I found 20 properties in Queens County that range in price from $1.2 M to $1.85 M, which would all fit your dollar needs. I found cap rates ranging from 7% low to 10% high. The missing factors are: location, condition, current occupancy, and specific market conditions. None of these properties are considered foreclosure properties. It would be my recommendation that you simply find a good property that fits your profile needs, and don't worry if it is a foreclosure property. With regard to Manhattan County there is little available in your price range.
This is the way I apply my 35+ years of expertise these days, helping others who are new to the commercial real estate industry avoid serious mistakes in either buying for themselves or representing others. If you would like further help, don't hesitate to contact me.
Good luck Shafaat......Rob Baird, CA RE License #544165 (One of the oldest, active licenses in CA) 951 515-5855 Email: firstname.lastname@example.org
Jan 6, 2011