186-16 Un TpkeQueens, NY 11366

Property Details for 186-16 Un Tpke

Year built

1941

Property size (Sq ft)

29,407 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

This exceptional 29,407 square foot shopping center in Queens, New York, presents a compelling investment opportunity. Boasting a 100% occupancy rate with nine tenants, including a prominent New York City Department of Education Universal Pre-K center, this property offers strong, stable income. The center features 290 feet of prime retail frontage along Union Turnpike in the highly desirable Fresh Meadows neighborhood. Built in 1941, the single-story building sits on a 34,200 square foot lot and includes 19 parking spaces. The current Net Operating Income (NOI) is $1,107,228, with a projected NOI of $1,133,817, yielding a 6.15% cap rate and a pro-forma cap rate of 6.30%. The asking price is $18,000,000, translating to $612.10 per square foot. Tenants benefit from annual rent bumps, and the property is zoned C1-2/R2A. The Universal Pre-K center enjoys a 10% rent increase every five years, starting September 1, 2027. This is a rare chance to acquire a fully occupied, multi-tenant retail asset in a prime Queens location with significant frontage. The property consists of two separate tax lots.

Location Insight

City

Queens

County

Queens

State

New York

Latitude

40.7287

Longitude

-73.7819

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

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 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 unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].