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88-22 Roosevelt Ave Medical Office Community 8822 Roosevelt Ave 2,818 SF Vacant Retail Building Jackson Heights, NY 11372 $1,850,000 ($656.49/SF) 2.70% Cap Rate
INVESTMENT HIGHLIGHTS
- Next to #7 train with good street frontage, sign visibility, great foot and 12k+ car traffic per day!
- Suitable for retail, medical, offices and community facilities which can be combined to diversify and hedge risk.
EXECUTIVE SUMMARY
Prime location in the heart of Jackson Heights! Good street frontage, sign visibility with great foot and 12k+ car traffic per day. Commuter and walker paradise next to the #7 train at 90th st & Elmhurst ave, ethnic restaurants, cafes, shops, Dunkin Donuts, Bravo/Key Food/Mi Tierra supermarkets, other family owned groceries and pharmacies, medical facilities, Medicaid & Medicare providers such as (Fidelis Care, Metroplus Health, Healthfirst), Planet Fitness and Western Union. Near ModernMD Urgent Care, Mount Sinai Medical, Elmhurst hospital, Duane Reade/Walgreens, Herbalife Vida Bella club, McDonald's, Taco bell, UPS, Fedex, banks, Money gram, PLS check cashers, Target, SAMA department store, Lot less, Roosevelt shopping mall, Cricket wireless, T mobile, Sunday farmers market at Travers park, post office, police and fire stations.
Ultimate convenience nestled between Brooklyn Queens expressway and Grand Central parkway with close access to multiple transit options from the 74th St & Roosevelt Ave. hub including the E, F, M, R subways, Q29, Q32, Q33, Q49, Q53, Q72 and the free Q70 LaGuardia airport/LIRR Woodside link express bus. Around 15 minutes non rush hour drive to LGA and 30 mins to Manhattan by car or subway!
Three commercial units built in 1989 with a total of around 2,818 square feet suitable for retail, medical, offices and community space such as houses of worship, seminaries, schools, day or adult care, non profit which can be combined to diversify and hedge risk (please consult with an architect). Very busy beauty salon for many years of around 950 sq ft on the street side floor renting for $4,500+ utilities month to month. Medical office in cellar of around 918 sq ft renting below market $2,200+ utilities month to month. Second floor is around 950 sq ft.
Current net income of around $50k+ yearly. (Conservative proforma with full occupancy: potential yearly rental income $126k+, yearly net income $93k+ @ 5% cap). Yearly property taxes of $25,406. Building Class K2 - Multi-Story Retail Building (2 Or More). Zoning C2-3, R6. Lot size 1,093 sq ft. Sold as is. Please do not disturb tenants.
For questions and appointments, contact Diane Mi Chong at 718-640-4431, michong2009@gmail.com. Real estate agent at Hanmi Realty.
Ultimate convenience nestled between Brooklyn Queens expressway and Grand Central parkway with close access to multiple transit options from the 74th St & Roosevelt Ave. hub including the E, F, M, R subways, Q29, Q32, Q33, Q49, Q53, Q72 and the free Q70 LaGuardia airport/LIRR Woodside link express bus. Around 15 minutes non rush hour drive to LGA and 30 mins to Manhattan by car or subway!
Three commercial units built in 1989 with a total of around 2,818 square feet suitable for retail, medical, offices and community space such as houses of worship, seminaries, schools, day or adult care, non profit which can be combined to diversify and hedge risk (please consult with an architect). Very busy beauty salon for many years of around 950 sq ft on the street side floor renting for $4,500+ utilities month to month. Medical office in cellar of around 918 sq ft renting below market $2,200+ utilities month to month. Second floor is around 950 sq ft.
Current net income of around $50k+ yearly. (Conservative proforma with full occupancy: potential yearly rental income $126k+, yearly net income $93k+ @ 5% cap). Yearly property taxes of $25,406. Building Class K2 - Multi-Story Retail Building (2 Or More). Zoning C2-3, R6. Lot size 1,093 sq ft. Sold as is. Please do not disturb tenants.
For questions and appointments, contact Diane Mi Chong at 718-640-4431, michong2009@gmail.com. Real estate agent at Hanmi Realty.
FINANCIAL SUMMARY (PRO FORMA - 2025) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$126,000
|
$44.71
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$126,000
|
$44.71
|
| Taxes |
$25,406
|
$9.02
|
| Operating Expenses |
$7,594
|
$2.69
|
| Total Expenses |
$33,000
|
$11.71
|
| Net Operating Income |
$93,000
|
$33.00
|
FINANCIAL SUMMARY (PRO FORMA - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $126,000 |
| Annual Per SF | $44.71 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $126,000 |
| Annual Per SF | $44.71 |
| Taxes | |
|---|---|
| Annual | $25,406 |
| Annual Per SF | $9.02 |
| Operating Expenses | |
|---|---|
| Annual | $7,594 |
| Annual Per SF | $2.69 |
| Total Expenses | |
|---|---|
| Annual | $33,000 |
| Annual Per SF | $11.71 |
| Net Operating Income | |
|---|---|
| Annual | $93,000 |
| Annual Per SF | $33.00 |
PROPERTY FACTS
Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Building Size
2,818 SF
Year Built
1989
Price
$1,850,000
Price Per SF
$656.49
Cap Rate
2.70%
NOI
$50,000
Percent Leased
Vacant
Tenancy
Multiple
Building Height
2 Stories
Building FAR
2.58
Lot Size
0.03 AC
Zoning
C2-3, R6
AMENITIES
- Signage
Walk Score®
Walker's Paradise (98)
Transit Score®
Rider's Paradise (100)
Bike Score®
Very Bikeable (76)
NEARBY MAJOR RETAILERS
1 of 7
VIDEOS
MATTERPORT 3D EXTERIOR
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88-22 Roosevelt Ave Medical Office Community | 8822 Roosevelt Ave
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