4220 34th Ave
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4220 34th Ave
2,001 SF 100% Leased Retail Building Long Island City, NY 11101 £1,804,143 (£902/SF) 4% Net Initial Yield
Investment Highlights
- Extremely undermarket residential apartments have instant potential for 100% increases plus more with renovation (can be delivered vacant)
- Located steps from multiple shopping centers and transit hubs
- Located in an opportunity zone with major development coming soon to the surrounding area
Executive Summary
Great opportunity for an investor -- corner property in a highly desirable Opportunity Zone in the heart of a major redevelopment area.
2 large, whole-floor residential units are without a lease and have potential for 100%+ rent increase. Building is violation-free and all up to code.
Roof + skylight/hutch/coping all done in 2023.
All utilities (gas heat) less than 8 years old.
2 market-rate residential units have no lease/can be delivered vacant (currently paying 50% below market). As-is can rent for $3000, fully renovated can rent for $3500+ each.
Store has lease in place until 2033 with rent at $3300 in 2025 and incremental increases until 2033.
Seller must finance deal.um 10% down and 30 year fixed rate).
2 large, whole-floor residential units are without a lease and have potential for 100%+ rent increase. Building is violation-free and all up to code.
Roof + skylight/hutch/coping all done in 2023.
All utilities (gas heat) less than 8 years old.
2 market-rate residential units have no lease/can be delivered vacant (currently paying 50% below market). As-is can rent for $3000, fully renovated can rent for $3500+ each.
Store has lease in place until 2033 with rent at $3300 in 2025 and incremental increases until 2033.
Seller must finance deal.um 10% down and 30 year fixed rate).
Financial Summary (Pro forma - 2025) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro forma - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Storefront Retail/Residential
Building Size
2,001 SF
Building Class
C
Year Built
1920
Price
£1,804,143
Price Per SF
£902
Net Initial Yield
4%
NOI
£72,166
Percent Leased
100%
Tenancy
Multiple
Number of Floors
3
Building FAR
2.30
Land Acres
0.02 AC
Opportunity Zone
Yes
Zoning
R6B, C1-4 - Medium density residential district
Parking
5 Spaces (2.5 Spaces per 1,000 SF Leased)
Frontage
65 ft on 34th Avenue
Amenities
- 24 Hour Access
- Bus Route
- Corner Lot
- Signage
- Signalised Intersection
- Air Conditioning
Walk Score ®
Walker's Paradise (96)
Transit Score ®
Rider's Paradise (100)
Bike Score ®
Very Bikeable (74)
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 00675-0222 | Improvements Assessment | £24,116 (2024) |
| Land Assessment | £3,972 (2024) | Total Assessment | £28,088 (2024) |
PROPERTY TAXES
Parcel Number
00675-0222
Land Assessment
£3,972 (2024)
Improvements Assessment
£24,116 (2024)
Total Assessment
£28,088 (2024)
-
John Matsis -
Peter Giotitsas - Sterea Realty Group LLC
1 of 43
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Sterea Realty Group LLC
4220 34th Ave
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