113-02,06 FARMERS BLVD 11302-06 Farmers Blvd 12 Unit Apartment Building $1,950,000 ($162,500/Unit) 8.09% Cap Rate Saint Albans, NY 11412

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.