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7935 & 7937 Myrtle Ave package Deal 1 Offices Properties Offered at $2,800,000 in Glendale, NY
Investment Highlights
- Ideal User or Invest. Grould floor with modern offices and off street parking
Executive Summary
The subject property consists of two adjoining mixed-use buildings located at **79-35 and 79-37** (Block 3829, Lots 40 and 39).
The ground floor contains approximately **2,737 square feet** of commercial space, currently configured as a law office and an accounting office. The space has been updated with central HVAC and will be delivered **vacant at closing**.
The **79-35** building contains **two vacant one-bedroom apartments** on the second floor. The **79-37** building contains **two six-room apartments**: the second-floor apartment is rented for **$1,900 per month**, and the third-floor apartment is vacant with an estimated market rent of **$3,000 per month**.
The property includes a **full basement of approximately 2,200 square feet** and a private driveway from **79th Place** leading to **six off-street parking spaces**.
The property is zoned **R5B/C1-3**, offering potential for additional development above the **79-35** building and in the rear yard, subject to verification of zoning and building regulations.
The ground floor contains approximately **2,737 square feet** of commercial space, currently configured as a law office and an accounting office. The space has been updated with central HVAC and will be delivered **vacant at closing**.
The **79-35** building contains **two vacant one-bedroom apartments** on the second floor. The **79-37** building contains **two six-room apartments**: the second-floor apartment is rented for **$1,900 per month**, and the third-floor apartment is vacant with an estimated market rent of **$3,000 per month**.
The property includes a **full basement of approximately 2,200 square feet** and a private driveway from **79th Place** leading to **six off-street parking spaces**.
The property is zoned **R5B/C1-3**, offering potential for additional development above the **79-35** building and in the rear yard, subject to verification of zoning and building regulations.
Taxes & Operating Expenses (Actual - 2025) |
Annual |
|---|---|
| Gross Rental Income |
$183,000
|
| Other Income |
-
|
| Vacancy Loss |
-
|
| Effective Gross Income |
$183,000
|
| Taxes |
$17,000
|
| Operating Expenses |
$11,500
|
| Total Expenses |
$28,500
|
| Net Operating Income |
$154,500
|
Taxes & Operating Expenses (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $183,000 |
| Other Income | |
|---|---|
| Annual | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Effective Gross Income | |
|---|---|
| Annual | $183,000 |
| Taxes | |
|---|---|
| Annual | $17,000 |
| Operating Expenses | |
|---|---|
| Annual | $11,500 |
| Total Expenses | |
|---|---|
| Annual | $28,500 |
| Net Operating Income | |
|---|---|
| Annual | $154,500 |
Property Facts
| Price | $2,800,000 | Status | Active |
| Price / SF | $1,077 / SF | Number of Properties | 2 |
| Sale Condition | 1031 Exchange | Individually For Sale | 0 |
| Cap Rate | 5.52% | Total Building Size | 2,600 SF |
| Sale Type | Investment or Owner User | Total Land Area | 0.05 AC |
| Price | $2,800,000 |
| Price / SF | $1,077 / SF |
| Sale Condition | 1031 Exchange |
| Cap Rate | 5.52% |
| Sale Type | Investment or Owner User |
| Status | Active |
| Number of Properties | 2 |
| Individually For Sale | 0 |
| Total Building Size | 2,600 SF |
| Total Land Area | 0.05 AC |
Properties
| Property Name / Address | Property Type | Size | Year Built | Individual Price |
|---|---|---|---|---|
| 7935 Myrtle Ave, Glendale, NY 11385 | Office | 2,600 SF | 1931 | - |
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7935 & 7937 Myrtle Ave package Deal