nearly double the NYC average of 5.07%. Completed asset value supported by active comps at $4.5M-$5.5M. Projected 10-year cumulative NOI: ~$4.5M.
The existing structure is largely irrelevant. You are buying the land, the zoning, and the story.
Seller preference: all-cash transaction. Interior access upon accepted offer only. Exterior walkarounds available by appointment. Contact Evan Brown at (516) 522-0039 or evan@diamondpillarproperties.com.
Zoned R5B/C1-3, the site permits mixed-use development as-of-right. Post-City of Yes (December 2024), this site is a strong candidate for Town Center Qualifying Residential Site status, unlocking FAR 2.0 and up to 9,730 buildable SF with reduced parking requirements. Base FAR 1.35 yields 6,567 BSF.
DEVELOPMENT SCENARIOS:
Scenario A (Preferred): 8 residential 1BR units (floors 2-4) + 4 ground-floor commercial storefronts. Projected stabilized value: $4.5-$5.5M. Pro forma NOI: $360,069/yr. Cap rate on all-in basis: 8.09%.
Scenario B: 12+ residential units at full QRS FAR. Compatible with 485-x tax abatement (25% affordable at 60% AMI).
Scenario C: Medical, educational, or community facility use as-of-right.
LOCATION HIGHLIGHTS:
- 0.4 miles to LIRR Locust Manor Station
- 2 miles from JFK International Airport
- Multiple MTA bus lines on Farmers Blvd
- Within the Jamaica Neighborhood Plan corridor ($153M city initiative)
- Queens multifamily vacancy: 1.6% (Yardi Q1 2026); 1BR rents rising 6.35% YoY
THE NUMBERS:
All-in basis ~$4,450,000. Projected stabilized NOI $360,069/yr at 8.09% cap — nearly double the NYC average of 5.07%. Completed asset value supported by active comps at $4.5M-$5.5M. Projected 10-year cumulative NOI: ~$4.5M.
The existing structure is largely irrelevant. You are buying the land, the zoning, and the story.
Seller preference: all-cash transaction. Interior access upon accepted offer only. Exterior walkarounds available by appointment. Contact Evan Brown at (516) 522-0039 or evan@diamondpillarproperties.com.
Property Facts
| Price Per Unit | $162,500 | Apartment Style | Low-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 8.09% | Lot Size | 0.11 AC |
| Sale Condition | Building in Shell Condition | Building Size | 9,730 SF |
| No. Units | 12 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 1938 |
| Property Subtype | Apartment | ||
| Zoning | R5B, C1-3 - R5B is a medium-density residential zoning district allowing for a variety of housing types, C1-3 is a neighborhood commercial district permitting re | ||
| Price Per Unit | $162,500 |
| Sale Type | Investment |
| Cap Rate | 8.09% |
| Sale Condition | Building in Shell Condition |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.11 AC |
| Building Size | 9,730 SF |
| No. Stories | 4 |
| Year Built | 1938 |
| Zoning | R5B, C1-3 - R5B is a medium-density residential zoning district allowing for a variety of housing types, C1-3 is a neighborhood commercial district permitting re |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 12 | - | 600 - 1,200 |
Property Taxes
| Parcel Number | 10442-0029 | Improvements Assessment | $103,146 |
| Land Assessment | $3,780 | Total Assessment | $106,926 |
Property Taxes
Parcel Number
10442-0029
Land Assessment
$3,780
Improvements Assessment
$103,146
Total Assessment
$106,926
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