Highlights

• Central Queens Location; 2.5+ Million Population in Five Miles
• Leasehold Interest ( 100 Percent Depreciation)
• Rare Ten Percent Bumps for Rite Aid Every Five Years

• 5.9 Percent Existing Financing; 10 Year Term / 30 Year AM
• Three Percent Annual Rent Bumps for Nara Bank; Two Percent for Nail Salon
• Phenomenal Queens Location: Immediate Access to State Highway 25

Description

The subject property is a newly constructed 100 percent leased, 20,445 square foot, three tenant strip center in Queens, New York. The subject property is a highly attractive all brick structure with A-frame architecture, strong curb appeal and colorful signage, situated directly on a busy retail thoroughfare, Roosevelt Avenue. This investment allows for 100 percent depreciation as it is a leasehold interest. The leasehold ground lease runs for a period of 40 years. The initial term for Rite Aid is 20 years with a corporate guarantee from Rite Aid, including rare 10 percent rent bumps every five years. The other two tenants also have strong rental increases, three percent annually for Nara Bank, and two percent annual bumps for the Nail Salon. Additionally, there are renewal options with increases for each tenant. Over 85 percent of the center is occupied by national tenants. 100 percent of the center is on all NNN long term leases, selected to meet the needs of the surrounding communities. The investment offers highly attractive assumable 5.9 percent financing on a 10 year fixed term and 30 year amortization.

Queens County, one of New York City' s five boroughs, is located across the East River from Manhattan and the Bronx, and also borders Brooklyn and Nassau County, Long Island. With more than 2.2 million residents, Queens is New York City' s second most populous borough.