For Sale
$16,736,439

61-15 Metropolitan Ave Queens, NY 11385

High-yield CVS, 13+ years remaining.

Property records and analytics

Overview

Added:
Dec 11, 2024
Days on market:
132
This exceptional investment opportunity presents a fee-simple ownership of a CVS Pharmacy located at 61-15 Metropolitan Avenue in Queens, New York, 11385. The property, built in 1951 and renovated in 2012, boasts 13,482 square feet on a substantial 1.38-acre lot. The property is currently operating under a 25-year net-net (NN) lease with CVS Pharmacy, a corporate guarantor, commencing June 1, 2012, and expiring May 31, 2037. Approximately 12.5 years remain on the initial lease term. The current annual net operating income (NOI) is $1,029,291, representing a 6.15% cap rate on the asking price of $16,736,439 ($1,241.39 per square foot). The lease includes four 5-year renewal options, potentially extending the lease term to 45 years, and features a 10% rent increase every five years. This prime retail location benefits from a 100% occupancy rate and is considered a top performer within the CVS network. The property's strong tenant, long-term lease, and significant upside potential make it an attractive investment for discerning buyers.

Highlights

  • 13+ years remaining on a 25-year NNN lease.
  • 10% rent increases every five years.
  • Four, five-year tenant renewal options.
  • Corporate guarantee from CVS Health Corporation (NYSE: CVS), S&P rating: BBB.
  • Situated on a 1.38-acre lot.
  • Top 98th percentile of all CVS locations nationwide (Placer.AI).

Property Details for 61-15 Metropolitan Ave

Property type
Retail properties, Drug stores
Square Feet
13,482 SF
Year Built/Renovated
1951/2012
Lot Size (sq. ft)
60,113 SF

Location Insight

City
Queens
County
Queens
State
New York
Latitude
40.7129806
Longitude
-73.9013521

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FAQs

What type of property is this?
Retail property - High-yield CVS, 13+ years remaining.
Where is the retail property located?
The property is located at 61-15 Metropolitan Ave Queens, NY.
What is the asking price?
The asking price for this property is $16,736,439.
What are key features of this property?
This property features: 13+ years remaining on a 25-year NNN lease.; 10% rent increases every five years.; Four, five-year tenant renewal options.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
How do I access a private listing?
Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
How do I unsubscribe from emails?
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(332) 345-4222

Contacts

Glen Kunofsky
Glen Kunofsky
Anthony Bird
Anthony Bird
Visit Broker Website

Learn more

Useful Information

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Metropolitan Ave
Queens, NY 11385

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Queens, NY 11385

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Disclaimer

The property value estimates provided on this website are automated calculations based on publicly available data, user-submitted information, and proprietary algorithms. These estimates are not appraisals and should not be used as a substitute for a professional valuation by a licensed appraiser.

We do not guarantee the accuracy, reliability, or completeness of these estimates, as market conditions, property features, and other factors may affect actual property values. Users should conduct their own due diligence and consult with a real estate professional before making financial or investment decisions.

By using this service, you acknowledge and accept that all estimates are provided for informational purposes only and that this website assumes no liability for any reliance on the provided valuations.

61-15 Metropolitan Ave
  • Glen Kunofsky
    Glen Kunofsky
  • Anthony Bird
    Anthony Bird
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