163-30 Cross Bay Blvd Queens, NY 11434
- Retail properties
- 9,767 SF
Current Use by Public Records
- Key Food Supermarkets / Supermarket
Property Details for 163-30 Cross Bay Blvd
- Property size
- 9,767 SF
- Property type
- Retail properties
- Property subtype
- Drug stores
Description
Exceptional investment opportunity in Queens, NY, featuring a 9,767 square foot, single-story retail building currently leased to Key Food Supermarkets under a 20-year absolute NNN lease (expiring April 19, 2029) with a corporate guarantee from Walgreens. The lease commenced April 20, 2009, and includes 12% rent bumps every five years, with the next increase in 2024. The property boasts a current NOI of $978,880 and a pro-forma NOI of $1,096,345, resulting in a current cap rate of 6.00% and a pro-forma cap rate of 6.72%. The asking price is $16,314,667, translating to a price per square foot of $1,670.39. Situated on a 33,342 square foot lot with 42 parking spaces, the property also offers significant upside potential with 23,575 square feet of buildable air rights. The property is located at 163-30 Cross Bay Boulevard in the Howard Beach neighborhood of Queens, NY, 11434, in a high-traffic area with numerous national tenants nearby. The property is classified as Class B, with permitted zoning of R3-1/C2-2. The tenant, Key Food, has occupied the space since 2013 and made significant improvements. The lease includes options to renew for terms of 2-10 years. This is a fee-simple ownership opportunity, ideal for a 1031 exchange. The property offers a passive investment with no landlord responsibilities.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Queens
- County
- NY
- State
- New York
- Longitude
- -73.7772
- Latitude
- 40.6812
