114-20 Jamaica Ave - Bank FOR SALE


Jamaica, NY 11418
$3,800,000 USD
212-430-5229
114-20 Jamaica Ave, Jamaica, NY for Sale
$3,800,000 USD
Bank - FOR SALE
1/7
null | 6.15% Cap Rate

114-20 Jamaica Ave
Jamaica, NY 11418


HIGHLIGHTS

  • 6,500 SF Corner Retail Property
  • Chase Bank (Corporate Guaranteed Lease) Through 2026
  • 20-Year Lease With No Renewal Options Remaining
  • $156M Deposits at This Location

OVERVIEW

The subject offering is a 6,500 SF corner retail property on Jamaica Avenue in Richmond Hill (Queens). Chase Bank occupies the property on a NN lease that runs through May 31, 2026. This is a corporate guaranteed lease with Chase Bank that originated in June 2005 with zero renewal options remaining. Chase Bank is responsible for paying all the expenses on the property, including all real estate taxes, insurance, maintenance and utilities, as well as all repairs and maintenance to the roof. The landlord’s only responsibility is for structural repairs. Chase Bank has $156M in deposits at this location. The property is located on the corner of Jamaica Avenue and 115th Street, directly across the street from Dollar Tree and Crunch Fitness. This is a 6,500 SF single-story retail property with 29-foot ceilings. The property rests on a, 8,074 SF lot which has parking in the rear (parking is for bank employees only). The lot is zoned R6A/C2-4 with an FAR of 3 and a maximum buildable square footage of 24,222 SF (17,722 additional buildable SF). This is an opportunity to acquire a zero-management retail asset in Queens leased to a one of the strongest tenants in the world. Chase Bank is rated “A+’” by Standard & Poor’s with 5,100 branch locations and annual revenue approaching $125 Billion per year. Jamaica Avenue is the major retail corridor on South Queens. The property is surrounded by local retailers and thousands of housing units, and it is four blocks from the entrance to the 111th Street Train Station (J Train).

FOR SALE DETAILS

PRICE

$3,800,000 USD

PRICE/SF

$585 USD /SF

CAP RATE

6.15%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Chase Bank - Jamaica (Queens)

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Bank

ADD'L SUBTYPES

Bank, Freestanding, Storefront

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1921

SPRINKLERS

-

PARKING SPACES

6

LAND DETAILS

LAND ACRES

0.18 AC

LAND SF

7,667 SF

ZONING

LI, Lake Forest

APN/PARCEL ID

09304-0008

ASK ABOUT THIS PROPERTY

Scott PlaskyMarcus & MillichapMore Info
212-430-5229

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Scott PlaskyMarcus & MillichapMore Info
212-430-5229

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.