40-01 164Th St Flushing, NY 11358
- Warehouses
- 6,093 SF
Current Use by Public Records
- Warehouses
Property Details for 40-01 164Th St
- Year built
- 1950
- Property size
- 6,093 SF
- Property type
- Warehouses
- Property subtype
- Industrial properties
Description
This exceptional investment opportunity presents a 6,093 square foot industrial building situated on a 9,870 square foot lot at 40-01 164th Street, Flushing, New York, 11358. The property, built in 1950, is a single-story structure with one building and features a desirable net lease (NNN) arrangement with a corporate guaranteed tenant. The current lease, which commenced January 1, 2018, has expired, offering immediate potential for a new lease or redevelopment. The property boasts a 4.07% cap rate and a net operating income (NOI) of $219,600, with an asking price of $5,399,000 ($886.10 per square foot). The property is zoned R5B, C2-2, allowing for flexibility in future development. The building has one loading dock and significant air rights (7,205 square feet). Its prime location offers excellent visibility and accessibility, situated near the Long Island Rail Road (LIRR) Broadway Station and Northern Boulevard, a major thoroughfare with high daily traffic volume. The property's history includes 100% occupancy since January 1, 2018. This presents a compelling opportunity for investors seeking a stable, income-generating asset with significant upside potential.
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
- Flushing
- County
- Queens
- State
- New York
- Longitude
- -73.8017
- Latitude
- 40.7613
