1235 Lexington Ave New York, NY 10028

This exceptional investment opportunity presents a stabilized, single-tenant retail property located at 1235 Lexington Avenue in New York City's prestigious Upper East Side. The property, a 6,875 square foot (plus 5,350 square feet below grade) Walgreens, boasts a prominent corner location with over 189 feet of wraparound frontage on Lexington Avenue and East 84th Street, ensuring superior visibility and accessibility. Currently operating at 100% occupancy, the property generates a substantial net operating income (NOI) of $1,228,886, representing a 6.30% cap rate on the asking price of $19,500,000. The Walgreens lease, with a credit-rated tenant, extends until February 27, 2029, offering a remaining term of 4.3 years, and includes a 10-year option to extend. The property's open floor plan offers flexibility for future use, while the strong demographics of the Upper East Side, including a high average household income of $222,000 and proximity to major transportation hubs like the 86th Street subway station, ensure continued high foot traffic and strong rental potential. This presents a compelling 1031 exchange opportunity, offering a passive investment with limited landlord responsibilities and a secure, high-cash-flow asset. The rent is set to increase by 12% in March 2024. The purchase includes 100% of the co-op shares for the ground floor and the long-term leasehold interest in the lower level.