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Mixed-Use

101-21 Metropolitan Ave

101-21 Metropolitan Ave, Queens, NY 11375

Listing Price: $2,500,000

Cap Rate
3.10%
Number of Units
3
Occupancy
100.0%
Price/Unit
$833,333
Price/Gross SF
$555.56
Gross SF
4,500

Investment Overview

The subject offering is a 4,500 square foot three-unit mixed-use building on the corner of Metropolitan Avenue and Continental Avenue in Forest Hills (Queens), NY. The building consists of a 2,500 square foot ground floor retail space with 40 feet of retail frontage on Metropolitan Avenue, and two free market apartments (one three-bedroom unit and one two-bedroom unit). There is also an approximately 2,000 square foot basement for storage and utilities. The existing retail tenant has no lease, and arrangement can be made to have the space vacant at closing. Both residential units are leased below-market, and both units should see solid rental growth upon expiration of the existing leases. The entrance to the apartments is on Continental Avenue, and there is access to the building via three different streets. The building is Tax Class 1. Metropolitan Avenue is a solid retail and residential street in one of Queens' best neighborhoods. The site is surrounded by local retailers. And within six blocks you have national retailers McDonald's, TD Bank, 7-Eleven, Trader Joe's, Petco, Michael's, CVS, Chase Bank and Dunkin Donuts. This is an outstanding user/investor opportunity to acquire a corner property in one of Queens' premier neighborhoods. With 40 feet of retail frontage the existing retail space could be bifurcated into multiple retail units.

Investment Highlights

  • 4,500 SF Three-Unit Mixed-Use Building
  • Corner of Metropolitan Ave and Continental Ave
  • Tax Class 1 - Restricted Tax Class so Taxes Will Not Jump in the Future
  • Retail Space Can be Delivered Vacant at Closing

Exclusively Listed By

Mixed-Use

101-21 Metropolitan Ave

Listing Price: $2,500,000

Cap Rate
3.10%
Number of Units
3
Occupancy
100.0%
Price/Unit
$833,333
Price/Gross SF
$555.56
Gross SF
4,500

Investment Highlights

  • 4,500 SF Three-Unit Mixed-Use Building
  • Corner of Metropolitan Ave and Continental Ave
  • Tax Class 1 - Restricted Tax Class so Taxes Will Not Jump in the Future
  • Retail Space Can be Delivered Vacant at Closing

Investment Overview

The subject offering is a 4,500 square foot three-unit mixed-use building on the corner of Metropolitan Avenue and Continental Avenue in Forest Hills (Queens), NY. The building consists of a 2,500 square foot ground floor retail space with 40 feet of retail frontage on Metropolitan Avenue, and two free market apartments (one three-bedroom unit and one two-bedroom unit). There is also an approximately 2,000 square foot basement for storage and utilities. The existing retail tenant has no lease, and arrangement can be made to have the space vacant at closing. Both residential units are leased below-market, and both units should see solid rental growth upon expiration of the existing leases. The entrance to the apartments is on Continental Avenue, and there is access to the building via three different streets. The building is Tax Class 1. Metropolitan Avenue is a solid retail and residential street in one of Queens' best neighborhoods. The site is surrounded by local retailers. And within six blocks you have national retailers McDonald's, TD Bank, 7-Eleven, Trader Joe's, Petco, Michael's, CVS, Chase Bank and Dunkin Donuts. This is an outstanding user/investor opportunity to acquire a corner property in one of Queens' premier neighborhoods. With 40 feet of retail frontage the existing retail space could be bifurcated into multiple retail units.

Exclusively Listed By

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