92-40 QUEENS BOULEVARD

Elite ListingMixed Use QueensRego Park

$16,250,000

Price

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Cap Rate

67

Units

Contact Agent

NOI


Property located at 92-40 QUEENS BOULEVARDIc expand

Avison Young has been engaged by ownership as the exclusive agent to sell 92-40 Queens Boulevard, ‘The Calmar’, in the Rego Park submarket of Queens (the “Property”). This mixed-use residential elevator building encompass 68,700  total gross square feet across 60 residential units, 5 retail tenants, and 2 commercial occupants, along with a laundry room and an additional 16 garage stalls.

The mid-block Property, which has been under the same ownership for nearly 50 years, is 97% occupied and in outstanding condition. ‘The Calmar’ presents an incoming investor with a stable, diversified stream of income across the commercial and residential tenants. The residential portion, which encompasses a rentable area of approximately 51,374± square feet, contains 60 residential units; of these apartments, 7 are free market and 53 are rent stabilized. It should be noted that the Property’s rent stabilized units provide a close-to-market stream of income, with the tenant stability afforded by the regulated nature of the apartments. The units are configured as one-, two-, and three-bedroom units, which have an average blended monthly rent of $1,552 per unit, across the board.

92-40 Queens Boulevard is within walking distance from all the amenities that the neighborhood has to offer, including an abundance of neighborhood restaurants, bars, and shopping centers. The Property offers a potential investor the opportunity to acquire an irreplaceable asset in the bustling residential and commercial neighborhood of Rego Park, along the prime Queens Boulevard commercial corridor. The Property’s direct proximity to the Rego Park Shopping Center, the Queens Center, and Flushing Meadows Corona Park, along with its accessibility to transportation, makes this a one-of-a-kind investment opportunity.

Property Details

Block/Lot:3075/23
Lot Dimensions 157.0 x 131.0
Lot Area21,935 sq.ft
Zoning: R7-1, C1-2
FAR as Built:3.44

Exclusive Agent

Fritz Richter

Avison Young

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Sales & Transactions

AddressNeighborhoodBuilding ClassSale PriceSale Date
62-71 WOODHAVEN BOULEVARDREGO PARKS2$1,350,00009/30/2015
97-49 63RD DRIVEREGO PARKS3$2,150,00008/05/2015
96-18 63RD DRIVEREGO PARKS9$3,850,00005/28/2015
67-26 AUSTIN STREETREGO PARKS1$780,00003/16/2015