4236 235th St 1,800 SF Retail Building Little Neck, NY 11363 $2,550,000 ($1,416.67/SF)

A defining moment in Douglaston's evolution. Welcome to 42-36 235th Street—an exceptional mixed-use property offering the perfect blend of stabilized income and massive development upside on a prominent 8,167 SF lot. This property is ideal for an owner-user or a savvy developer. The ground-floor commercial space provides strong, reliable cash flow via a with a large national chain tenant through October 2027. Meanwhile, the spacious lower level is entirely vacant and ready for immediate occupancy—perfect for an owner-operator's business, or capable of being re-leased at an estimated $3,500/month. For the visionary developer, the property comes with a preliminary zoning analysis detailing an as-of-right vertical expansion. Without the need for a lengthy rezoning process, an incoming buyer can build two additional residential floors (adding 5 dwelling units) over the existing retail structure. Key Features: * Upgraded Power: Brand-new (2025) 400-amp 3-phase service (commercial) and 100-amp service (lower level) entirely eliminates initial capex. * Prime Location: Unbeatable convenience with a 92/100 Transit Score and 96 Walk Score. Just seconds from the Douglaston LIRR station for a rapid commute to Manhattan. * Low Risk, High Reward: Capitalize on below-market in-place cap rates with the security of a national anchor tenant, while planning your 5-unit residential expansion. * Situated in a great neighborhood with a median household income over avarage , right by the train station to Manhattan *** Please note that some photos were digitally altered ***
Investment Highlights:
* Stabilized Anchor Tenancy: The ground floor is fully leased through October 2027, ensuring reliable, hands-off income.
* Owner-User Opportunity & Yield: The lower level is currently vacant and available for immediate occupancy. If re-leased at the projected market rate of $3,500/month, the property reaches a stabilized NOI of $134,027/yr, reflecting an attractive 5.25% cap rate.
* Turnkey Infrastructure: A brand-new 400-amp 3-phase electrical service for the commercial space and a 100-amp single-phase service for the lower level were installed by Con Edison in October 2025. This major upgrade saves an incoming owner six figures in capital expenditure on day one.
*As-Of-Right Expansion (No Rezoning Required): The 0.75 FAR allows for two new residential floors to be built atop the existing commercial space, yielding a 6,080 SF mixed-use building featuring 1 retail space and 5 residential units. This expansion carries a projected stabilized NOI of $212,744/yr.
*Unmatched Transit & Demographics: Located moments from the Douglaston LIRR train station and express bus services to Midtown Manhattan, the property boasts a Transit Score of 92/100 and a Walk Score of 96. The immediate 3-minute drive catchment features a median household income exceeding $130,000.