Presenting an exceptional investment opportunity located at 34-60 12th Street in the highly sought-after neighborhood of Long Island City. This prime parcel of land measures 6,147 square feet and is strategically positioned on a corner lot, providing optimal light and air for any future building.
Zoned R5 Infill, this property boasts a Residential Floor Area Ratio of 1.65, allowing for a market rate residential development of 10,142 square feet. Additionally, the site is currently generating substantial income as it is tenanted until 12/31/26, with an annual gross income of $118,000, resulting in a net income of approximately $100,000 per year.
There is a 382 Sq. Ft. lot nestled between the subject property and the street. This lot has an easement on it for the subject property's use, enhancing the overall development possibilities. It's proximity to various modes of transportation, including subwayand bus services, adds to its appeal. The surrounding area has recently experienced rezoning, allowing for significantly higher Floor Area Ratios, making this property a lucrative investment opportunity for real estate developers.
Don't miss the chance to capitalize on this prime location, strategically positioned within a growing and dynamic neighborhood, and seize the potential for a substantial residential development at 34-60 12th Street, Long Island City.
