Marcus & Millichap - Tri Borough Multi-Family

102-20 37th Avenue


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Price: $1,075,000
Building Size: 3,849 Square Feet
Property Type: Mixed-use

102-20 37th Avenue is a 3 story brick mixed use building located at 102-20 37th Avenue in the Corona section of Queens. The property is comprised of 2 commercial store fronts and 4, one bedroom apartments. The building is in very good condition and both the commercial tenants have 2 years existing on a 5 year lease, with 5% rent escalations. The asset is a growing annuity with potential upside in lease renewals and apartment rents. The building enjoys stable tenancy, and rent collections and arrears are not a problem. The building’s location is on the corner of 37th Avenue and 103rd St. and produces heavy foot traffic due to its prime retail location. It is also 3 blocks from the 7 train’s 103rd St. stop which takes riders into Manhattan in less than 30 minutes.