162-163 Cross Bay Blvd Queens, NY 11414
- Retail properties
- 33,342 SF
Current Use by Public Records
- Retail properties
Property Details for 162-163 Cross Bay Blvd
- Year built
- 2009
- Property size
- 33,342 SF
- Property type
- Retail properties
- Property subtype
- Drug stores
Description
Prime Queens location, 33,342 sq ft building on a 33,000 sq ft lot with 180 feet of frontage along Cross Bay Boulevard, one of Queens' most popular retail corridors, boasting 15,000 cars daily. Built in 2009, this property features two driveways and 38 rear parking spaces. Currently 100% occupied by Key Food, a subtenant of Walgreens, under a NNN lease with a remaining term of six years. The Walgreens master lease, expiring in 2029, provides a corporate guarantee and reliable cash flow, with current rent at $1,090,000 annually. Key Food's sublease generates $515,000 annually. The property offers development rights for an additional 20,000+ sq ft, presenting expansion opportunities. The asking price of $15,500,000 reflects a 7.0% cap rate, with potential for significant market rent adjustments upon lease expiration, projecting a 6.0% to 6.5% average return over ten years. This presents a compelling investment opportunity with strong short-term returns and long-term growth potential. The substantial Key Food revenue of $4.4B in 2023 (across 360 locations) further underscores the property's value and stability. An end-user could potentially negotiate an early buyout of the Walgreens lease for earlier occupancy. Net rentable area is 9,767 sq ft.
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
- Queens
- County
- Queens
- State
- New York
- Longitude
- -73.8381
- Latitude
- 40.6518
