Skip to main content

Warehouse

46-55 Metropolitan Avenue

46-55 Metropolitan Avenue, Queens, NY 11385

Listing Price: $12,000,000

Cap Rate
4.74%
Gross SF
36,000
Price/Gross SF
$333.33
Lot Size
0.26 acres
Year Built
1943
Rentable SF
36,000

Investment Overview

Marcus & Millichap has been retained on an exclusive basis to arrange the sale of 46-55 Metropolitan Avenue, a 24-unit commercial loft, warehouse and retail building located in the Ridgewood neighborhood of Queens, NY, right at Border of Brooklyn and Queens. The subject property is built 100 ft x 95 ft on a 103 ft x 100 ft, M3-1 zoned lot (Block: 02611 Lot: 0503).The four-story building features three 8 ft x 10 ft drive-in bays, two freight elevators, three phase power with 1,200 amps and 13 ft ceiling heights. The 36,000 SF building is 92% leased with only two vacancies. The building stands in front of the Q54 bus stop, is a 2-min walk from B57 bus stop at Flushing Avenue, a 6-min walk to Q59 bus stop at Gardner Ave and a 14-min walk to the Jefferson Street subway station, serviced by the L line. It is strategically located withina 12-min drive to the Brooklyn Queens Expressway (I-278) and is nestled at the crossroads of the thriving creative, maker, and industrial communities of East Williamsburg, Bushwick, Ridgewood and Maspeth. The lofts are clean vanilla boxes with hardwood floors and minimal to no columns depending on the space. Each unit is furnished with a rotating gas heater and most have ideal window access with natural light permeating the spaces. All tenants pay their own utilities. 46-55 Metropolitan Avenue offers investors the opportunity to purchase a high-occupancy, cash-flowing commercial building with income hedged across a verity of tenancies hailing from a diverse multitude of industries. A buyer can realize additional upside in theexisting rent roll by way of strategic rent increases and capital improvements thanks to the building’s mostly short-term leases.

Investment Highlights

  • 24-Unit Commercial Loft, Warehouse, and Retail Building at the East Williamsburg and Ridgewood Border
  • 92% Occupied, Cash Flowing Building with no Tenant Arrears
  • Additional Upside in the Existing Rent Roll can be Capitalized on with Strategic Rent Increases and Capital Improvements
  • Two Functioning Freight and Passenger Elevators
  • Well Maintained Building with Recently Upgraded Electric and Gas Systems
  • Three 8' x 10' Drive-In Bays
  • 12-Minute Drive to Brooklyn Queens Expressway (I-278)
  • In Front of Q54 Bus Stop, 2 min from B57 Bus Stop at Flushing Avenue, 6-min Walk to Q59 Bus Stop at Gardner Ave, and 14-min Walk to Jefferson L Subway Stop

Exclusively Listed By

Financing By

Listing Price: $12,000,000

Cap Rate
4.74%
Gross SF
36,000
Price/Gross SF
$333.33
Lot Size
0.26 acres
Year Built
1943
Rentable SF
36,000

Investment Highlights

  • 24-Unit Commercial Loft, Warehouse, and Retail Building at the East Williamsburg and Ridgewood Border
  • 92% Occupied, Cash Flowing Building with no Tenant Arrears
  • Additional Upside in the Existing Rent Roll can be Capitalized on with Strategic Rent Increases and Capital Improvements
  • Two Functioning Freight and Passenger Elevators
  • Well Maintained Building with Recently Upgraded Electric and Gas Systems
  • Three 8' x 10' Drive-In Bays
  • 12-Minute Drive to Brooklyn Queens Expressway (I-278)
  • In Front of Q54 Bus Stop, 2 min from B57 Bus Stop at Flushing Avenue, 6-min Walk to Q59 Bus Stop at Gardner Ave, and 14-min Walk to Jefferson L Subway Stop

Investment Overview

Marcus & Millichap has been retained on an exclusive basis to arrange the sale of 46-55 Metropolitan Avenue, a 24-unit commercial loft, warehouse and retail building located in the Ridgewood neighborhood of Queens, NY, right at Border of Brooklyn and Queens. The subject property is built 100 ft x 95 ft on a 103 ft x 100 ft, M3-1 zoned lot (Block: 02611 Lot: 0503).The four-story building features three 8 ft x 10 ft drive-in bays, two freight elevators, three phase power with 1,200 amps and 13 ft ceiling heights. The 36,000 SF building is 92% leased with only two vacancies. The building stands in front of the Q54 bus stop, is a 2-min walk from B57 bus stop at Flushing Avenue, a 6-min walk to Q59 bus stop at Gardner Ave and a 14-min walk to the Jefferson Street subway station, serviced by the L line. It is strategically located withina 12-min drive to the Brooklyn Queens Expressway (I-278) and is nestled at the crossroads of the thriving creative, maker, and industrial communities of East Williamsburg, Bushwick, Ridgewood and Maspeth. The lofts are clean vanilla boxes with hardwood floors and minimal to no columns depending on the space. Each unit is furnished with a rotating gas heater and most have ideal window access with natural light permeating the spaces. All tenants pay their own utilities. 46-55 Metropolitan Avenue offers investors the opportunity to purchase a high-occupancy, cash-flowing commercial building with income hedged across a verity of tenancies hailing from a diverse multitude of industries. A buyer can realize additional upside in theexisting rent roll by way of strategic rent increases and capital improvements thanks to the building’s mostly short-term leases.

Exclusively Listed By

Financing By

MM Texture Background
MM Textured Background Lower