Investment Overview

The subject offering is a 3,250 square foot mixed-use building on the corner of Sutphin Boulevard and 115th Drive in Jamaica (Queens), NY. The offering consists of two ground floor retail units, two garages, and two free-market (2-bedroom, 1-bathroom) apartments. The property is Tax Class 2A, with the current taxes being only $7,673 per year (tax class protected building – assessment cannot go up more than 8% per year, or 30% over five years). The two garage units are currently vacant. The property rests on a 2,435 square foot irregularly shaped lot, which is 128 feet in depth. The lot has 19 feet frontage on Sutphin Boulevard, and the rear portion of the building is built 25 feet across. The property is zoned R5D/R3A/C2-3, with an FAR of 2 (4,870 total buildable square footage) with an additional building square footage of 1,620 SF. The retail unit with the entrance on Sutphin Boulevard is occupied by an event space, which is entering into a new one-year lease. The retail tenant on 115th Drive, Service Goodz, opened in this location in 2022. They recently entered into a brand-new three-year lease, which calls for a $1,200 annual increase. This is an opportunity to acquire a corner mixed-use property with a Tax Class 2A designation that is being offered at an in-place 7.22% CAP (7.5% CAP once the garages are rented).