92-77 Queens Blvd - Hospitality FOR SALE


Rego Park, NY 11374
$39,750,000 USD
415-889-3314
92-77 Queens Blvd, Rego Park, NY for Sale
$39,750,000 USD
Hospitality - FOR SALE
1/14
null | 2.82% Cap Rate

92-77 Queens Blvd
Rego Park, NY 11374


HIGHLIGHTS

  • 50-key hotel and the retail component of Retro Fitness, Starbucks, and the parking garage
  • highly visible corner lot with excellent frontage on Queens Boulevard, a major thoroughfare in the area.
  • The property benefits from a strong tenant roster, with Retro Fitness and Starbucks both having long-term leases in place.
  • Community Housing occupies 19,000± square feet and recently signed a 10-year lease with options.
  • The current net operating income (NOI) is approximately $2,540,000 and the property is well-positioned to benefit from the strong demand for retail

OVERVIEW

Besen Partners, as exclusive agent for Ownership, is pleased to offer for sale the 100% Net Leased Mixed Use Building (Hotel + Retail) Former Wyndham Garden LaGuardia South, located at 92-77 Queens Blvd Rego Park, NY 11374 in the Rego Park neighborhood of Queens, New York. This marketing package presents an opportunity to acquire the Former Wyndham Garden LaGuardia South property which includes a 50-key hotel and the retail component of Retro Fitness, Starbucks, and the parking garage. The property is situated on a highly visible corner lot with excellent frontage on Queens Boulevard, a major thoroughfare in the area. The retail component comprises a total of 41,359± rentable square feet, with Retro Fitness occupying 20,524± square feet, Starbucks occupying 2,461± square feet, and the Target parking garage providing 18,374± square feet of space. The property benefits from a strong tenant roster, with Retro Fitness and Starbucks both having long-term leases in place. Retro Fitness, a popular health club chain, has a triple-net lease with an initial term of 10 years and two 5-year renewal options. Starbucks, which includes a drive-thru lane, occupies a prime ground-level space and has a lease in place with favorable terms. Community Housing occupies 19,000± square feet and recently signed a 10-year lease with options. The current net operating income (NOI) is approximately $2,540,000 and the property is well-positioned to benefit from the strong demand for retail space in the Rego Park area, which has seen significant growth in recent years. The area is home to a diverse mix of retail, dining, and entertainment options, and is easily accessible by public transportation and major highways. Overall, this offering presents a rare opportunity to acquire a high-quality mixed-use asset in a prime location with strong tenant demand and favorable lease terms. A compelling value proposition for investors seeking to capitalize on the growth potential of the Rego Park area.

FOR SALE DETAILS

PRICE

$39,750,000 USD

PRICE/SF

$643 USD /SF

# OF ROOMS

50

PRICE/ROOM

$795,000 {currency}

CAP RATE

2.82%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

100% Net Leased Mixed Use Building

PROPERTY TYPE

Hospitality

TOTAL BUILDING SIZE

-

STORIES

4

ROOM ENTRANCE

Interior

BUILDING CLASS

B

YEAR BUILT

2016

PARKING SPACES

11

LAND DETAILS

LAND ACRES

0.48 AC

LAND SF

20,909 SF

ZONING

R7-1

APN/PARCEL ID

02075-0039

ASK ABOUT THIS PROPERTY

Anudeep GosalBesen PartnersMore Info
415-889-3314

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Anudeep GosalBesen PartnersMore Info
415-889-3314

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