5634 Myrtle Ave - Storefront Retail/Residential FOR SALE


Flushing, NY 11385
$2,855,000 USD
917-539-0402
5634 Myrtle Ave, Flushing, NY for Sale
$2,855,000 USD
Storefront Retail/Residential - FOR SALE
1/9
null | 5% Cap Rate

5634 Myrtle Ave
Flushing, NY 11385


HIGHLIGHTS

  • Two Contiguous Mixed-Use Buildings Located Along Myrtle Avenue in Ridgewood, Queens
  • Long-Term Master Lease Through June 2062 Providing Stable Passive Income
  • Tenant Responsible for Taxes, Insurance, Utilities, Repairs, Maintenance, and Structural Components Creating a Near Absolute Net Lease Investment
  • Scheduled 10 Percent Rent Increases Every Five Years Providing Contractual Income Growth
  • Two Ground-Floor Retail Units and Eight Fully Renovated Free-Market One-Bedroom Apartments

OVERVIEW

Marcus & Millichap is pleased to exclusively present the opportunity to acquire 56-34 & 56-36 Myrtle Avenue, a pair of contiguous mixed-use buildings located in the heart of Ridgewood, one of Queens' premier residential neighborhoods. The property is subject to a long-term master lease extending through June 2062, providing investors with stable cash flow and virtually no day-to-day management responsibilities. Under the lease, the tenant is responsible for real estate taxes, insurance, utilities, repairs, maintenance, and structural components of the buildings, creating an investment that closely resembles an absolute net lease. Beyond the security of the income stream, the offering presents a compelling opportunity to acquire the underlying real estate at a significant discount to traditional mixed-use values in Ridgewood. Each building consists of one retail store and four, fully renovated, free market one-bedroom apartments. The offering totals two ground floor retail units and eight apartments. Because this asset is encumbered by a long-term master lease, investors have the opportunity to purchase the real estate at a materially lower basis while still benefiting from long-term rent growth through scheduled 10 percent increases every five years. For investors seeking stable income with minimal management obligations, strong real estate fundamentals, and ownership in one of New York City's most desirable urban neighborhoods, 56-34 & 56-36 Myrtle Avenue represents an exceptional investment opportunity.

FOR SALE DETAILS

PRICE

$2,855,000 USD

PRICE/SF

$510 USD /SF

CAP RATE

5%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Net-Leased - Minimal Management - Queens, NY

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Storefront Retail/Residential

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1979

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.13 AC

LAND SF

5,663 SF

ZONING

C4-3A

APN/PARCEL ID

03560-0026

ASK ABOUT THIS PROPERTY

Scott PlaskyMarcus & MillichapMore Info
917-539-0402

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Scott PlaskyMarcus & MillichapMore Info
917-539-0402

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