92-77 Queens BlvdQueens, NY 11374

Property Details for 92-77 Queens Blvd

Year built

2015

Property size (Sq ft)

64,383 SF

Property type

Retail properties

Property subtype

NNN properties

Description

This exceptional mixed-use property in Rego Park, Queens boasts a 100% occupancy rate with four tenants, including a government entity, under a corporate guarantee. The 64,383 square foot building, constructed in 2015 and renovated in 2017, features two buildings across four stories, situated on a 20,634 square foot lot with 80 parking spaces. The property includes a 50-key hotel and retail space occupied by established businesses. Leases are NNN, with a remaining term of 18 years commencing May 1, 2024, and expiring May 1, 2032. Rent increases are built in at 3% every three years, with two lease options available. The property benefits from a strong NOI of $2,542,820, resulting in a 6.40% cap rate and a price per square foot of $617.40. The asking price is $39,750,000. The property is ground leased, with the ground lease expiring July 17, 2111. The zoning is R7-1, C2-2. This investment presents a compelling opportunity due to its strong tenant base, long-term leases, and prime location in a growing area with excellent access to public transportation and major highways.

Location Insight

City

Queens

County

Queens

State

New York

Latitude

40.7322

Longitude

-73.8663

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