77-11 25th Ave Local commercial 619 m² À vendre East Elmhurst, NY 11370 2 426 573 € (3 917,72 €/m²) Taux de capitalisation 6,85 %

Berkshire Hathaway Commercial Services is pleased to bring to market 77-11 thru 77-19 25th Avenue in East Elmhurst, NY. The property consists of 7,200 SF of commercial retail space situated on a 9,592 SF parcel. Currently the building is divided into 4 storefronts, however, the Laundry tenant takes up multiple spaces (3,744 SF) that would otherwise result in an additional two storefronts, or six available storefronts in total. The property is unique in that it is strategically located in the middle of a residentially zoned area just two blocks south of the bustling Astoria Blvd corridor, providing a plethora of local rooftops and residents frequenting the property. This is a wonderful opportunity to own a stable, neighborhood retail property that has a proven track record of tenant success and longevity.
The property has been in the same family for decades and in fact they operated the deli many moons ago. As a result of being so intimately involved at the property and befriending the tenants, the rents have been kept way below market to a fault. When reviewing the Rent Roll you will notice that the majority of the tenants are either M-M or expire in 2025 with no options to renew. The opportunity is knocking for a new owner to enjoy what has historically been a very stable asset with an exciting value add component.
In addition, the property is zoned R4 allowing for the redevelopment of this retail property into a three story, multi family apartment rental or sale project. The options are right in front of you, the zoning is in place and the choice is yours. Continue to operate this property as a retail strip with value add as a result of the currently low rents or redevelop into a multi family property.
If you have any interest, please contact us so we can set up a showing.