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Retail Property For Sale
Jamaica, NY 11414
Retail Property For Sale
Investment Highlights
- The Property – Developed in 2009, this 9,800 SF retail building sits on a 33,000 SF lot with 180 feet of frontage along Cross Bay Blvd.
- The Guarantee – In 2009, Walgreens signed a 20-year lease with two ten-year options, with the first option coming due in 2029.
- The Investment Opportunity – Our asking price indicates a 5-year cap rate of 7.0%, backed by a corporate guarantee.
- The History – The building was developed in 2009 and was immediately occupied by Walgreens on a NNN basis. Following Hurricane Sandy (Oct. 2012)
- The Sublet – Walgreens sublet the building to Key Food, currently collecting $515,000 in NNN rent.
- The End-User Opportunity – There is a significant opportunity for an end-user to occupy the building upon lease expiration
Property Facts
Property Type
Retail
Building Size
9,800 SF
Building Class
C
Year Built
2009
Tenancy
Single
Building Height
1 Story
Building FAR
0.36
Lot Size
0.62 AC
Zoning
R3-1
Parking
38 Spaces (3.88 Spaces per 1,000 SF Leased)
Frontage
197’ on Cross Bay Boulevard
Amenities
- Signage
Property Taxes
| Parcel Number | 14076-0132 | Improvements Assessment | $1,448,056 |
| Land Assessment | $320,850 | Total Assessment | $1,768,906 |
Property Taxes
Parcel Number
14076-0132
Land Assessment
$320,850
Improvements Assessment
$1,448,056
Total Assessment
$1,768,906
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