92-37 Metropolitan Ave Queens, NY 11375
- Office Properties & Spaces
- 5,325 SF
Current Use by Public Records
- Dr. John M. Athas, MD / Radiologist
- MRI Associate of Queens Pc / Mri Center
Property Details for 92-37 Metropolitan Ave
- Property size
- 5,325 SF
- Property type
- Office Properties & Spaces
- Property subtype
- Medical offices
Description
This exceptional investment opportunity presents a fee-simple, single-tenant medical office building located at 92-37 Metropolitan Avenue in the Forest Hills neighborhood of Queens, New York. The property, totaling 5,325 square feet, sits on a 12,072 square foot corner lot and includes 10 parking spaces. A significant capital expenditure program of approximately $3,000,000 was completed in 2022, encompassing extensive renovations to meet the tenant's specific medical needs. The building is currently 100% occupied by New York Cancer & Blood Specialists under a Net Lease (NN+) agreement with a corporate guarantee. The lease, initiated in 2021, has a remaining term of 7.2 years, extending to January 13, 2032, with annual rent bumps of 2.5%. The current annual net operating income (NOI) is $307,702, resulting in a 5.00% capitalization rate. The lease includes two 5-year renewal options. The property also benefits from 6,272 square feet of available air rights. This Class A asset offers a secure, long-term investment with a highly creditworthy tenant in a densely populated residential area, conveniently located across from major retailers such as Home Depot and Trader Joe's. The asking price is $6,154,000 and is suitable for a 1031 exchange.
Value Estimation
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Queens
- County
- Queens
- State
- New York
- Longitude
- -73.8565
- Latitude
- 40.7113
