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6703 Myrtle Ave 3 Unit Apartment Building $1,425,000 ($475,000/Unit) 3.56% Cap Rate Glendale, NY 11385
INVESTMENT HIGHLIGHTS
- MIXED USE
- GREAT LOCATION, NEAR ALL
- COMMERCIAL TENANT HAS LEASE UNTIL 12/31/28 & PAYS THE PLP ELECTRIC EXPENSES ALSO
EXECUTIVE SUMMARY
MIXED USE
Fantastic investment opportunity! This large brick mixed-use building offers a prime commercial and residential setup. The 1st floor features an operating 99 cent store, providing stable rental income paying $2,500 per month with a lease in place until 12/31/28. The 1st floor tenant is responsible for paying the electricity costs for both their individual commercial space and the common area usage. The 2nd & 3rd floors each house spacious 3-bedroom apartments with identical layouts, including an EIK, DR, LR, and 1 full bathroom and they each pay $1,700 per month with no lease. Additional highlights include a full basement and private yard. With just a bit of updating and TLC, this property can reach its full potential. Perfect for investors or owner-occupants looking to generate rental income.
Approx. Annual Taxes: $9,027
Approx. Annual Operating Expenses: $20,081
Approx. Annual NOI: $50,719
Fantastic investment opportunity! This large brick mixed-use building offers a prime commercial and residential setup. The 1st floor features an operating 99 cent store, providing stable rental income paying $2,500 per month with a lease in place until 12/31/28. The 1st floor tenant is responsible for paying the electricity costs for both their individual commercial space and the common area usage. The 2nd & 3rd floors each house spacious 3-bedroom apartments with identical layouts, including an EIK, DR, LR, and 1 full bathroom and they each pay $1,700 per month with no lease. Additional highlights include a full basement and private yard. With just a bit of updating and TLC, this property can reach its full potential. Perfect for investors or owner-occupants looking to generate rental income.
Approx. Annual Taxes: $9,027
Approx. Annual Operating Expenses: $20,081
Approx. Annual NOI: $50,719
PROPERTY FACTS
AMENITIES
UNIT AMENITIES
- Heating
- Eat-in Kitchen
- Oven
- Tub/Shower
- Dining Room
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Smoke Free
- Smoke Detector
1 1
Walk Score®
Walker's Paradise (94)
Transit Score®
Excellent Transit (73)
Bike Score®
Very Bikeable (78)
PROPERTY TAXES
| Parcel Number | 03680-0045 | Improvements Assessment | $35,412 |
| Land Assessment | $9,533 | Total Assessment | $44,945 |
PROPERTY TAXES
Parcel Number
03680-0045
Land Assessment
$9,533
Improvements Assessment
$35,412
Total Assessment
$44,945
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6703 Myrtle Ave
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