61-15 Metropolitan Ave Queens, NY 11385
- Retail properties
- 13,482 SF
- 1.38 lot acres
Current Use by Public Records
- CVS Photo / Passport Photo Processor / Digital Printer
- CVS Pharmacy / Pharmacy
Property Details for 61-15 Metropolitan Ave
- Year built
- 1951
- Lot size
- 1.38 lot acres
- Property size
- 13,482 SF
- Property type
- Retail properties
- Property subtype
- Drug stores
Description
This exceptional investment opportunity presents a fee-simple ownership of a CVS Pharmacy located at 61-15 Metropolitan Avenue in Queens, New York, 11385. The property, built in 1951 and renovated in 2012, boasts 13,482 square feet on a substantial 1.38-acre lot. The property is currently operating under a 25-year net-net (NN) lease with CVS Pharmacy, a corporate guarantor, commencing June 1, 2012, and expiring May 31, 2037. Approximately 12.5 years remain on the initial lease term. The current annual net operating income (NOI) is $1,029,291, representing a 6.15% cap rate on the asking price of $16,736,439 ($1,241.39 per square foot). The lease includes four 5-year renewal options, potentially extending the lease term to 45 years, and features a 10% rent increase every five years. This prime retail location benefits from a 100% occupancy rate and is considered a top performer within the CVS network. The property's strong tenant, long-term lease, and significant upside potential make it an attractive investment for discerning buyers.
Value Estimation
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CAP approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Queens
- County
- Queens
- State
- New York
- Longitude
- -73.9014
- Latitude
- 40.713
