1235 Lexington AveNew York, NY 10028

Property Details for 1235 Lexington Ave

Property size (Sq ft)

6,875 SF

Property type

Retail properties

Property subtype

Drug stores

Description

This exceptional investment opportunity presents a stabilized, single-tenant retail property located at 1235 Lexington Avenue in New York City's prestigious Upper East Side. The property, a 6,875 square foot (plus 5,350 square feet below grade) Walgreens, boasts a prominent corner location with over 189 feet of wraparound frontage on Lexington Avenue and East 84th Street, ensuring superior visibility and accessibility. Currently operating at 100% occupancy, the property generates a substantial net operating income (NOI) of $1,228,886, representing a 6.30% cap rate on the asking price of $19,500,000. The Walgreens lease, with a credit-rated tenant, extends until February 27, 2029, offering a remaining term of 4.3 years, and includes a 10-year option to extend. The property's open floor plan offers flexibility for future use, while the strong demographics of the Upper East Side, including a high average household income of $222,000 and proximity to major transportation hubs like the 86th Street subway station, ensure continued high foot traffic and strong rental potential. This presents a compelling 1031 exchange opportunity, offering a passive investment with limited landlord responsibilities and a secure, high-cash-flow asset. The rent is set to increase by 12% in March 2024. The purchase includes 100% of the co-op shares for the ground floor and the long-term leasehold interest in the lower level.

Location Insight

City

New York

County

New York

State

New York

Latitude

40.7781

Longitude

-73.9566

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