4220 34th Ave - Storefront Retail/Residential FOR SALE


Long Island City, NY 11101
$2,300,000 USD
212-678-0100
4220 34th Ave, Long Island City, NY for Sale
$2,300,000 USD
Storefront Retail/Residential - FOR SALE
1/42
null | 4% Cap Rate

Jan '25


4220 34th Ave
Long Island City, NY 11101


HIGHLIGHTS

  • Extremely undermarket residential apartments have instant potential for 100% increases plus more with renovation (can be delivered vacant)
  • Located in an opportunity zone with major development coming soon to the surrounding area
  • Located steps from multiple shopping centers and transit hubs

OVERVIEW

Great opportunity for an investor -- corner property in a highly desirable Opportunity Zone in the heart of a major redevelopment area. 2 large, whole-floor residential units are without a lease and have potential for 100%+ rent increase. Building is violation-free and all up to code. Roof + skylight/hutch/coping all done in 2023. All utilities (gas heat) less than 8 years old. 2 market-rate residential units have no lease/can be delivered vacant (currently paying 50% below market). As-is can rent for $3000, fully renovated can rent for $3500+ each. Store has lease in place until 2033 with rent at $3300 in 2025 and incremental increases until 2033. Seller must finance deal.um 10% down and 30 year fixed rate).

FOR SALE DETAILS

PRICE

$2,300,000 USD

PRICE/SF

$1,149 USD /SF

CAP RATE

4%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment Or Owner User

BUILDING DETAILS

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Storefront Retail/Residential

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1920

SPRINKLERS

-

PARKING SPACES

5

LAND DETAILS

LAND ACRES

0.02 AC

LAND SF

871 SF

ZONING

R6B, C1-4

APN/PARCEL ID

00675-0222

ASK ABOUT THIS PROPERTY

John MatsisSterea Realty Group LLCMore Info
212-678-0100

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.

John MatsisSterea Realty Group LLCMore Info
212-678-0100

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.