54-25/27 73rd Place 5 Unit Apartment Building $2,795,000 ($559,000/Unit) Maspeth, NY 11378

Current Classification: Residence (Multiple Use) –Three-Residential Units, One Store or Office and 1 large, covered storage facility (S3)
Zoning: M1-1
Lot Size: Approximately 9,350 sq. ft. (Extended L-shaped lot)
Low Annual Taxes: $20,055
This rare mixed-use property is situated on an exceptionally large 9,350 sq. ft. lot, offering substantial land value and redevelopment potential. The expansive lot accommodates multiple existing structures and provides ample space for parking, storage, or future development.
The property currently includes:
-A 4-story multifamily residential building with 2 residential units
-A single-story structure containing a residential unit.
-A freestanding office building.
-A large, covered storage facility located toward the rear of the property.
The property is owner-occupied and can be delivered vacant, offering flexibility for end-users, developers, or investors.
Key Highlights
-Significant Land Value: The expansive L-shaped 9,350 sq. ft. lot is the property’s primary value driver, offering outstanding potential for redevelopment or expansion.
-Flexible Use Options: Ideal for mixed-use purposes — live in or rent the residential units, operate a business, or lease the office and storage areas for additional income.
-Development Potential: Zoned M1-1, allowing for redevelopment into a warehouse or light industrial facility of up to approximately 9,350 sq. ft., or continued use under the grandfathered residential/commercial designation.
Low Taxes: Annual taxes of just $20,055, keeping carrying costs minimal compared to the property’s scale and potential.
The current owner conducted a zoning analysis, which is attached for informational purposes only. This is a preliminary assessment intended to give a general idea of potential uses. We do not represent the accuracy of this analysis, and the buyer must conduct their own independent due diligence.
LOCATION:
Prime Location: Conveniently located near major transportation routes, retail centers, and neighborhood amenities, ensuring accessibility and visibility.
Centrally located near the Long Island Expressway (495), Brooklyn-Queens Expressway (278) and numerous truck routes including Grand Avenue, Queens Blvd, Eliot Avenue, & Metropolitan Avenue etc