Current Use by Public Records
- Duane Reade Pharmacy / Pharmacy
- Duane Reade / Grocery & Convenience Store
- Walgreens Photo / (Bike/Boat/Book/etc) Store
- FedEx OnSite / Postal Service / Courier Service
- Box Mind / Gym & Fitness Center
Property Details for 1235 Lexington Ave
- Property type
- Retail properties & Spaces
- Property subtype
- Drug stores
Description
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.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- New York
- County
- New York
- State
- New York
- Longitude
- -73.9566
- Latitude
- 40.7781
