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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 TwoBedrooms
EXECUTIVE SUMMARY
The subject offering is a 6,926 square foot development site located on the corner of Jamaica Avenue and 115th Street in Queen’s Richmond Hill (Jamaica) neighborhood. The property currently consists of a 5,269 square foot single-story retail bank building that had previously been occupied by Chase Bank since 2005. The space is currently vacant with Chase Bank having left this location. Chase still has an absolute NNN lease on this space through May 31, 2026. Current rent is $19,467 per month, with Chase paying all expenses on the site.
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.
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 | ||
| 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 |
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
1 1
Walk Score®
Walker's Paradise (94)
Transit Score®
Excellent Transit (81)
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11420 Jamaica Ave - Jamaica Ave Development Site - 32 Units
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