71-02 Myrtle Avenue
$2,000,000
71-02 Myrtle Avenue, Glendale, NY 11385
7.28
Projected Cap Rate
145,523
NOI
Details:
Description:
• Prime Location: Strategically positioned on the corner of Myrtle Avenue and 71st Avenue, offering high visibility and accessibility.
• Residential Conversion Opportunity: The second floor will be delivered vacant, providing the potential to convert existing office units into four residential apartments, capitalizing on high demand for housing.
• Rent Roll Growth Potential: Current rents are significantly below market value, with market rents estimated to be 40-50% higher, offering substantial upside for income growth.
• Neighborhood Growth: Glendale, Queens is a highly sought-after area, benefiting from the ongoing spillover of development and demand from neighboring Bushwick and Williamsburg, making it one of the best-positioned neighborhoods in New York City.
Documents:
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Offering Memorandum
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Location
Gallery
