UPDATED:
Key Details
Property Type Commercial
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
MLS Listing ID 936315
Rental Info No
Year Built 1915
Annual Tax Amount $14,069
Lot Size 2,726 Sqft
Acres 0.0626
Property Sub-Type Multi Family
Source onekey2
Property Description
Located at **54-08 Flushing Avenue, Maspeth, NY 11378**, this well-maintained mixed-use property presents a compelling investment opportunity in a highly desirable Queens neighborhood. Maspeth is strategically positioned approximately **five miles from Manhattan** and directly east of the sought-after **Williamsburg section of Brooklyn**, benefiting from strong demand and convenient access to surrounding markets.
The property sits on **Flushing Avenue**, a busy and valuable commercial corridor featuring retail shopping, banks, popular restaurants, and excellent access to **public transportation**. The immediate area continues to see new development, further enhancing long-term value.
Property Overview
* **Building Type:** Three-story brick, walk-up mixed-use building
* **Total Square Footage:** Approximately **5,835 SF**
* **Occupancy:** **100% occupied**
* **Residential Units:** **6 apartments**
* Two (1) bedroom units – approx. **680 SF** each
* Four (3) bedroom units – approx. **1,000 SF** each
* **Commercial Units:** **2 retail stores** (currently a pizza restaurant and a bakery)
* **Basement:** Fully open basement with **8-foot ceiling height**
Lease & Income Profile
* Commercial units are fully leased with **leases expiring soon**, offering near-term upside
* Residential apartments are **month-to-month**, providing flexibility for repositioning
* Property **can be delivered vacant**, if desired
Building Condition
* **New roof and new boiler**
* **New plumbing and updated electrical systems**
* **No known violations**
* **Above-ground oil tanks**
Financial Highlights
* **Actual Gross Income:** $138,000
* **Net Operating Income (NOI):** $115,150
* **Cap Rate:** Approximately **6.4%**
Investment Highlights
* Prime mixed-use asset in a strong Queens location
* Stable in-place income with upside through lease renewals or repositioning
* Proximity to Manhattan and Williamsburg
* Well-maintained building with recent capital improvements
* Strong demand for both residential and retail space in the area
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**Address:** 54-08 Flushing Avenue, Maspeth, NY 11378
**Neighborhood:** Maspeth / Fresh Pond Section of Queens
Location
State NY
County Queens
Rooms
Basement Common, Finished, Full, Walk-Out Access
Interior
Heating Oil
Cooling Separate Meters, Wall/Window Unit(s)
Fireplace No
Exterior
Parking Features Off Site
Utilities Available Electricity Available, Natural Gas Connected, Phone Available, Trash Collection Public, Water Available, Water Connected
Building
Sewer Public Sewer
Water Public
Structure Type Brick
Others
Special Listing Condition None
The mission of the ASA Real Estate Group is to provide a lifelong, positive impact on our clients, our communities, our team, as well as the other realtors with which we work. We specialize in assisting Buyers and Sellers transact. With our extensive knowledge of the market we help our clients get the best possible price for their home through proactive marketing approach. We guide sellers and buyers through every step of the process and keep them updated their transaction.