73-15 Kissena Blvd Queens, NY 11367
- Retail properties
- 7,800 SF
Current Use by Public Records
- Retail properties
Property Details for 73-15 Kissena Blvd
- Year built
- 2007
- Property size
- 7,800 SF
- Property type
- Retail properties
- Property subtype
- Drug stores
Description
This exceptional investment opportunity presents a single-tenant, 7,800 square foot Walgreens building situated on a substantial lot in the thriving Kew Gardens Hills neighborhood of Queens, NY. The property boasts a strong corporate guarantee from Walgreens, operating under a triple-net (NNN) lease with 3.5 years remaining on a 10-year term, offering four lease options. Built in 2007, this one-story building enjoys 100% occupancy and generates a substantial net operating income (NOI) of $772,710, representing a 5.00% cap rate and a price per square foot of $1,987. The asking price is $15,500,000. The property is zoned R4, C1-2 and benefits from a high-traffic location with approximately 909 feet of combined frontage on three street corners, and significant visibility due to its placement on a city block. Convenient public transportation is readily available via nearby bus routes Q25, Q25 LTD, and Q34. The property's strategic location at the intersection of Kissena Boulevard and 75th Avenue places it at the border of Kew Gardens Hills, Fresh Meadows, and Jamaica Hills, benefiting from a combined annual average daily traffic (AADT) of approximately 35,000 (2023). This is a rare opportunity to acquire a well-established, high-performing Walgreens investment property in a prime location. The sale is structured to accommodate a 1031 exchange.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Queens
- County
- Queens
- State
- New York
- Longitude
- -73.8113
- Latitude
- 40.7269
