A newly renovated two-story mixed-use building on Myrtle Avenue in Glendale is up for sale for $945,000, Greiner-Maltz Investment Properties announced.
The building, located at 73-35 Myrtle Ave., consists of a retail space on the first floor — formerly a law office — and a two-bedroom, one-bathroom apartment in the second floor. Both the retail and residential units are currently vacant and can generate a lot of income for the new owner.
Greiner-Maltz estimates the residential unit can bring in $1,950 a month, for a total of $23,400 in annual rent, while the retail unit can get $2,600 monthly rent for a total of $31,200 per year. That would bring the entire building’s income to $54,600.
The estimated expenses for the approximately 1,800-square-foot building would be $8,679 in real estate taxes, $900 for insurance, $800 for water/sewer — gas is paid by the tenant — for a total of $10,379. The building’s new owner would then be able to make $44,221 per year for this building.
This property is located next to a lot that has sat empty for nearly 60 years on the corner of 74th Street and Myrtle Avenue. Earlier this year Community Board 5 (CB 5) approved a variance request to allow the owner to build a mixed-use building on the lot.
For more information about the property, visit the Greiner-Maltz website.
See photos of the residential unit here: