80-15 164 StQueens, NY 11432

This exceptional investment opportunity presents a 30,000-square-foot office building situated on a 19,500-square-foot lot in Queens, New York. The property, located at 80-15 and 80-21 164th Street, zip code 11432, comprises two buildings, each two stories high, constructed in 1953 and renovated in 2015. Currently, the building boasts a 65% occupancy rate with five tenants, including NYU Langone, under a net lease agreement with credit-rated tenants. The asking price is $12,900,000, translating to $430 per square foot. The property features 45 parking spaces and offers a current NOI of $850,000, with a pro-forma NOI projected at $1,000,000, resulting in a current cap rate of 6.59% and a pro-forma cap rate of 7.75%. The property is zoned R4, C1-3, allowing for diverse uses. The building is conveniently located near major transportation arteries, including the Grand Central Parkway and Union Turnpike, and within close proximity to several neighborhoods, including Kew Garden Hills, Fresh Meadows, Hillcrest, and Jamaica. The anticipated occupancy date is March 1, 2024, and rent bumps are included in the lease agreements. This property presents a compelling owner-user or investment opportunity with significant upside potential.