5
See all 5 photos
$2,800,000
Est. payment /mo
New
148-04 35th AVE Flushing, NY 11354
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Key Details
Property Type Commercial
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
MLS Listing ID 877434
Rental Info No
Year Built 1974
Annual Tax Amount $38,000
Property Sub-Type Multi Family
Source onekey2
Property Description
This offering consists of a package of 3 adjacent mixed-use buildings with substantial redevelopment potential, located in the heart of Downtown Flushing—one of Queens' fastest-growing neighborhoods.
The subject property sits in an R7-1 zoning district with an FAR of 4.8, making it a prime development site for future residential expansion or repositioning.
Currently, all 6 free market residential units are leased at more than 20% below market rent, offering investors a clear value-add opportunity through rental adjustments. With stable tenancy, underutilized income, and long-term development upside, this asset offers both immediate cash flow and significant future growth potential.
As part of a 3-building package, this is a rare opportunity to acquire a strategic footprint in a high-demand urban core with strong connectivity and sustained market momentum.
The subject property sits in an R7-1 zoning district with an FAR of 4.8, making it a prime development site for future residential expansion or repositioning.
Currently, all 6 free market residential units are leased at more than 20% below market rent, offering investors a clear value-add opportunity through rental adjustments. With stable tenancy, underutilized income, and long-term development upside, this asset offers both immediate cash flow and significant future growth potential.
As part of a 3-building package, this is a rare opportunity to acquire a strategic footprint in a high-demand urban core with strong connectivity and sustained market momentum.
Location
State NY
County Queens
Rooms
Basement Common, Finished, Full, Storage Space, Walk-Out Access
Interior
Heating Electric
Cooling Multi Units
Flooring Brick
Fireplace No
Appliance Cooktop, Electric Cooktop, Electric Oven, Exhaust Fan, Freezer, Microwave, Refrigerator
Exterior
Utilities Available Cable Connected, Electricity Connected, Sewer Connected, Trash Collection Public, Water Connected
Building
Story 3
Sewer Public Sewer
Water Public
Structure Type Brick
Others
Special Listing Condition None
Listed by Compass Greater NY LLC