69-38 Myrtle Avenue Glendale, NY 11385
Mixed Use
MLS #: 867157
Courtesy Of eXp Realty
Property InformationDescription
Rare Mixed-Use Opportunity in Prime Ridgewood Location!
Welcome to 69-38 Myrtle ave- a high exposure property offering exceptional versatility, income potential, and Value-add upside. Feauturing a total of 2,024 sq ft on a 23' x 88' lot, this mixed-use asset includes a ground floor commercial space with entrances on myrtle ave and Cooper st, plus two residential units above: A vacant 4 bedroom and a 3 bedroom Unit Currently occupied by cash tenants.
The Commercial space ( currently rented at $3,500/ Month) is on a month to month basis and can be delivered vacant. it offers the option to split into two seperate store fronts, unlocking additional income potential. utilities are seperately metered: 3 Meters for commercial and 2 for residential - tenants pay their own utilities.
Projected pro forma gross income of $146,700/year, with estimated expenses of $13,500/year, brings a potential net income of $133,200, yielding a 7% Cap rate at full market rents.
Perfect for investors seeking upside or end-users looking to occupy and operate. Close to transit, retail, and Neighborhood amenities- this is a can't miss opportunity in on of queens' most desirable mixed-use corridors.
Welcome to 69-38 Myrtle ave- a high exposure property offering exceptional versatility, income potential, and Value-add upside. Feauturing a total of 2,024 sq ft on a 23' x 88' lot, this mixed-use asset includes a ground floor commercial space with entrances on myrtle ave and Cooper st, plus two residential units above: A vacant 4 bedroom and a 3 bedroom Unit Currently occupied by cash tenants.
The Commercial space ( currently rented at $3,500/ Month) is on a month to month basis and can be delivered vacant. it offers the option to split into two seperate store fronts, unlocking additional income potential. utilities are seperately metered: 3 Meters for commercial and 2 for residential - tenants pay their own utilities.
Projected pro forma gross income of $146,700/year, with estimated expenses of $13,500/year, brings a potential net income of $133,200, yielding a 7% Cap rate at full market rents.
Perfect for investors seeking upside or end-users looking to occupy and operate. Close to transit, retail, and Neighborhood amenities- this is a can't miss opportunity in on of queens' most desirable mixed-use corridors.
Features
- Architecture Style: Other
- Building Units: 3
- Cooling System: Window Unit(s)
- Cooling System: Multi Units
- Cooling System: Wall/Window Unit(s)
- Exterior Type: Unknown
- Heating System: Natural Gas
- MLSID: 867157
- Rooms: Basement
MAP & DIRECTIONS
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