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11420 Jamaica Ave - Jamaica Ave Development Site - 32 Units 0.16 Acres of Commercial Land Offered at $3,800,000 in Jamaica, NY 11418
INVESTMENT HIGHLIGHTS
- Development Site on the Corner of Jamaica Avenue & 115th Street in Richmond Hill.
- Proposed Seven-Story Mixed-Use Building with 32 Residential Units and 5,093 SF Retail.
- Plans Allow 26,964 SF of New Construction Built on the Existing Structure and Foundation.
- Existing Absolute NNN Lease with Chase Bank Paying $19,467/Month Through May 2026.
- 22 Free Market Units and 10 Affordable Units with 13 One-Bedrooms and 19 Two Bedrooms.
EXECUTIVE SUMMARY
Ownership has drafted plans to construct 32 units on this property, plus 5,093 SF of ground floor retail and a 5,093 SF lower level. The plans call for a seven-story building with 22 free market units and 10 affordable units, with 13 units being one bedroom, and the remaining 19 units being twobedroom units.
The existing plans allow for the construction of this new 26,964 SF building to be built on top of the existing bank structure. This is an opportunity to
acquire a corner development site, while also collecting income through May 2026 while finalizing plans. Plus, the project has massive cost savings
by incorporating the existing building and foundation into the new plans.
PROPERTY FACTS
| Price | $3,800,000 | Property Subtype | Commercial |
| Sale Type | Investment or Owner User | Proposed Use | |
| No. Lots | 1 | Total Lot Size | 0.16 AC |
| Property Type | Land | ||
| Zoning | R6A/C2-4 - Medium Density Residential District | ||
| Price | $3,800,000 |
| Sale Type | Investment or Owner User |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Commercial |
| Proposed Use | |
| Total Lot Size | 0.16 AC |
| Zoning | R6A/C2-4 - Medium Density Residential District |
1 LOT AVAILABLE
Lot 8
| Price | $3,800,000 | Lot Size | 0.16 AC |
| Price Per AC | $23,899,521.38 |
| Price | $3,800,000 |
| Price Per AC | $23,899,521.38 |
| Lot Size | 0.16 AC |
6,926 corner lot (66 x 116). Zoned C2-4/R6A
DESCRIPTION
This prime corner development site offers a rare opportunity in the thriving Richmond Hill section of Jamaica, Queens. Positioned at Jamaica Avenue and 115th Street, the property spans 6,926 square feet and currently features a single-story retail bank building formerly occupied by Chase Bank since 2005. The space is now vacant, but Chase maintains an absolute NNN lease through May 31, 2026, paying $19,467 per month and covering all expenses—providing immediate income while plans are finalized. Ownership has drafted plans for a transformative seven-story mixed-use building totaling 26,964 square feet. The proposed design includes 32 residential units—22 free market and 10 affordable—along with 5,093 square feet of ground-floor retail and an additional 5,093 square feet on the lower level. The residential mix features 13 one-bedroom units and 19 two-bedroom units, catering to strong local demand for quality housing. A key advantage of this offering is the ability to build atop the existing structure, leveraging the current foundation for significant cost savings. This strategic location benefits from excellent visibility, strong neighborhood demographics, and proximity to major transit options, retail corridors, and employment centers.
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11420 Jamaica Ave - Jamaica Ave Development Site - 32 Units
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