Net-Leased - Minimal Management - Queens, NY 5634 Myrtle Ave 5,600 SF Retail Building Flushing, NY 11385 $2,855,000 ($509.82/SF) 5% Cap Rate

Marcus & Millichap is pleased to exclusively present the opportunity to acquire 56-34 & 56-36 Myrtle Avenue, a pair of contiguous mixed-use buildings located in the heart of Ridgewood, one of Queens' premier residential neighborhoods. The property is subject to a long-term master lease extending through June 2062, providing investors with stable cash flow and virtually no day-to-day management responsibilities. Under the lease, the tenant is responsible for real estate taxes, insurance, utilities, repairs, maintenance, and structural components of the buildings, creating an investment that closely resembles an absolute net lease.
Beyond the security of the income stream, the offering presents a compelling opportunity to acquire the underlying real estate at a significant discount to traditional mixed-use values in Ridgewood. Each building consists of one retail store and four, fully renovated, free market one-bedroom apartments. The offering totals two ground floor retail units and eight apartments.
Because this asset is encumbered by a long-term master lease, investors have the opportunity to purchase the real estate at a materially lower basis while still benefiting from long-term rent growth through scheduled 10 percent increases every five years.
For investors seeking stable income with minimal management obligations, strong real estate fundamentals, and ownership in one of New York City's most desirable urban neighborhoods, 56-34 & 56-36 Myrtle Avenue represents an exceptional investment opportunity.