37-62 82nd Street

Description

37-62 82nd Street in Jackson Heights Situated in one of Jackson Heights' most coveted locations, the building is conveniently located just steps away from the 7 train, a major subway line offering quick access to Manhattan and other parts of Queens. This is the first time in four decades that a property of this exceptional quality has been made available for sale, making it a rare find for savvy investors and buyers alike. 37-62 82nd Street is a two-story building featuring an impressive 70-foot frontage and a depth of 100 feet. This retail storefront and office building occupies a 7,000 square foot lot, with a total building size of 12,115 square feet spread across two stories and a basement. The building underwent significant updates in 2011, featuring a new roof, boilers, and HVAC system. Zoned C4-3, this property presents an incredible development opportunity, allowing for a total buildable area of 11,685 square feet with the addition of two more floors. The extra space opens the door significant potential additional income and long-term value. Whether you're an investor or looking to maximize the property's potential, this is a rare chance to capitalize on both space and revenue opportunities. An architect or engineer must be consulted to determine any existing improvements conform to all of the zoning requirements The property is fully leased, with Duane Reade occupying the ground floor. The second floor is rented to long-term tenants, including a language school and a dental practice. Duane Reade holds a master lease for the entire building, structured as a double net lease, ensuring minimal responsibilities for the landlord. This represents a fantastic investment opportunity for astute investors interested in prime commercial real estate in New York. 1031 exchanges are welcome. This area boasts heavy foot traffic and is home to numerous well-known retailers, including Gap, Skechers, Foot Locker, Target, Banana Republic, Old Navy, Carters, Pandora, Sephora, FedEx, AT&T, T-Mobile, McDonald's, Shake Shack, Chase Bank, Capital One Bank, Bank of America, United Healthcare, and Mount Sinai., Additional information: Office Pct.:50,Rental Income:Y,vac perc:0