135-26 Desarc RdOzone Park, NY 11417

This Ozone Park, Queens shopping center presents a compelling redevelopment opportunity. The 16,750 square foot, two-story property, situated on a 16,750 square foot lot, currently boasts six units totaling 14,730 net rentable square feet, with 80% occupancy since October 1, 2021. A five-year net lease, expiring October 1, 2026, offers a remaining term of 1.9 years. The current NOI is $475,000, with a pro-forma NOI of $827,000 reflecting significant upside potential. The asking price is $7,799,000, representing a 6.09% cap rate and a price per square foot of $435.82. A significant advantage is the inclusion of 18,760 square feet of unused residential air rights, offering substantial expansion possibilities. The property is zoned R5D, C2-3, and the land value is $475 per square foot. This investment is structured as a 1031 exchange eligible sale. The current rent roll shows a mix of tenants, with one vacant unit presenting an immediate opportunity to increase revenue. This property offers a strong foundation for significant future growth and income generation.