92-77 Queens Blvd Queens, NY 11374
- Retail properties
- 64,383 SF
Current Use by Public Records
- Retail properties
Property Details for 92-77 Queens Blvd
- Year built
- 2015
- Property size
- 64,383 SF
- Property type
- Retail properties
- Property subtype
- NNN properties
Description
This exceptional mixed-use property in Rego Park, Queens boasts a 100% occupancy rate with four tenants, including a government entity, under a corporate guarantee. The 64,383 square foot building, constructed in 2015 and renovated in 2017, features two buildings across four stories, situated on a 20,634 square foot lot with 80 parking spaces. The property includes a 50-key hotel and retail space occupied by established businesses. Leases are NNN, with a remaining term of 18 years commencing May 1, 2024, and expiring May 1, 2032. Rent increases are built in at 3% every three years, with two lease options available. The property benefits from a strong NOI of $2,542,820, resulting in a 6.40% cap rate and a price per square foot of $617.40. The asking price is $39,750,000. The property is ground leased, with the ground lease expiring July 17, 2111. The zoning is R7-1, C2-2. This investment presents a compelling opportunity due to its strong tenant base, long-term leases, and prime location in a growing area with excellent access to public transportation and major highways.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Queens
- County
- Queens
- State
- New York
- Longitude
- -73.8663
- Latitude
- 40.7322
