Wei Zheng Acquires Mixed-Use Property On Jamaica Avenue For $1.35M

An alluring mixed-use property located at 87-14 Jamaica Avenue in Woodhaven, New York has recently been sold. The property, spanning a total of 3,300 square feet, was transacted for a price of $1,350,000. With a price per square foot of $409, this property presents an attractive investment opportunity in the Queens market. Comprising of three units, including two residential units and one retail unit, this property offers a versatile space for future occupants. The price per unit for this transaction stands at $450,000, while the capitalization rate is estimated at 5%.

Summary of transaction details

• Property Type: Mixed-Use
• Transaction Amount: $1,350,000
• Square Footage: 3,300 sf
• Price per Square Foot: $409
• Units: 3 (Two Residential & One Retail)
• Price per Unit: $450,000
• Cap Rate: 5%

In this deal, Amlak Realty Corp. represented by Afshin Gholam acted as the seller, while the enthusiastic buyer was Wei Zheng. Notably, Stephen R. Preuss from Cushman & Wakefield brokered this transaction, demonstrating his expertise in facilitating seamless property deals in the New York market.