101-24 Jamaica Avenue
101-24 Jamaica Avenue, New York City, NY 11418
Marketing description
Marcus & Millichap is pleased to present 101-24 Jamaica Avenue — a 5,026 SF three-story wood-frame mixed-use corner building on a 2,585 SF lot at the southwest corner of Jamaica Avenue and 102nd Street in Richmond Hill, Queens, directly beneath the elevated J train.
The ground floor is occupied by an established laundromat, and the third-floor residential unit is leased at market. The second-floor unit is delivered vacant, ready to lease to a voucher-backed Section 8 tenant — a government-backed rent component underwritten into the pro forma.
Built in 1910 and held under Class 1 tax treatment since May 2016, the building carries annual taxes of just $7,951. R6A / C2-4 zoning supports the mixed-use program with 2,740 SF of unused floor area held in reserve — long-dated optionality outside the Downtown Jamaica Special District.
Offered at $1,650,000 — $328 per square foot.
Investment highlights
- CORNER + TRANSIT EXPOSURE: Hard SW corner under the elevated J at 102nd Street — two-frontage retail visibility, structural to value through any cycle.
- IN-PLACE LAUNDROMAT + RESIDENTIAL: An established laundromat and an occupied market-rate unit
- SECTION 8 LEASE-UP UPSIDE: The vacant unit leases to a voucher-backed Section 8 tenant, lifting residential income
- 2,740 SF UNUSED FAR: R6A / C2-4 capacity held in reserve at a near-zero tax carry — optionality priced at zero today.
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