Retail FOR SALE
Jamaica, NY 11414 |
$15,550,000 USD
914-584-7422
Jamaica, NY 11414
HIGHLIGHTS
- The Property – Developed in 2009, this 9,800 SF retail building sits on a 33,000 SF lot with 180 feet of frontage along Cross Bay Blvd.
- The History – The building was developed in 2009 and was immediately occupied by Walgreens on a NNN basis. Following Hurricane Sandy (Oct. 2012)
- The Guarantee – In 2009, Walgreens signed a 20-year lease with two ten-year options, with the first option coming due in 2029.
- The Sublet – Walgreens sublet the building to Key Food, currently collecting $515,000 in NNN rent.
- The Investment Opportunity – Our asking price indicates a 5-year cap rate of 7.0%, backed by a corporate guarantee.
- The End-User Opportunity – There is a significant opportunity for an end-user to occupy the building upon lease expiration
FOR SALE DETAILS
PRICE
$15,550,000 USD
PRICE/SF
$1,587 USD /SF
CAP RATE
7.05%
% LEASED
-
TENANCY
Single
SALE TYPE
Investment
BUILDING DETAILS
PROPERTY TYPE
Retail
TOTAL BUILDING SIZE
-
STORIES
1
YEAR BUILT
2009
SPRINKLERS
-
PARKING SPACES
38
LAND DETAILS
LAND ACRES
0.62 AC
LAND SF
27,192 SF
ZONING
-
APN/PARCEL ID
14076-0132
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914-584-7422
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914-584-7422
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