79-21 Queens Blvd Queens, NY 11373

Property Details for 79-21 Queens Blvd

Lot size

0.20 lot acres

Property size

7,563 SF

Property type

Office Properties & Spaces

Property subtype

Medical offices

Description

This exceptional investment opportunity presents a fee-simple interest in a 7,563-square-foot medical office building located at 79-21 Queens Blvd, Queens, NY 11373. The property, situated on a 0.2-acre lot, is a single-story building completely renovated in 2021 to the tenant's specifications. The building is currently 100% occupied by DaVita, Inc., under a 15-year net lease with a corporate guarantee, offering significant long-term stability. The lease includes three 5-year renewal options and a 10% rent increase every five years, ensuring consistent income growth. The property boasts a strong 5.65% cap rate and a net operating income (NOI) of $475,713, with an asking price of $8,419,694 ($1,113.27/sq ft). The building's prime location along Queens Boulevard, near the Long Island Expressway and LaGuardia Airport, benefits from high visibility and excellent accessibility. The surrounding area demonstrates strong demographics, with a population of approximately 2.52 million within a five-mile radius and an average household income exceeding $111,000 annually. This investment is further strengthened by the tenant's leading position in the healthcare industry, the recession-resistant nature of the medical sector, and the absence of early termination clauses. The property represents a compelling opportunity for long-term, passive income generation with built-in rent growth. The DaVita lease is a standard form used across the majority of their 2,800 locations, minimizing landlord expense exposure.