92-77 Queens Blvd Queens, NY 11374
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Queens, NY: Govt. Tenant, High NOI
Property size:
64,383 SFProperty Features for 92-77 Queens Blvd
General Information
- Property type
- NNN properties
- Square Feet
- 64,383 SF
Building Details
- Year Built/Renovated
- 2015/2017
- Buildings
- 2
- Stories
- 4
- Units
- 4
Listing Agency: Besen Partners Listing Agent: Anudeep Gosal
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
Overview
This exceptional mixed-use property in Rego Park, Queens boasts a 100% occupancy rate with four tenants, including a government entity, under a corporate guarantee. The 64,383 square foot building, constructed in 2015 and renovated in 2017, features two buildings across four stories, situated on a 20,634 square foot lot with 80 parking spaces. The property includes a 50-key hotel and retail space occupied by established businesses. Leases are NNN, with a remaining term of 18 years commencing May 1, 2024, and expiring May 1, 2032. Rent increases are built in at 3% every three years, with two lease options available. The property benefits from a strong NOI of $2,542,820, resulting in a 6.40% cap rate and a price per square foot of $617.40. The asking price is $39,750,000. The property is ground leased, with the ground lease expiring July 17, 2111. The zoning is R7-1, C2-2. This investment presents a compelling opportunity due to its strong tenant base, long-term leases, and prime location in a growing area with excellent access to public transportation and major highways.
Property Profile
Location Intelligence
Current Use by Public Records
Commercial real estate
Location Insight
- Map
- Local Demand
- City
- Queens
- County
- Queens
- State
- New York
- Longitude
- -73.8663466
- Latitude
- 40.7322025
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FAQs
What type of property is this?
NNN property - Queens, NY: Govt. Tenant, High NOI
Where is this nnn property located?
The property is located at 92-77 Queens Blvd Queens, NY.
What is the asking price?
The asking price for this property is $39,750,000.
What are key features of this property?
This property features: 64,383 SF mixed-use building in Rego Park, Queens, with a 100% occupancy rate.; Four tenants, including a government entity under corporate guarantee, with NNN leases and an 18-year remaining term (May 1, 2024 - May 1, 2032), including 3% rent increases every three years and two lease options.; Strong NOI of $2,542,820, 6.40% cap rate, and $617.40 price per square foot; asking price: $39,750,000.
