87-15 115th Street, Jamaica, NY 11418

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$2,995,000 List Price
Off Market
 
Listing ID 11116022
Property Type Commercial Building
County Queens
Township Queens
Neighborhood Jamaica
FEMA Flood Map fema.gov/portal
Year Built 1930
   
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Office Building With Air Rights

87-15 115th Street is a office building and development site in the Richmond Hill area of Queens. Developers will benefit from the R6A, C2-4 zoning by being able to build an as-of-right 22,275 Sq. Ft. mixed-use building with (32) units and 515 Sq. Ft. of retail space (proposed). The property is currently built as a 8,280 Sq. Ft. office building with (2) month-to-month tenants paying approximately $11,000/month total. The lot has 75' of frontage and 99' of depth. The rectangular lot size will create very efficient floorplates in the future building. 87-15 115th Street Avenue is located .3 miles from the 111th Street Subway Stop which provides access to Manhattan in under 40 minutes and to Jamaica in under 10 minutes. The property also benefits from close proximity to high-traffic retail thoroughfares including Jamaica Avenue, Myrtle Avenue, and Atlantic Avenue. This property represents a perfect opportunity for a developer to take advantage of Richmond Hill's strong rental demand and supply-constricted housing.
Property Details
  • 7425 SF Lot
  • Built in 1930
  • Renovated 2007
  • 2 Stories
  • Available 10/21/2022
  • Slab Basement
  • Renovation: The building was renovated in 2006 and expanded to the 2nd floor.
Unit Information
Unit #1 – Gross Area: 8280, Net Leasable Area: 8280
Interior Features
  • Carpet Flooring
  • Alarm System
  • Fire Sprinklers
  • Forced Air
  • Electric Fuel
  • Natural Gas Avail
  • Wall/Window A/C
Exterior Features
  • Flat Roof
  • Municipal Water
  • Municipal Sewer
Community Details
  • Low-rise (Bldg. Style)
Commercial Info
  • Richmond Hill Office Plaza (Business Name)
  • Class: B
  • Uses: Medical Office & Office
  • 12 Parking Spaces
  • 5% Cap. Rate
  • Renovated in 2006
Income/Expenses
  • Gross Income $288,030
  • Net Income $190,000
  • Operating Exp $8,641
  • Management Exp $5,587
  • Maintainence Exp $5,000
  • Insurance Exp $1,000
  • Total Exp $90,173
Previously Listed By
Landair Property Advisors, LLC
Office: 646-559-4700
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