Marcus & Millichap is pleased to offer 60-42 Myrtle Avenue (Block: 3589, Lot: 33) in the Ridgewood neighborhood of Queens, New York. Located on the premier retail corridor of Ridgewood, this mixed-use building is situated between Decatur and Summerfield Streets and is adjacent to national coffee chain, Dunkin Donuts. The building is built approximately 20 x 52 feet boasting over 4,100 square feet across three levels and is comprised of two residential units and one retail store. The property is zoned R6B with a C2-4 commercial overlay and falls under tax class 1. 60-42 Myrtle Avenue offers a unique opportunity to own a cash flowing asset on the highly sought after Myrtle Avenue corridor. There is significant upside in the residential rent roll as each apartment is currently rented approximately 40% below market rate. Similar retail stores in the area are currently renting for anywhere from $35 to $50 per square foot. The Opportunity The property offers easy access to both the Fresh Pond Road and Forest Avenue "M"trains and is just a short walk to the Myrtle-Wyckoff "L" train, all of which provide 20 minute access to Manhattan. The sub-market itself has experienced unparalleled growth with an influx of new residents living and working on the outskirts of Queens & Northern Brooklyn. In response to this change, the area has seen brand new dining and nightlife establishments opening on every retail corridor, with former manufacturing areas now converting into office, community facilities and live-work spaces. It is truly one of the most evolving and exciting areas of New York City.
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