108-04-108-14 Astoria Blvd - Freestanding FOR SALE


East Elmhurst, NY 11369
$30,000,000 USD
917-865-6537
108-04-108-14 Astoria Blvd, East Elmhurst, NY for Sale
$30,000,000 USD
Freestanding - FOR SALE
1/2
null | 1.2% Cap Rate

108-04-108-14 Astoria Blvd
East Elmhurst, NY 11369


HIGHLIGHTS

  • Heavy traffic on Major road
  • Close to the Laguardia Airport

OVERVIEW

We are pleased to present this exceptional opportunity to acquire a large- scale development site totaling 35,745 SF with significant in-place income. Located directly on the bustling Astoria Boulevard, this site offers unmatched potential for a landmark residential or mixed-use project in a rapidly appreciating neighborhood. The property is currently leased to a national tenant, Enterprise Rent-A- Car, providing substantial carrying income while securing development approvals. With the proposed "City of Yes" zoning changes, the site offers a potential buildable area of up to 213,600 BSF. Investment Highlights Massive Development Potential: A substantial lot of 35,745 SF with the potential to develop up to 213,600buildable square feet under the proposed R7X zoning (FAR 6.0). Significant In-Place Income: Secure cash flow of $359,281 per year from a Triple Net (NNN) lease with Enterprise. The lease runs through April 2026, perfectly timed to cover costs during the design and approvals phase. Unbeatable Queens Location: Situated with high visibility on Astoria Boulevard, a major commercial and commuter thoroughfare. Proximity to World-Class Destinations: Located less than 10 minutes (under 2 miles) from LaGuardia Airport (LGA), Citi Field (Home of the NY Mets), and the USTA Billie Jean King National Tennis Center (Home of the US Open). Superior Accessibility: Immediate access to the Grand Central Parkway and close proximity to the Cross Island Parkway and Brooklyn-Queens Expressway (BQE), offering convenient travel throughout the boroughs and Long Island. Favorable Zoning Upside: Currently zoned R6A, the property is poised to benefit from the "City of Yes for Housing Opportunity" initiative, which may permit an upzoning to R7X, unlocking significant additional value.

FOR SALE DETAILS

PRICE

$30,000,000 USD

PRICE/SF

$15,152 USD /SF

CAP RATE

1.2%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Enterprise Rent-A-Car

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Freestanding

ADD'L SUBTYPES

Auto Dealership

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1950

SPRINKLERS

-

PARKING SPACES

42

LAND DETAILS

LAND ACRES

0.82 AC

LAND SF

35,719 SF

ZONING

R6

APN/PARCEL ID

01703-0086,01703-0087,01703-0094,01703-0097,01703-0098,01703-0099

ASK ABOUT THIS PROPERTY

Eric LiEast Coast New YorkMore Info
917-865-6537

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Eric LiEast Coast New YorkMore Info
917-865-6537

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