83-17 BroadwayQueens, NY 11373

This exceptional mixed-use property in prime Elmhurst, Queens offers a compelling investment opportunity. The building comprises a 12-unit apartment building and an 8,000 square foot restaurant, currently operating at 100% occupancy. Built in 2006, this five-story Class B building boasts 16,800 square feet of net rentable space, situated on a 4,345 square foot lot. The property benefits from a strong NOI of $315,365, resulting in a 4.54% cap rate and a price per square foot of $413.69. The asking price is $6,950,000, translating to $534,615.38 per unit. Located at 83-17 Broadway, this property enjoys a highly desirable location, just two blocks from the Elmhurst Avenue train and three blocks from Queens Boulevard, providing easy access to Manhattan (approximately 20 minutes). The restaurant, capable of seating 300 patrons, is situated in a high-pedestrian area with a large population base within a 1.5-mile radius. The property is zoned R7A, R7B, and C1-3, allowing for flexibility in future use. The building features rent bumps, and the sale is structured for a 1031 exchange. An additional 500 square feet of air rights are available. The property is owned by an LLC and has thirteen tenants under a modified lease type. The occupancy date is October 1, 2024.